21 April 2015

Canada to eliminate the penny

30 March 2012  |  3535 views  |  0 Source: Canadian Mint

In Economic Action Plan 2012, the Government of Canada has announced that it will modernize Canada's currency set by eliminating the penny from Canada's coinage system.

While the coins will remain legal tender, the Royal Canadian Mint will no longer distribute pennies as of fall 2012.

"The Mint will continue to develop new strategies and technologies to meet current national and world market demands," said Ian E. Bennett, President and CEO of the Royal Canadian Mint. "The Mint's Winnipeg facility has produced coins for over 75 countries in the past 35 years; therefore we have a solid reputation on which to build a future without the penny."

Due to rising labour, metal and other manufacturing and distribution costs, each penny now costs more than 1.6 cents to produce. As a result of the Mint's patented, cost-effective multi-ply plated steel technology, all other Canadian circulation coins cost well under face value to produce.

Canadians can redeem their pennies at their financial institutions or also consider donating them to charities.

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