Canada phasing out one-cent coins

February 5, 2013 in Canadian Coins, Coins, World Coins

Tuesday, 05 February 2013 by: ( Rte News /World

Canada has started phasing out its one-cent coins, described last year as a nuisance by Finance Minister Jim Flaherty.

The Royal Canadian Mint has officially ended its distribution of the coins to financial institutions.

While people may still use the coins, the government has issued guidelines urging store owners to start rounding prices to the nearest five cents for cash transactions.

Electronic purchases will still be billed to the nearest cent.

The government has said the cost of the cent exceeds its monetary value with  production at $11m a year.

The coins, which feature two maple leaves and Queen Elizabeth II in profile, will remain legal tender until they eventually disappear from circulation.

Opposition New Democrat Member of Parliament Pat Martin gave a poetic goodbye to the coin in Parliament yesterday.

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