CBS: How and why Canada is getting rid of the penny

They get rid of it by refusing to produce more pennies and the reason for that is, because it costs more to make a penny then what it is really worth.

The expression 'a penny for your thoughts' may not exist for much longer anymore and asking for those thoughts may consequently put a big dent in your budget. They may not only cost you a pretty penny, but turn out to be as worthless as one.

At least bad pennies will be taken out of circulation too and we don't have to worry about those turning up anymore. On the other hand, we will no longer be able to count on the good fortune a found penny would bring either.

I wouldn't be surprised if the U.S. would follow soon and toss the penny by the wayside, since it costs two pennies to fabricate one. Maybe instead of a penny, we could soon be using a two cent currency, in which case I have been paying it forward.

I just put my two cents in!