10/28/2023 0 Comments Canada coins in us circulationThe cent will continue to be Canada's smallest unit of currency for pricing goods and services, and pennies may continue to be used in cash transactions to make exact payment or change after the fall of 2012. The Royal Canadian Mint (the Mint) will cease distribution of pennies to financial institutions effective fall 2012. In removing its lowest-denomination coin, Canada will follow on the successful experiences of many other countries. However, as pennies are gradually withdrawn from circulation, price rounding on cash transactions will be required. The penny will retain its value indefinitely and can continue to be used in payments. The Government of Canada has announced its intention to withdraw the Canadian penny from circulation due to its low purchasing power, its rising cost of production relative to face value, the increased accumulation of pennies by Canadians in their households, environmental considerations, and the significant handling costs the penny imposes on retailers, financial institutions, and the economy more generally. Withdrawing the Penny from Circulation 1. Please contact us to request a format other than those available. It is not subject to the Government of Canada Web Standards and has not been altered or updated since it was archived. Archived information is provided for reference, research or recordkeeping purposes.
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