Starting tomorrow on February 4, the Canadian Mint will no longer be distributing pennies. The once copper but now mostly steel coins will be taken out of circulation, melted down and the metal recycled. The last one-cent coins which were minted on May 4, 2012, cost 1.6¢ each to make.
After tomorrow, banks will not distribute pennies to their customers but the public can still use the pennies they have. Businesses which accept cash are being asked to change their pricing policy to accommodate our new “penny-less” world.
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