Originally posted on National Post | News:
[np_storybar title=”The Canadian penny’s demise may create confusion, Retail Council of Canada says: Video
Canada’s iconic penny gets one step closer to extinction Monday as the Royal Canadian Mint officially stops distributing the coins to financial institutions.
Businesses are now beginning to round cash transactions to the nearest five-cent increment in a “fair and transparent manner” — but there are 35 billion of them still in circulation. There’s still a long way to go before they disappear from every day life.
Slowly but surely, 82-million kilograms of steel, nickel and copper plating will travel in patrons’ pockets to stores and banks. The pennies themselves will remain legal tender indefinitely, but it’s at the discretion of individual businesses if they’ll accept the coins. From there, businesses can hand them over to banks, who can pass them on to the Canadian Mint.
The coin’s last stop after the Mint…
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