As of February 4, 2013, the Royal Canadian Mint sent the penny into retirement.
Given that it costs 1.6 cents to produce each penny, the federal government believes it can save $11 million a year by stopping the distribution of pennies to businesses and financial institutions. The penny will remain legal tender in Canada and will be accepted at banks indefinitely. However, as of February 4, 2013, pennies have no longer been distributed as change/cash back. The Mint estimates three to four years to get pennies out of circulation. Cash transactions have since been rounded to the nearest $0.05.
Not interested in losing your pennies in cash transactions? Have one or more pennies kicking around at home? Ready to part with that jar of pennies stashed in the back of your closet?
Donate your pennies to Pacific Parklands Foundation in support of the Kanaka Creek Watershed Stewardship Centre Project in Kanaka Creek Regional Park in Maple Ridge.
Bring your pennies and find us in the tent nearest the Bell-Irving Hatchery at the Annual Goodbye Chums event and Bell-Irving Hatchery reopening on Sunday April 21st!