The penny receives a short stay of execution

Jim Flaherty announces that the Royal Canadian Mint will stop circulating the penny on February 4, 2013. This year’s budget originally forecast that distribution would cease this fall.

The revised date was set following initial consultations with small business and retailers who requested the transition date occur after the busy holiday shopping season. This will ensure all those participating in the transition will have ample time to prepare their business, train staff, and better inform consumers. It will also allow charities to hold dedicated ‘penny drive’ campaigns outside of existing fall fundraising drives.

The new transition date will not require new production of pennies, as the existing supply available for circulation remains sufficient to cover the period.

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