Does canada have pennies?

Canada's iconic penny gets one step closer to extinction Monday as the Royal Canadian Mint officially stops distributing the coins to financial institutions. ... “We have never done this in Canada,” Mint spokeswoman Christine Aquino told the Vancouver Province. read more

“We have never done this in Canada,” Mint spokeswoman Christine Aquino told the Vancouver Province. “We estimate three to four years [to get pennies out of circulation].” The move comes nearly a year after Finance Minister Jim Flaherty announced the demise of the penny, whose production cost came to exceed its monetary value: it cost 1.6 cents to make each penny. read more

In Canada, a penny is a coin worth one cent, or 1 ⁄ 100 of a dollar. According to the Royal Canadian Mint, the official national term of the coin is the "one-cent piece", but in practice the terms penny and cent predominate. read more

Canada isn't the first country to have flirted with this idea, either. In the United States, groups like Citizens to Retire the U.S. Penny and Penny Free Biz have pushed for a similar fate for the U.S. coin. For those lamenting the loss of the Canadian penny, take solace in the fact that the coin at least went out in style. read more