Mexico wants to shrink coins to save money

Metal costs are increasing and it is expensive to produce coins, so in Mexico it was suggested that they reduce the size and make their coins out of cheaper metal. Mexico will save 15 million dollars a year if they reduce the size of their coins and produce them out of cheaper metal. A bill was approved to modify the country's coinage by the Mexican Senate and a vote will take place in the lower house of Congress in February about this topic.
I think that there are positive and negative effects to this process. The positive factor is that the Government will save 15 million dollars a year that could possibly go towards a different project in their country. This huge amount of money could be used for something more important, something that the country would benefit from. The minor, negative issue is that the coins will be smaller and it could be hard for some people to handle them. I know that I find it hard when I have a handful of pennies or dimes and I’m try to count them; can you imagine if all of our coins were that small? Another bad point is, that the smaller something is the easier it is to lose it. This could be the outcome of having smaller coins; people would just loose them, and the Government would have to produce more of them. Overall I think it’s a good idea because the Government is saving a huge amount of money, and this could help out in the future.

December 5, 2008

Article provided by The Canadian Press.

Link to Article