Frequent question: Why was the Canadian penny discontinued?

Why did Canada abolish the penny?

The Royal Canadian Mint stopped producing and distributing pennies in Canada as of February 4, 2013 due to rising costs relative to face value and the significant handling costs of the penny for retailers, financial institutions and the economy in general.

Why do we not use pennies anymore?

The real reason to eliminate pennies is that their feeble purchasing power means dealing with the coins, and making change to the nearest cent, is a uneconomic waste of time for consumers, retailers and small businesses.

Is it legal to melt Canadian pennies?

Is it illegal to melt or deface Canadian coins? The Currency Act and The Canadian Criminal Code clearly state that no person shall melt down, break up or use otherwise than as currency any coin that is legal tender in Canada.

Can you buy Canadian pennies?

Production of the penny ceased in May 2012, and the Royal Canadian Mint ceased distribution of them as of February 4, 2013. However, the coin remains legal tender.

Are there any valuable Canadian pennies?

1955 No Shoulder Fold (NSF) Penny

The 1955 No shoulder fold is one of the rarest Canadian pennies ever struck. A few 1955 pennies were mistakenly struck with the older design dies. These have sold for up to $5,500 CAD at auction.

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What is the rarest Canadian penny?

The 1936 dot cent penny is considered one of the most famous of Canada’s rare coins. It was actually struck in 1937, after the death of King George V but before the moulds, or dies, for King George VI were made. “It was never put into circulation.