Canadian mint will stop making the penny this fall

[treasurepirate1]

You heard it right the Canadian mint will stop making the the one cent coin AKA (the penny) this fall, it was announced today at the 2012 Canadian budget cut,i believe the penny will still be in circulation but who knows how long that will last,probably shortly after America decides to drop the production of the one cent coin as well. a little history on the penny for you, the first Canadian cent was first produced for the year 1858, so that makes the Canadian cent 154 years old.

 

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[Newfiehunter]

Yes, the Canadian penny will be phased out this fall. It costs the Canadian Government almost 2 cents to make a penny. So it can be expensive!

So I guess we're going to have to put our pennies we find back in circulation ASAP! Better get out the coin tumbler!!

Wonder how long it will take to get the pennies out of circulation and how long will it remain legal tender? There must be hundreds of millions of pennies currently out there! Its certainly going to take awhile.

 

[Graddick]

Goodbye penny

Hello 5-dollar coin! (fingers crossed)

 

[That Canadian Guy]

Yes, the Canadian penny will be phased out this fall. It costs the Canadian Government almost 2 cents to make a penny. So it can be expensive!

So I guess we're going to have to put our pennies we find back in circulation ASAP! Better get out the coin tumbler!!

Wonder how long it will take to get the pennies out of circulation and how long will it remain legal tender? There must be hundreds of millions of pennies currently out there! Its certainly going to take awhile.

There are actually billions of pennies in circulation, I believe an article I just read said about 30 billion, including coins being hoarded. How long it will take for the pennies to be removed from circulation I do not know but I do know the pennies will remain legal tender as long as the Canadian dollar remains in circulation. All Canadian currency issued by the Bank of Canada at any period in history is still legal tender at its face value. For example if you really wanted to you could take an obsolete shinplaster 25 cent bill from 1923 to a bank and you could get your 25 cents as that is the face value of the note. People still turn in $1 and $2 bills to the banks at face value and the $1 bill was removed from circulation in 1989 and the $2 bill in 1996. The penny will remain legal tender but it will be obsolete.

 

[Coldshot]

america has already dropped production of the penny, I wonder if it would be wise to start stocking up on them and leaving them to grand and great grandchildren for future sales....

 

[RGINN]

I wish they'd stop making their quarters. They don't work in the car washes here.

 

[Frankn]

They will probably be using our pennies. Frank