End of news story, and now for my comments. I have written extensively about this subject for years. Mr. Carney's statements of why a country should ax its lowest value coin is the best I have read. In country after country citizens have rejected accepting low value coins in change. They will not even bend over to pick up one on the ground.

The fact that 23 countries around the world have ceased striking and abolished their lowest value coin has not influenced American officials. United States, as a financial leader, should have done so years ago.

Yet Congress and the Treasury Department have rejected any suggestion to eliminate the cent - even though for the past five years it costs more than a cent to manufacture a cent! The cost 2.4 cents in 2011 and has dropped slight since. Notably despite several consultant studies the conclusion was there is no feasible metal composition in which to make cent coins.

Mr. Carney noted that once the penny is withdrawn, citizens can donate their coins on hand to charities. That is fine but ultimately something must be done with the physical metal when all the coins are turned over to be melted.

In articles in The Wall Street Journal and elsewhere I have suggested two solutions: reformulate U.S. cent metal to (1) strike higher denomination coins, or, (2) use the metal for statues or carrion bells for municipalities who desire to have these.

This requires, however, revamping our entire coinage structure. I suggest abolishing three denominations, and adding three new denominations for circulation.

Eliminate the cent, nickel and quarter, continue striking the dime, half dollar. and dollar coins and add new denominations of $5, $10 and $20 for circulation.

The coin machine industry - one of the largest users of coins - would endorse the increased use of coins to eliminate the systemic problems of machine acceptance of paper money.

This new coinage array will inevitably become standard in America, I predict, by 2030.

The cent of today will be the economical equivalent of the dime in the future.

The Treasury should take action in this direction, the sooner the better. It solves many problems at the present - i.e. cost of cent coin composition - and prevents similar problems in the future.

There were several news articles on Mr. Carney's statement, the best is: Is the end of the 1p coin in sight? The Bank of England governor thinks so (www.mirror.co.uk/news/uk-news/end-1p-coin-sight-bank-8850995) It's the end of an era as we might get rid of the 1p coin

Here's another from Metro: (metro.co.uk/2016/09/17/its-the-end-of-an-era-as-we-might-get-rid-of-the-1p-coin-6133952/)