Royal Canadian Mint commemorates striking of last penny
04 Mai 2012 - 6:00PM
PR Newswire (Canada)
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. Royal Canadian Mint
CONTACT: media are invited to please contact: Christine
AquinoDirector, CommunicationsTel: 613-993-9999Cell:
613-797-9125aquino@mint.caAlex ReevesSenior Manager,
CommunicationsTel: (613) 949-5777Cell: (613) 884-6370reeves@mint.ca
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