News in Brief

Removing Canada’s One Cent Coin

As countries such as Estonia consider dropping the 1 and 2 euro cent coins, and Slovakia begins the process of implementing rounding rules that will make the 5 cent the lowest denomination, it is coming up to ten years since Canada dropped its 1 cent (penny).

A recent survey by Research Co found 71% of the public did not miss the coin, with 19% disagreeing. Those aged 35-64 years old missed it most with only 65% supporting its abolition, while older people were 72% in favour. British Colombia was most wedded to the penny, again with 65% supporting its abolition.

Focus has now moved to the 5 cent coin, with 40% supporting its removal but 49% having reservations. Unlike the penny coin, the face value is still higher than the cost of production. Questions over its future have been raised periodically ever since the penny was dropped, but there are understood to be no plans to abolish it too in the near future.