Mint to stop distributing pennies Feb. 4
The cost to redeem circulating pennies beginning Feb.4 will cost taxpayers about $7.3 million a year.
Published Thursday, January 3, 2013 8:19AM CST
Last Updated Thursday, January 3, 2013 8:26AM CST
The Royal Canadian Mint will stop distributing pennies and start collecting them from banks and other financial institutions on Feb. 4.
After that date, cash transactions will have to be rounded to the nearest five-cent increment, though electronic transactions will still be calculated down to the individual cent.
The last new penny was struck May 4 in Winnipeg.
The mint has stamped an estimated 35 billion pennies from metal plates over the last century.