NPR logo

Canadian Government Retires Its Penny

  • Download
  • <iframe src="https://www.npr.org/player/embed/171045061/171045518" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript
Canadian Government Retires Its Penny

Business

Canadian Government Retires Its Penny

Canadian Government Retires Its Penny

  • Download
  • <iframe src="https://www.npr.org/player/embed/171045061/171045518" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript

The Canadian mint stops distributing pennies on Monday. Canada stopped making one-cent coins last year to cut costs, since each penny cost 1.6 cents to make. Most stores will round out change to the nearest five cents.

RENEE MONTAGNE, HOST:

Good morning. I'm Renee Montagne. Canada's dollar coin is nicknamed the loony, but its penny is going the way of the dodo. Today it stops distributing pennies. Canada stopped making one-cent coins last year to cut costs, since each penny cost 1.6 cents to make. Most penniless stores will round out change to the nearest five cents. And since it's out of the penny business, Canada's mint will used its freed-up machines to make coins for other countries. It's MORNING EDITION.

Copyright © 2013 NPR. All rights reserved. Visit our website terms of use and permissions pages at www.npr.org for further information.

NPR transcripts are created on a rush deadline by Verb8tm, Inc., an NPR contractor, and produced using a proprietary transcription process developed with NPR. This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. The authoritative record of NPR’s programming is the audio record.