Uploaded April 2012 | Updated September 2026, 2 weeks ago
Help support videos like this: patreon.com/cgpgrey
Here's my previous video on pennies youtu.be/y5UT04p5f7U & also John's rant on the topic: youtu.be/77C47XYm_3c Help me make videos faster: blog.cgpgrey.com/work-in-progress
Canadian MP Pat Martin (patmartin.ndp.ca/) said it best: "There's 30 billion pennies in circulation and every year they were minting a billion more. It was just a no-brainer, slam dunk, that it's a place where we could save some money. They cost more to produce than they are worth, nobody likes them, they have no commercial value."
You can read the details about Canada's plan to withdraw the Penny from circulation here: budget.gc.ca/2012/themes/theme2-info-eng.html
If you're a super geek there is an interesting report about the inefficiencies in the economy caused by the Canadian penny here: desjardins.com/en/a_propos/etudes_economiques/actualites/point_vue_economique/pve80409.pdf An interesting bit is the following:
"In truth, the 'artificial' demand for small-denomination coins is rising primarily because merchants and financial institutions have to constantly add new coins to the retail distribution system due to a shortage caused not by commercial or economic factors but rather by the fact that consumers do not put their small-denomination coins back into circulation. The hoarded coins do not circulate and are not used for any productive purposes. Moreover, most people cannot be bothered to take the time to count, roll and deposit these coins so that financial institutions can put them back into circulation, no doubt because over the years, the Canadian standard of living has continued to rise, eroding the purchasing power of these coins. If nothing changes, this situation will only be exacerbated in the coming years and decades."
I wanted to have a hidden link on 'Vancouver' in the beginning to this video: vimeo.com/7764570 but YouTube won't allow off-site links. Go check it out.
Images by:
twitter.com/#!/gordon_bailey
flickr.com/photos/usdagov/6059884729/in/photostream
flickr.com/photos/calgaryreviews/5818001265/in/photostream
flickr.com/photos/telemax/3542716639/in/photostream
thenounproject.com/noun/trash-can/#icon-No1237
thenounproject.com/noun/piggy-bank/#icon-No925
flickr.com/photos/markwatmough/4756218444/in/photostream
Grunge Flags by think0.deviantart.com
Music by: freemusicarchive.org/music/Broke_For_Free/Something_EP
French translation by: twitter.com/#!/RaphaelCabon
German translation by: twitter.com/#!/Chris_Wachtler
If you would like to help me make more videos please join the discussion on:
Google+: plus.google.com/115415241633901418932/posts
Twitter: twitter.com/#!/cgpgrey
Facebook: facebook.com/pages/Greys-Blog/193301110697381
Or suggest ideas and vote on other peoples' ideas at by blog: blog.cgpgrey.com/work-in-progress
Help support videos like this: patreon.com/cgpgrey
Here's my previous video on pennies youtu.be/y5UT04p5f7U & also John's rant on the topic: youtu.be/77C47XYm_3c Help me make videos faster: blog.cgpgrey.com/work-in-progress
Canadian MP Pat Martin (patmartin.ndp.ca/) said it best: "There's 30 billion pennies in circulation and every year they were minting a billion more. It was just a no-brainer, slam dunk, that it's a place where we could save some money. They cost more to produce than they are worth, nobody likes them, they have no commercial value."
You can read the details about Canada's plan to withdraw the Penny from circulation here: budget.gc.ca/2012/themes/theme2-info-eng.html
If you're a super geek there is an interesting report about the inefficiencies in the economy caused by the Canadian penny here: desjardins.com/en/a_propos/etudes_economiques/actualites/point_vue_economique/pve80409.pdf An interesting bit is the following:
"In truth, the 'artificial' demand for small-denomination coins is rising primarily because merchants and financial institutions have to constantly add new coins to the retail distribution system due to a shortage caused not by commercial or economic factors but rather by the fact that consumers do not put their small-denomination coins back into circulation. The hoarded coins do not circulate and are not used for any productive purposes. Moreover, most people cannot be bothered to take the time to count, roll and deposit these coins so that financial institutions can put them back into circulation, no doubt because over the years, the Canadian standard of living has continued to rise, eroding the purchasing power of these coins. If nothing changes, this situation will only be exacerbated in the coming years and decades."
I wanted to have a hidden link on 'Vancouver' in the beginning to this video: vimeo.com/7764570 but YouTube won't allow off-site links. Go check it out.
Images by:
twitter.com/#!/gordon_bailey
flickr.com/photos/usdagov/6059884729/in/photostream
flickr.com/photos/calgaryreviews/5818001265/in/photostream
flickr.com/photos/telemax/3542716639/in/photostream
thenounproject.com/noun/trash-can/#icon-No1237
thenounproject.com/noun/piggy-bank/#icon-No925
flickr.com/photos/markwatmough/4756218444/in/photostream
Grunge Flags by think0.deviantart.com
Music by: freemusicarchive.org/music/Broke_For_Free/Something_EP
French translation by: twitter.com/#!/RaphaelCabon
German translation by: twitter.com/#!/Chris_Wachtler
If you would like to help me make more videos please join the discussion on:
Google+: plus.google.com/115415241633901418932/posts
Twitter: twitter.com/#!/cgpgrey
Facebook: facebook.com/pages/Greys-Blog/193301110697381
Or suggest ideas and vote on other peoples' ideas at by blog: blog.cgpgrey.com/work-in-progress
