It costs $0.016 cents to make a penny and when a penny is only worth $0.01 it doesn't make much cents to continue making them.
According to the Mint, the penny remain legal tender and can still be used for purchases or exchanged at financial institutions.
If you are paying cash at a retailer now the final amount will be rounded:
If something costs $1.01 or $1.02 the price will go down to $1.
$1.03 or $1.04 the price will go up to $1.05
History of the Penny:
* Canada's first penny was struck by the British Royal Mint in London in 1858.
* There have been five distinct designs of Canadian pennies:
1) 1858-1910 - maple leaves on a vine
2) 1911-1920 - maple leaves on a vine with the word 'Canada'
3) 1920-1936 - two maple leaves
4) 1967 - Centennial design featuring a rock dove
5) 1937-2012 - maple twig design by G.E. Kruger-Gray.
* From 1982 to 1996, the shape of the penny was changed from perfectly round to 12-sided.
* Until 1996, pennies were made mostly of copper. Since 1997, pennies have been made of copper- plated zinc or copper-plated steel.
* Each penny weighs 2.35 grams, roughly the same as a small hummingbird.
* Since 1908, 35 billion pennies have been minted. Stacked up, they would be 52,600 km high or almost as high as 100,000 CN Towers. Side by side, the pennies would circle the Earth 16 times. That number of pennies would weigh almost twice as much as the ill-fated Titanic.
* Most valuable penny is the 1936 'dot', which is supposed to be worth more than $400,000. There are only three known specimens.
* The last Canadian penny was made on May 4, 2012.
Read more: http://www.theprovince.com/Canada+penny+heads+into+retirement/7913978/story.html#ixzz2JxRuUJ8r
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