Canada Stops Making Cents as Flaherty Lets Penny Drop
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Canada minted its final penny today as Finance Minister Jim Flaherty said the coin was too expensive to produce and no longer needed for business.
“The real issue was that people weren’t using them, they were putting them in jars at home, and we were doing the same thing at my house,” Flaherty said. He spoke today at the Royal Canadian Mint in Winnipeg, Manitoba, before pushing a button that stamped the last one-cent coin.