Wednesday, January 12, 2011

Saving the Penny May Put the Brakes on Inflation

"Instead of putting the valueless and worthless penny out of its misery, we should rally behind it. . . . Long live the penny!”

In 1901, in its mail order catalogue, the T. Eaton Company advertised children’s sleds for 25 cents, canned sardines (complete with revolutionary metal keys to roll up the tin lids) for 5 cents, and packets of assorted flower seeds for 1.5 cents apiece. Pennies counted. Without inflation, pennies would still count, would probably buy more than they bought a century ago. Instead, they are worthless and now destined for currency . . .

Full story at: The Globe and Mail

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