Farewell to the Canadian Penny

The Canadian penny passed away quietly on Feb. 4, 2013, when the Royal Canadian Mint stopped distributing the copper-coloured coin.

The penny’s end had been predicted since March 29, 2012, when federal Finance Minister James Flaherty announced during the budget that his government had decided to phase out Canada’s smallest currency denomination.

The story of the Canadian penny began in 1858, when Canada adopted a decimal currency system. It was initially minted at the Royal Mint in Great Britain. That early penny featured Queen Victoria on one side (the “heads”) and a vine of maple leaves on the other side (the “tails”).

This penny is worth over $400,000. The 1936 Canadian dot cent has a small, distinctive dot below the date to indicate it actually was made by the Royal Canadian Mint in early 1937, due to the dies prepared for 1937 minting going out of date because of Edward VIII’s abdication in December 1936. Only three 1936 dot cents are known to exist. (Heritage Auctions/ )

Coins for Dominion of Canada were first issued in 1870, but it wasn’t until 1876 that the penny made its entrance into circulation as a bronze coin.

Moved to Canada in 1908

Penny production shifted to Canada in 1908 with the opening of Ottawa’s branch of the Royal Mint. Countess Grey, who was married to Canada’s governor general at that time, struck the first penny during its official opening on Jan. 2. Until 1997, at least 95.5 percent of its composition was copper.

Between 1920 and 1936, two maple leaves adorned its reverse design; however, this changed in 1937 when a new design featuring a maple twig was introduced. This design was created by English artist George Edward Kruger Gray, whose initials, KG, can be found at the lower right corner near the twig.

For Canada’s centennial year in 1967, a rock dove appeared on the reverse design of pennies. Since its introduction in 1858, there have been five different designs used on this side; there was also a period from 1911 until1920 where “Canada” accompanied the original vine design on some coins. The reigning monarch has always graced the obverse side.

After the penny Price rounding officially begins Feb. 4; however businesses may still accept it for now.
According to Canada’s Currency Act you can only spend up to twenty-five pennies at once; you can always roll up more and take them to your bank.
Prices will round either up or down: so $1.01 or $1.02 would drop down to $1 while $1.03 or $1.04 rounds up to $1.05.
Rounding only happens after taxes have been added.
If that’s not acceptable for you use your credit or debit card instead-you’ll be charged exactly what you owe without rounding.

From1982 until1996 their shape changed from roundto twelve-sided.

A significant change occurredin1997when their composition switchedto98.4 percent zincwithcopper platingmakingupthe remainder. Since2000 theyhavebeen94 percentsteelinsteadofcopper

The Last Penny Was Made In May

In2006 , production peakedwithover1.26 billion pennies mintedthaty ear. The lastonewasproducedon May4 ,2012 , in Winnipeg.

The likely causeofdeathfor thiscoinwasits diminished purchasingpowerdue toitbeingaffectedbyinflation. An1870penny todaywouldbeapproximatelyworth31centswhenadjustedfor inflation. Initsfinalyear producingonepenneycostthegovernmentabout1.6 cents. Withtheendofthiscoin’scirculation, thegovernmenthopesto save$11 millionannually.

The Canadian penneylosesits life alongsideothercoins like Australia(19111964), New Zealand(19401989)and Ireland(19282000). Itisoutlivedbythe American penn y (1793-)andthe Britishpen ny whichdates backtothe seventhcenturyasitsancientancestor.Jim Flaherty , finance minister, watchesasthelastfew pennieswere struckin Canadaatthe Royal Canadian Mintin Winnipeg , May4 ,2012.(John Woods/ )

Thelosswillbe feltamongother Canadian coinswhichareexpectedtobe morepopular now. The28percentof Canadianswho disagreedwiththedecisionaccordingto Angus Reid pollingfirmbackin January2013willalso feelthat void

Ifyouhaveany sparepens, yourbankorfinancial institutionwouldappreciate havingthem brought inorderforthemto berecycled, butifyou’renotreadyyettosay goodbye, youcan still useyourcoinsalthoughacceptance mayvary fromplace top lace. Thechoiceisup toeverybusinessbutit’srecommendedtorecommendthattotalbillsberoundedtonearest. competitive value<| /

Youdon’tneed toworry aboutlosingvaluebecauseit’svalued indefinitely< /

If you’dliketo honorthiscoin instead offlowers, dontations of penniesare welcomeat Canadiancharitiesaround!< /

Youcan leave condolence messages online inthecomments below!< /

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