WINNIPEG,
May 4, 2012 /CNW/ - Today at the
Royal Canadian Mint's high-speed manufacturing facility in
Winnipeg, Finance Minister
Jim Flaherty struck the last penny
to be produced for Canadian circulation.
"The Mint has proudly produced the penny to
satisfy the needs of Canada's
trade and commerce for over one hundred years," said Ian E. Bennett, President and CEO of the Royal
Canadian Mint. "Although today marks the end of an era for this
denomination, the Mint has a solid international reputation on
which to build a future without the penny."
"For the past several years, Canadian taxpayers
have been burdened by the rising cost of producing pennies," said
the Honourable Jim Flaherty, Minister of Finance and Minister
responsible for the Royal Canadian Mint. "While the penny can
still be used in day-to-day transactions, our Government is
encouraging Canadians to donate their pennies to charities in order
to make a difference in their communities".
The last penny struck for Canadian circulation
will be entrusted to the Currency Museum of the Bank of
Canada in Ottawa, as a permanent reminder of its
contributions to Canada's economy
and history.
In Economic Action Plan 2012, the Government of
Canada announced that it will
modernize Canada's currency set by
eliminating the penny from Canada's coinage system. While the coins will
remain legal tender, the Royal Canadian Mint will no longer
distribute pennies as of fall 2012.
Due to rising labour, metal and other
manufacturing and distribution costs, each penny cost more than
1.6 cents to produce. As a result of
the Mint's patented, cost-effective multi-ply plated steel
technology, all other Canadian circulation coins cost well under
face value to produce.
For consumer and business information on the
elimination of the penny and for guidelines on price rounding,
please visit the Mint's website at www.mint.ca.
About the Royal Canadian Mint
The Royal Canadian Mint is the Crown Corporation responsible for
the minting and distribution of Canada's circulation coins. An ISO 9001-2008
certified company, the Mint is recognized as one of the largest and
most versatile mints in the world, offering a wide range of
specialized, high quality coinage products and related services on
an international scale. Visit www.mint.ca for further information
on the Mint's history, products and services.
Current images and b-roll footage of the penny are available for
media at
ftp://communications:RCM2007@ftp.mint.ca.
SOURCE Royal Canadian Mint
