30 March 2012

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RIP Canadian Penny Canada decides to stop circulation, making of Penny

RIP Canadian Penny Canada decides to stop circulation, making of Penny

Canadian Penny is 104 years old.
On January 2, 1908, the governor general’s wife herself struck the country’s first one-cent coin.

Up until the 1990s, pennies used to be made of copper.
In 1997, to cut costs, the Mint changed the formula to a zinc core with only a thin plating of copper.
In year 2000 steel core was given.

On Thursday Canadian Government announced that it plans to pull the penny from circulation at the end of 2012.

What is the reason for above action?
copper-coated currency is more expensive for the Royal Canadian Mint to produce than its actual currency value.

Finance Minister Jim Flaherty said it costs 1.5 cents to produce each penny.

Now the government will stop making penny.

The Canadian penny will still be accepted indefinitely as a form of currency.
In Canada Customers are already forbidden from using more than 25 pennies in a single purchase.

Canadians will simply be asked to round prices up or down to the nearest nickel. Credit card users will pay the full including pennies.

Australia removed its one-and two-cent coins from circulation in 1992
the United Kingdom pitched the half-penny in 1984, and after getting rid of its one-agora coin in 1991.
Israel followed suit in 2008 with the five-agorot coin.
New Zealand phased out its one-cent coin in the 1980s and then its five-cent coin in 2009.
India also said bye bye to 25 Paisa.

Following are nations also did the same
Finland, Sweden, Norway, Denmark, the Netherlands, France, Spain, South Africa, Switzerland and Brazil.

Canadian Penny Photo RIP

Suggested Reading –

RIP 25 Paisa Coin – Today was the last day of chavanni
Time Line of 25 Paisa


Reality views by sm –

Friday, March 30, 2012

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