Penny presses to fall silent on Friday
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Hey there, time traveller!
This article was published 03/05/2012 (4935 days ago), so information in it may no longer be current.
The penny presses are about to fall silent, but not before one last hurrah.
On Friday, the Royal Canadian Mint will host a special ceremony at its Lagimodiere Boulevard facility to commemorate the end of production of the lowly penny.
Dignitaries including Mint CEO Jim Bennett, Finance Minister Jim Flaherty, and St. Boniface MP Shelly Glover will be on hand for the 11 a.m. event, which will include speeches and a ceremonial final coin strike.
In March, the federal government announced it would stop producing the penny and slowly remove it from circulation. It costs about 1.6 cents to produce each coin.
Cash transactions will be rounded to the nearest five-cent mark, while debit and credit transactions will continue to use that final decimal spot.
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