Canada is getting rid of the penny

Distribution of the Canadian penny ends Monday, but with about six billion of them in circulation it’s not clear how long the little coins will stay in use.

The penny is being retired because it actually costs 1.6 cents to produce and the federal government believes it can save $11 million a year by getting rid of the coins.

While the last penny was actually produced by the Royal Canadian Mint on May 4 and they’re not going to be distributed any more, Mint spokeswoman Christine Aquino said pennies remain legal tender and can still be used for purchases or exchanged at financial institutions.

The Province

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