Canada's last penny was pressed in Winnipeg at the Royal Canadian Mint on Friday morning.
A special ceremony was held, with Federal Finance Minister Jim Flaherty on hand.
The government announced in its budget in March that the penny would be discontinued. Officials said it costs more to produce than it's worth.
"As consumers and businesses begin to rely less and less on the penny in their day-to-day lives, we hope that all Canadians will consider putting their last pennies to good to use by donating them to charity," said Flaherty.
The mint will stop distributing the recently produced pennies this fall, and banks will also begin taking the currency out of circulation.
Pennies can still be used in transactions, however.
Cash transactions will later begin to be rounded off, with the phase out of the penny.
Debit and cheque transactions still rounded to the nearest cent. A limited number of the final pressings of the pennies will be available as collector items.
Flaherty said the elimination of the penny will save the government an estimated $11 million each year.
Officials from the Mint said it will clear the way for other endeavours.
"To have it behind us is therapeutic, almost, for the Mint because it turns our attention to other areas of business," said Ian Bennet of the Royal Canadian Mint.
While some attending the event said they would hold on to a few last pennies for sentimental value, some visitors said they won't miss the one cent coin.
"It's heavy in our pocket for nothing," said Pierre Marotte who visited the Mint Friday.
Regardless of their feelings about the copper coin, Flaherty said he hopes Canadians will put their final pennies to good use by donating them to charity.
Organizations like Habitat for Humanity hope to cash in.
"It's a way for people with very little cost to themselves to make a donation," said Sandy Hopkins of Habitat for Humanity in Manitoba.
The final penny produced Friday will be housed at a currency museum in Ottawa.
-- with a report from CTV's Ina Sidhu
