Pennies, the Canadian copper-coloured one cent pieces, were discontinued a year-and-a-half ago.
In that time over four billion have been recovered, worth about $40 million, according to the Royal Canadian Mint‘s 2013 annual report.
The end of the coin came in 2012, when the realization that the production and distribution of one cent, cost 1.6 cents.
It’s estimated $11 million was saved last year, not producing the coins that were once made of copper. Beginning in 1997 they were made of copper-plated zinc or steel.
it is also estimated that two billion pennies are still out there. I have an idea where some of mine are, but I don’t think I can give them all back.
Meanwhile, we have all become accustomed to rounding up or down in cash transactions.
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