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The Scott Ross: Penny Wise, World Foolish: Pennies Never Cost A Cent

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All the attention focused on how costly it is to make pennies is worth less than any piece of copper.

For much of last year the most popular cited reason, the go-to justification for scrapping the penny was that making one costs more than what it’s worth. Simple economics, or even simple logic shows that is completely false.

Government officials and media often reported that because it cost 1.6 cents to make a penny Canada was losing money with every one it minted, however that’s not how printing and coining money works.

Making a penny at the cost of .6 cents did not cut into government revenue nor did it cost taxpayers anything, it only reduced the amount of money in circulation, just as printing a large dollar bill increases the amount of money in circulation.

In Canada it only costs 19 cents for the Canadian Mint to make . . . → Read More: The Scott Ross: Penny Wise, World Foolish: Pennies Never Cost A Cent


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