According to the Dec. 19, 2012 issue of The Globe and Mail Toronto newspaper, “The analysis projects a net cost of about $38.3 million to redeem some 6 billion pennies expected to be turned in by consumers and financial institutions over the next six years. Costs include $53 million expected to be paid out to redeem the face value of the coins, as well as another $27 million in handling and administration costs by the Royal Canadian Mint.
Recycling the zinc and copper from melted down pennies will bring in about $42.5 million in revenue, leaving government in the red at just over $38 million. However, adding the $11 million in annual savings from not minting any more pennies, which ceased production May 4, 2012, still gives the government annual savings of almost $4 million over the expected six-year redemption period.”
Big Costs to Dump Canada's Cent
Recycling the zinc and copper from melted down pennies will bring in about $42.5 million in revenue, leaving government in the red at just over $38 million. However, adding the $11 million in annual savings from not minting any more pennies, which ceased production May 4, 2012, still gives the government annual savings of almost $4 million over the expected six-year redemption period.”
Big Costs to Dump Canada's Cent
