moved for leave to introduce Bill C-252, An Act to amend the Currency Act and the Royal Canadian Mint Act (abolition of the cent).
Mr. Speaker, 2008 is the 100th birthday of the Canadian penny in its current form. Many Canadians believe that it should be its last birthday. In fact, we believe it should have a birthday party and a funeral at the same time because the penny has no commercial value. It does not circulate any more. They all wind up under my bed. In fact, it costs more to produce a penny than it is worth.
There are 20 billion pennies in circulation in Canada today and every year the minister who is responsible for the mint prints 1.2 billion more pennies, pennies that no one needs and no one wants.
This simple bill calls for the stopping of the production of the penny and the introduction of a rounding formula so that all commercial transactions would be rounded off to the nearest nickel so that we would not have a bunch of pennies in our pockets and under our beds.
(Motions deemed adopted, bill read the first time and printed)