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Monday, 23 April 2012

GLENYS ROBERTS: Should we abolish the penny?

As a unit of currency it may not be worth much, but do we really want to bid it farewell? We’ve long since seen the demise of the farthing and the much-loved 12-sided threepenny bit, but now there’s a campaign to consign the penny to history, too.
No matter that there are more than  11 billion in circulation, a growing number of Britons think we can do without one of the oldest coins in our history.
Canada has already ditched its cent (known as a penny) — following similar moves in Australia and New Zealand to abolish their low-denomination coins. The Canadian finance minister said: ‘The penny is a currency without any currency. Financial institutions face increasing costs for handling, storing and transporting pennies. Over time, the penny’s burden to the economy has grown relative to its value as a means of payment.’

Read more: http://www.thisismoney.co.uk/money/article-2133789/GLENYS-ROBERTS-Should-abolish-penny-Campaign-consign-coin-history-gaining-currency.html#ixzz1sqgTjclX

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