28 May, 2008
Dear Sir or Madam,
I acknowledge your email of March 19, 2008, regarding the one-cent coin. I apologize for the undue delay in responding to your query; it was an unfortunate oversight on our part.
First, I would like to thank you for taking the time to share your comments with us.
No decision has been taken on the future of the penny. The Government of Canada's objective is to serve the currency needs of Canadians and any decision would take the potential impact on consumers and businesses into consideration.
Unfortunately, the Mint does not provide the total cost to produce coins as this information is considered commercially sensitive because we bid on foreign coin contracts. However, the metal cost associated with the production of a one-cent coin is eight tenths of a cent.
Regarding our Coinstar recycling service, we are encouraging Canadians to recycle their coins regardless of their denomination, as this is more feasible than the Mint having to produce new ones.
--------Original Message--------
From: mg labreche
Sent: 19/03/2008
To: Royal Canadian Mint
thanks for posting the report of consumer and retailer attitudes toward the 1c piece. Where can i find out more on the costs of its raw materials, processing, minting, distribution, and recovery? Finally, if 70% of coins processed in your Coinstar machines are pennies, and people are willing to pay nearly 10% to get rid of
them, isn't that an indication that they are highly undesirable?
A repository of partially-processed mental notes that lie beyond the economic interests of the dwindling number of media outlets. Disclaimer: The opinions expressed herein were those of the author at one point and do not necessarily reflect the current opinions of the author, i.e., past thoughts are not an indication of future (or even present) thoughts.
2008-06-05
Avoiding the question - or Ignoring basic indicators
Wouldn't it be even more feasible to drop the penny altogether?
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non-cents
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