24 February 2018
Visit www.avoka.com

Canada to eliminate the penny

30 March 2012  |  4564 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.

Comments: (0)

Comment on this story (membership required)

Related blogs

Create a blog about this story (membership required)
visit www.ebaday.comVisit http://info.nice.comVisit https://www.capgemini.com

Top topics

Most viewed Most shared
Ripple makes new connections to emerging marketsRipple makes new connections to emerging m...
11761 views comments | 16 tweets | 10 linkedin
hands typing furiouslySome Interesting Applications Of The Inter...
10318 views 3 | 9 tweets | 1 linkedin
Basel Committee outlines disruptive fintech scenariosBasel Committee outlines disruptive fintec...
8534 views comments | 15 tweets | 26 linkedin
Investment Association sets up fintech accelerator for asset managersInvestment Association sets up fintech acc...
8063 views comments | 19 tweets | 10 linkedin
R3 creates Legal Centre of Excellence for blockchain technolgyR3 creates Legal Centre of Excellence for...
7751 views comments | 10 tweets | 14 linkedin

Featured job

Competitive base + commission
London, UK

Find your next job