Last Canadian penny minted
Posted May 4, 2012 7:37 am.
This article is more than 5 years old.
The Royal Canadian Mint manufactures the final penny Friday, as the one-cent copper coin is scrubbed from circulation.
Finance Minister Jim Flaherty will be on-hand when the event takes place in Winnipeg.
In his March 29th budget, Flaherty announced the one-cent coins would no longer be produced.
He estimates that will save the government $11-million a year because it costs more to manufacture a penny than it’s worth.
He said many Canadians view the coin as a nuisance.
In his budget, Flaherty said he expects businesses to round prices up or down to the closest nickel.
Even though one-cent coins will no longer be made, they will always be accepted in cash transactions as long as Canadians hold on to them.
Canada joins several countries that have already dropped pennies or their equivalent including; Australia, New Zealand, Brazil, Israel, and South Africa.
