As of today, the Royal Canadian Mint will no longer distribute the one-cent pieces to financial institutions while businesses will be encouraged to start rounding their cash-sales to the nearest nickel.
The penny phase-out is expected to save Canadian taxpayers $11 million a year in production costs and many more millions in increased productivity; according to the Epoch Times, one study estimated the cost of Canadians waiting in line to get pennies for change at greater than $20 million a year.
If you're sentimental about losing the penny, however, you're not going to like this story.
According to the National Post, there are some that are already planning the demise of the nickel.
Read More »from Now that the pesky penny is gone, how about getting rid of that nasty nickel?
"[NDP MP Pat Martin] plans to launch a private member’s motion by the end of the week to eliminate the five-cent coin and re-jig the rest