Say goodbye to the penny
Published Friday, May 4, 2012 5:48PM MDT
Last Updated Saturday, May 19, 2012 6:13AM MDT
Friday will be the last day the penny will roll off production lines at the Royal Canadian Mint in Winnipeg as the one cent coin was discontinued in the 2012 budget.
The penny was discontinued because of the disparity between the cost producing the penny and its actual monetary value.
One cent actually costs 1.6 cents to produce.
In the budget, the federal government says it will save $11M per year by nixing the coin.
Statistics also show that there are ten of millions of pennies being hoarded.
A local brewery has found a creative use for the penny and is collecting them for charity.
Village Brewery in the southeast supports the arts and they want your help to fill a jug, or growler, with pennies to help three organizations.
"When people fill up the growlers bring it back and we'll give them a beer and the money will all go to charity," said Jim Button from Village Brewery.
Details on what will happen to the pennies in circulation will be released on Friday.
The penny has been in use in what is now Canada since 1858 when the decimal system was adopted. The first coins in the Dominion of Canada were issued in 1870.
The first Canadian-minted penny was in 1908 when the British Royal Mint opened a branch in Ottawa.
About 35 billion pennies have been issued since then, more than half of them in the last two decades.
(With files from ctv.ca)