26 February 2017
Visit dh.com

Canada to eliminate the penny

30 March 2012  |  4226 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 dh.com

Who is commenting?

Top topics

Most viewed Most shared
EBA to relax controversial PSD2 authentication rulesEBA to relax controversial PSD2 authentica...
12818 views comments | 52 tweets | 72 linkedin
RBS to become fintech fund and high street outlet for challenger banks under HMT remedyRBS to become fintech fund and high street...
8594 views comments | 40 tweets | 34 linkedin
BNY Mellon seeks blockchain experts for new emerging biz and tech teamBNY Mellon seeks blockchain experts for ne...
6994 views comments | 7 tweets | 4 linkedin
High rate of defaults hit P2P lending sectorHigh rate of defaults hit P2P lending sect...
6841 views comments | 18 tweets | 13 linkedin
hands typing furiouslyBlockchain Technology
6528 views 1 | 17 tweets | 7 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job