Senators give penny some thought

Gresham's law is commonly stated: Bad money drives out good, but more accurately stated: "Bad money drives out good under legal tender laws".

Other countries, including Britain, Australia, New Zealand, Israel, Sweden, Norway and Denmark, have gotten rid of their lowest currency denomination.

Why?

“In fact, a penny cannot even buy a penny anymore. It costs far more than a cent to produce and distribute each penny.”

This is a symptom of devaluation

Source: ctv.ca