Canadian Pennies to be Withdrawn From Circulation

It’s the end of an era. The Canadian penny will be sent into retirement next month. The Royal Canadian Mint stopped producing and distributing pennies several months ago. And on February 4, the effort to take the one cent coins out of circulation will begin.

The government will ask individuals and businesses to turn pennies over to their bank so they can be sent back to the mint to be melted down and their metal content recycled.  The current Canadian penny is composed mostly of steel with copper plating or copper-plated zinc.

Because of the number of pennies that people have hoarded, the government is encouraging Canadian charities to hold penny drives. Officials expect to take about six billion pennies out of circulation in Canada over the next six years.

Federal Finance Minister Jim Flaherty, who announced the withdrawal of the coins in last year's budget, said the penny had become a nuisance.  It costs about 1.6 cents to produce and distribute each penny.  In 2011, Canada minted about 600 million pennies.

At some point in the future, the penny will no longer be considered legal tender and just become a collector’s item.  So stash a few away to show your grandchildren.

Although a penny has lost value as a form of currency, here are 83 things you can do with one.