In the 2012 budget, the Harper government moved to eliminate the one cent coin. The penny costs more than one and a half cents to produce and it didn’t make sense any more to make them.The Finance Minister said the government would save taxpayers $11 million a year by stopping production.
Pennies are staying in circulation, but no more will be produced. The minister actually recommended that Canadians hurry to get the coin out of circulation by gathering all of their pennies and donating them to charity – something that means little at home can mean a lot when accumulated.
The penny became one of the main headlines out of the 2012 budget, since it was a quirky, simple to understand change that would effect everybody in the country.
To celebrate this great cost saving measure, the Finance Minister, Jim Flaherty, traveled to the Canadian Mint in Winnipeg and held a great photo opportunity for the printing of the last penny in May of 2012.
Thanks to information obtained by Postmedia news, we now know that media event cost Canadian taxpayers $56,000. That total includes the minister, his staff and the CEO of the Mint flying to Winnipeg, as well as the production costs of putting together the actual photo op.
This, of course, is not the first time the government has overspent on promoting their own agenda. They have also spent millions on ad campaigns promoting their various budgets.
Photo Credit: Catherine Bulinski