That's right. That's what I'm critical of. I believe the penny should have been taken out of circulation altogether.
I also believe it should have been the one-cent piece and the five-cent piece, and that the lowest denomination should be the ten-cent piece and all coinage should be in multiples of ten--the 10¢, the 20¢, the 50¢, the one and the two.
I had hoped that when the minister modernized our coinage and our currency, he could have taken that obvious next step at the same time.
In praising the government for taking this logical step that could save the economy as much as $130 million a year, when you factor in the manufacture, the handling, and the cost to the economy in lost productivity for counting out pennies at the cash register and keeping everybody waiting while these things go, I don't understand why we didn't go all the way and simply eliminate the penny as legal tender in this country.
Thank you, Mr. Chairman.