WINNIPEG – The last Canadian penny will be manufactured today.
Finance Minister Jim Flaherty will be on hand when the event takes place at the Royal Canadian Mint facility 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 says 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.
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