moved for leave to introduce Bill C-391, An Act to amend the Currency Act and the Royal Canadian Mint Act (calling in of the cent).
Mr. Speaker, it is my pleasure to re-introduce this bill and I, again, thank my seconder.
There are over 30 billion pennies in circulation in Canada today, many of which are underneath my bed in an old cookie jar. I believe everyone here has a similar jar underneath their bed.
In spite of this silliness, one billion pennies are produced by the Royal Canadian Mint every year. Each penny costs more to produce than it is worth and nobody wants them. We are spending a fortune producing something nobody wants and nobody needs, and that provides no functional service to the public anymore.
If any evidence is needed, it is the freebie jar at every cash register that says “Take one or leave one”. We do not see jars full of loonies there because loonies are worth something and pennies are not.
I am urging the Minister of Finance, perhaps in the budget or by the introduction of this bill, to eliminate the penny. I ask that he do us all a favour. I hope this receives broad support from my colleagues.
(Motions deemed adopted, bill read the first time and printed)