Do Pennies Still Exist in Canada? Understanding the Currency Changes

Learn about Canada's penny production halt and its impact on everyday transactions.

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Canada no longer issues pennies. The production of the one-cent coin was ceased by the Royal Canadian Mint in 2013. While pennies still hold value and can be used for transactions, they are generally rounded to the nearest five cents. Businesses and banks, however, are not required to accept them.

FAQs & Answers

  1. When did Canada stop issuing pennies? Canada ceased the production of pennies in 2013.
  2. Can I still use pennies in Canada? Yes, while pennies still hold value, transactions are generally rounded to the nearest five cents.
  3. What happens if a business does not accept pennies? Businesses and banks are not required to accept pennies, especially since transactions are rounded.
  4. Why did Canada stop making pennies? Canada stopped producing pennies due to the costs of production and the minimal usage in day-to-day transactions.

Watch More

For more insights on Canadian currency and historical minting practices, check out our related videos on the evolution of money in Canada and the impact of currency on the economy.

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