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Canada mints final one cent coin

Published by Steve Coleman on May 04, 2012

Canadians may have to find a new name for penny-pinchers.

Federal Finance Minister Jim Flaherty pressed the button May 4 to turn out the country`s final one-cent coin at the Royal Canadian Mint.

"The humble one-cent circulation coin was a workhorse of Canadian commerce," Flaherty was quoted saying in a CBC online news story. "Unfortunately...over time inflation eroded the purchasing power of the penny and multiplied its manufacturing cost.

"The time has come to make the sensible decision to end production of the coin which is underused by Canadians, no longer vital to commerce and ultimately a burden on Canada's balance sheet."
Because of the metals it was minted from, it cost the federal government 1.6 cents to produce every one cent coin. The government was losing $11 million a year minting the coins.

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