US takes advantage of Canada’s cost saving move

Coins of the Canadian dollar

Coins of the Canadian dollar (Photo credit: Wikipedia)

On the heels of Canada’s announcement of phasing out the penny from circulation, US Secretary of the Treasury, Timothy  Geithner, announced a new program to boost the economy, and save taxpayers millions of dollars over the next few years. Today, in a surprise press conference, Geithner announced that the US Treasury will adopt the Canadian penny, and cease production of the current Lincoln cent. Geithner explained: ” While Canada has been producing their penny at a cost of for 1.6 cents, production of the US cent runs 2.6 cents. By stopping production of our own pennies, and buying up the Canadian reserves, US taxpayers will see a savings of one cent per penny, which, ironically, is exactly what our penny is worth.”

In a special arrangement between the US and Canadian Treasury Departments, the US will buy pennies from Canada, at 1.6 cents each, and gradually phase the Canadian cent into US circulation. During the phase-in period, expected to last about six months, both the Lincoln cent and the Canadian cent will be considered legal tender. At the end of the phase in period, only Canadian pennies will be accepted as US tender. At that time, Geithner predicts an even further boost to our economy, as coin collectors and speculators will hoard the Lincoln cents, then buy and sell the defunct coin on eBay, Craig’s List, and at coin shows throughout the country. “This will be even bigger than the Susan B. Anthony dollar,” predicts Geithner. “The demise of the Lincoln penny may just be the answer to bringing the country out of recession and turning the economy around.”

While some question the validity of adopting another country’s currency as our own, Geithner refutes this point. “Americans are used to outsourcing. We have India running our call centers, China producing our iPhones and Japan making our TVs. Why not have Canada produce our pennies?”

© Huffygirl April 1, 2012

Related links:


22 thoughts on “US takes advantage of Canada’s cost saving move

    • Why thanks Suzanne. This was a fun one to write.

      Writing for The Onion has always been a dream of mine, which unfortunately, will probably remain unrequited. It’s nice to know that someone thinks I could though.

    • Now that is too scary to even make April Fool’s day jokes about! Maybe we will have to start getting our Mallomars from Mexico or China one day though, as long as they can handle the long hot trip!

  1. HAHAHAHA! You had me going. Really. This is just too funny. Sooo, I’m a couple of days late for the joke, but it still packs a punch. Still chuckling. BTW, I think that my reply to your comment on my page finally went through. Hopefully WP will be able to help me fix the problem. Thanks for stopping by. AND, great post here. 😀

    • Thanks so much. Glad I could make you laugh Cecelia.I had a lot of fun writing this one – sometimes something just clicks and takes on a life of it’s own, like this did for me.

  2. Pingback: Denver to import oxygen from Canada | Huffygirl's Blog

  3. This may be harder than you think. Most of us Canadians are now hoarding our pennies. I have a piggy bank full.
    Maybe I could auction them on ebay.

  4. Pingback: O Bamacare: It’s Candian eh | Huffygirl's Blog

Don't leave yet. Tell me what's on your mind.

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s