Canadian penny's cost outweighs worth

Oct. 6, 2008 at 11:56 AM
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OTTAWA, Oct. 6 (UPI) -- A Canadian penny now costs more to make then the coin currency is actually worth once completed, bank documents show.

Bank of Canada documents say that due to a number of factors including manufacturing and distribution costs, the cost of making a single penny is more than 1 cent, the Canwest News Service said Monday.

The financial revelation was determined by bank officials working with the Finance Department and the Royal Canadian Mint.

Mint spokeswoman Christine Aquino confirmed the information in the 2007 report, which was released under the Access of Information Act.

"When you take the material cost, the metal cost, currently it is just slightly less than a cent," she told Canwest.

The news service said experts' estimates regarding the true manufacturing cost of a single Canadian penny ranges from 1 1/2 cents to 6 cents.

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