As of today (Monday February 4, 2013) the Royal Canadian Mint will officially stop circulating the penny, and as of today Canadian retailers have the option to refuse to take pennies as payment.
So what do we do with all these extra pennies lying around and weighing down our pockets?
We at Cetus would be more than happy to take them off your hands! We have started a “Pennies for a Porpoise” drive to collect the coins and put them to good use protecting marine mammals on our coast.
If you have pennies that you wish to donate to us, please drop them off in one of our “Pennies for a Porpoise” jars around town, swing by our office to add them to our ever-growing pile, or contact us at firstname.lastname@example.org to arrange for a pick up. We will also be enlisting the help of wonderful volunteers to get the pennies rolled up and ready to take to the bank. If you wish to be involved in that let us know!
And don’t forget to sign up for our mailing list here so you don’t miss any exciting Cetus news!
Fun Facts about the Canadian Penny
The Canadian penny was first minted in 1858 which means it has been a part of our currency for 155 years! There are currently about 35 billion pennies in circulation in Canada which adds up to a whopping 82 million kilograms of steel, nickel and copper.
The Bank of Canada’s Currency Museum has elected to commemorate the coin by creating a mosaic depicting the penny. To do this they have used nearly 16 000 of the coins and the result is stunning.
The federal government decided last year that they would begin to phase out our lowest denomination coin and they claim it will save tax payers approximately $11 million annually.
With all these pennies, it’s likely to be a little while before they disappear from our currency completely, but considering that it costs approximately 1.6 cents to create a penny, the powers that be decided it no longer makes sense for our country to continue producing them.
We’d love to hear your thoughts. Please comment below!