Inflation: U.S. Mint to Remove Pennies and Nickels from Circulation, January 2013.Submitted by go213mph on Wed, 11/28/2012 - 13:02
(goldsilver.com) The penny has run out of luck, both in Canada and in the United States. Back in March, the Royal Canadian Mint announced that they were phasing out the penny due to “low purchasing power and rising production costs”, according to CBC News.
Canada was pigeon-holed into this decision after the penny decreased to 1/20th of its original purchasing power, becoming an unnecessary “burden on the economy.”
The U.S. is following Canada’s footsteps regarding the production of pennies and nickels. According to U.S. Treasury Secretary Tim Giethner, our U.S. Mint intends to remove the penny and nickel coins from circulation beginning early in January 2013.