Canada Stops Making Pennies

Posted By on May 5, 2012

There she goes….the penny is dead in Canada. So, now the old saying of “a penny for your thoughts”, will be…”a nickel for your thoughts”! 

Canada minted its final penny today as Finance Minister Jim Flaherty said the coin was too expensive to produce and no longer needed for business.

“The real issue was that people weren’t using them, they were putting them in jars at home, and we were doing the same thing at my house,” Flaherty said. He spoke today at the Royal Canadian Mint in Winnipeg, Manitoba, before pushing a button that stamped the last one-cent coin.

Getting rid of the coin will have little impact on inflation, the Bank of Canada said in a May 2010 report. Electronic transactions will still be priced in cents, while retailers will round cash transactions to the nearest five-cent interval, according to the budget documents. The coin will still be usable in payments.

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