TORONTO — Canada started phasing out its penny, the nuisance coins that clutter dressers and cost more than their one-cent value to produce.
The Royal Canadian Mint on Monday officially ended its distribution of pennies to financial institutions. Canadian Finance Minister Jim Flaherty announced last year they were a nuisance and have outlived their purpose.
While people may still use pennies, the government has issued guidelines urging store owners to start rounding prices to the nearest nickel for cash transactions. Electronic purchases will still be billed to the nearest cent.