Vic Toews, Member of Parliament for Provencher, commented on the occasion of the last penny being struck at the Royal Canadian Mint in Winnipeg.
In Economic Action Plan 2012, the Harper Government announced that it would modernize Canada’s currency by eliminating the penny from Canada’s coinage system. While the penny at one time was a workhorse of Canadian commerce, each one now costs more than 1.6 cents to produce. The estimated savings from eliminating the penny is estimated to be approximately $11 million per year. This, along with other cost-saving measures, will help to reduce the deficit and return Canada to balanced budgets.
“The penny has a proud history since it was first produced here in Canada in 1908, and today we recognize the important role it has played in Canada’s coinage system,” said MP Toews. “Although the Canadian Mint will no longer produce new pennies, with over 35 billion pennies struck over the past one hundred years, I’m sure they will continue to be with us for many more years to come.”
The last penny struck for Canadian circulation will be entrusted to the Currency Museum of the Bank of Canada in Ottawa as a permanent reminder of its contributions to Canada’s economy and history. The coins will remain legal tender and Canadians can continue to use the penny indefinitely.
“I would like to encourage all Canadians to gather their pennies and put them to good use by donating to their favourite charities,” added MP Toews.
For consumer and business information on the elimination of the penny and for guidelines on price rounding, please visit the Mint’s website at www.mint.ca.
