The Royal Canadian Mint produces hundreds of millions of pennies every year not because the old ones have wear out, but due to the fact that once we get them, we apparently find it hard to let go attributed to our hoarding habit.

This practice of ours to not let them out is reportedly costing the country a pretty penny.

Winnipeg MP Pat Martin, who filled his first private member's bill asking for the one-cent coin to be let out in circulation in 2006, posts that he keeps his in an old ice cream container under his bed.

Martin reveals that 30 billion copper coins currently in circulation are tagged as expensive nuisance. They cost the country at least 1.5 cents apiece to make — with some variation keeping in mind the labor and transportation costs.

Since pennies are hoarded because of which their circulations is stopped. As a consequence the Mint is forced to keep making them in large numbers each year.

Finance Minister Jim Flaherty is reported to have taken the matter to the Senate finance committee, which has initiated with convening meeting on taking the penny out of circulation.

A survey finds that 77 per cent of consumers often keep their pennies into tip jars, while, 64 per cent wouldn't think to search for a penny lost in the couch cushions, but 71 per cent honored the penny to be a part of Canada's heritage.