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Canada To Stop Producing Pennies In 2013

Posted by timothy on from the thought-they-were-made-here-in-america dept.

First time accepted submitter master_kaos writes "Canada is going to stop producing pennies in February 2013 to help save the tax payers $11 million per year. Cash transactions will be rounded to the nearest nickel. Cheque/Credit Card transactions are not affected."

4 of 362 comments (clear)

  1. Actually we stopped making them in 2012 by JonMartin · · Score: 5, Informative

    The Mint stopped making new pennies last May (http://www.cbc.ca/news/canada/manitoba/story/2012/05/04/mb-canada-last-penny-mint.html). But they are still in circulation. What happens on February 4th is the Mint stops putting pennies it gets back into circulation. What is unclear is when exactly stores will be required to stop giving pennies out.

    --
    Serve Gonk.
    1. Re:Actually we stopped making them in 2012 by kinadian · · Score: 5, Informative

      Actually, it's not unclear. Right in the Mint's website (linked to in the article): "Moreover, pennies can still be used in cash transactions indefinitely with businesses that choose to accept them."

      The penny will remain legal tender for as the foreseeable future. As you stated, the only thing happening now is that the mint will no longer be distributing pennies after February 4th, 2013.

      It's not mentioned on the website, but I have also heard that if you bring your pennies to the bank on or after Feb 4, they will be collected and returned to the mint where they will be destroyed.

  2. Re:Excellent; by Capt.DrumkenBum · · Score: 5, Informative

    Did you miss the part where it said purchases would be rounded to the nearest nickle?
    As a Canadian I can tell you that the pennies will disappear quickly, because the banks have been told to collect them.
    The place I get my morning breakfast has already started rounding to the nearest nickle. My breakfast comes to $3.66 total, and I am always asked for $3.65

    I for one, say "About bloody time!"

    --
    If I were God, wouldn't I protect my churches from acts of me?
  3. Re:Copper prices by Anonymous Coward · · Score: 5, Informative

    There hasn't been any significant copper in a canadian penny since 1996.

    94% steel, 1.5% nickel, 4.5% copper (as plating)

    A big problem is that the penny is just useless. Nobody uses them, except maybe a handful of annoying old grannies who take 25 minutes to buy a cup of coffee.

    So, they just get tossed into coin jars. Since they disappear from circulation almost immediately, and the government is (was) minting increasing amounts to make up for this. They don't get used either, just tossed into coin jars.

    Those old copper pennies, from pre 1996, are worth ~2 cents, but the value of copper fluctuates pretty wildly.

    The fact that there is such a thing as inflation is no shock to anybody, and not really a part of this story.