The Canadian government is pulling the plug on the one cent coin. This year will be the final year of mintage and distribution of the cents. Because of inflation, the cent has been so devalued that most Canadians don't use them. Since its debut in 1858, the Canadian cent has lost about 95% of its value. The Canadian cent has been composed primarily of inexpensive steel, which still costs the Royal Canadian mint about 1.6 cents to produce. United States cents are primarily zinc and are even more expensive to produce. The cents are still legal tender (In Canada, cents are legal for up to 25 per transaction compared to only 10 per transaction in the US). Eventually, Canada will round cash transactions to the nearest cent.
The discontinuation of a coin is always a somber occasion. I send my condolences to my Canadian friends. Perhaps in a few years, we will follow your path.
That is sad but it could be a good collectible though. It will have a worth in time.
ReplyDeletesell gold coins
I couldn't agree more. The fact that it had lost 95% of its value is kinda sad. I suppose some of the people there will definitely save their one cent remembering its value before.
ReplyDelete