Why Canada Got Rid of the Penny (and Who Keeps the 2 Cents)

Оригинальный автор：John Greer

Первоисточник：https://www.youtube.com/embed/fcgB7bOvn54

Why did Canada get rid of the penny, and when your cash total gets rounded, who keeps the two cents? We open the receipt on a coffee and a muffin, follow Canada's pennies from the jar to the furnace, and compare how Canada and the United States ended their pennies. Chapters 00:00 Why Canada got rid of the penny 00:56 History of the Canadian penny (1858 and 1908) 02:03 Why the Canadian penny was made of steel 03:09 How much did a penny cost to make in Canada? 04:07 Budget 2012: eliminating the penny 05:19 How cash rounding works in Canada 06:56 Does rounding raise prices? 08:38 What happened to Canada's pennies 10:07 Is the 1936 dot cent valuable? 10:47 Canada vs the US penny (ended 2025) 13:29 Will Canada get rid of the nickel? Sources - Government of Canada, Budget 2012 (Economic Action Plan 2012), "Eliminating the Penny" and information page - Government of Canada news releases: last penny struck, Winnipeg, May 4, 2012; penny transition, January 2013 - Royal Canadian Mint: 1-cent coin specifications; Consumer FAQs (2014); "Ten Years After: The Legacy of the Penny" (2022) - Desjardins Economic Studies, "100th anniversary of the Canadian penny" (2008), and "Should We Stop Using the Penny?" (2007) - Bank of Canada, remarks to the Senate Standing Committee on National Finance (May 26, 2010) - Christina Cheung, University of British Columbia (2017); Atlantic Economic Journal (2018) - Canadian Bankers Association, "Phasing out the penny in Canada" - Government of Ontario, "HST: Ontario point-of-sale rebates" - PBS NewsHour, "Penny wise" (2014) - The Canadian Press, on the five-cent coin (October 2016) - CoinNews, Heritage auction of the 1936 dot cent (January 2010) - United States Mint: 2024 Annual Report; Penny FAQs; press release on the final circulating one-cent coin (November 12, 2025) - Federal Reserve Bank of Richmond, Economic Brief 25-27 (2025) - Vermont Department of Taxes, guidance on the phase-out of the penny in cash transactions (July 2026) - Royal Australian Mint; Reserve Bank of New Zealand Thumbnail: "1859 Canada One Cent" by Mustang Joe, Wikimedia Commons, CC0; receipts drawn by us. Photo credits (Wikimedia Commons and Internet Archive; some cropped or darkened): Licences: CC BY = Creative Commons Attribution (2.0 / 4.0); CC BY-SA = Creative Commons Attribution-ShareAlike (2.0 / 2.5 Canada / 3.0 / 4.0). Full licence texts are on the Creative Commons website. - Canadian Penny Macro — Calgary Reviews — CC BY 2.0 - Canada 1 cent obverse — Mark Morgan — CC BY 2.0 - Canadian Penny — Teresa Lien — CC BY 4.0 - Canadian penny (1967 centennial) — Robbie Sproule — CC BY 2.0 - 1976 Canada Cent, 1972 Canada 1 cent, 1982 Canada 1 cent — Mark Morgan — CC BY 2.0 - Canada Five Cents 1942 and 1946 — Jerry "Woody" — CC BY-SA 2.0 - Para Çekmecesi (Cash Drawer) — Paracekmecesi — CC BY-SA 4.0 - Centre Block, Parliament Hill — Saffron Blaze — CC BY-SA 3.0 - Parliament Hill from the Ottawa River — Óðinn — CC BY-SA 2.5 Canada - Cooperative hardware store 1942 — Finnish Heritage Agency (Museovirasto), via Finna — CC BY 4.0 - Federal Reserve Bank, Richmond, Virginia — Ben Schumin — CC BY-SA 3.0 - Bank of Canada Museum Inside 2025 — Canmenwalker — CC BY 4.0 - The Bank of Canada Museum (Ottawa), view from the top — Dmitri Lytov — CC BY-SA 4.0 - Main Street, Middlebury, Vermont and Miles Granite Block, Barre, Vermont (postcards) — unknown author — CC BY 4.0 Public domain: 1858 and 1936 one-cent coins (Bibliothèque nationale de France; the 1936 coin shown is a regular cent, not the dot variety), "Last Circulating Penny" at the Bank of Canada Museum (Avelludo), 1859 one cent (Mustang Joe, CC0). Footage: Pexels licence (Kampus Production, Dominik Zítka, Braeson Holland, Mick Henson, Towfiqu barbhuiya, cottonbro studio, Lovish Arora, Adrian Frentescu, vignesh srivatsav, Kaboompics, Pavel Danilyuk, Bubble Media, EJ Merl, ArtHouse Studio, Tima Miroshnichenko, K) and other free stock. Researched and written by us from the sources above; narrated with a synthetic voice. Cafe and store prices in the receipts are examples; the rounding rule and tax rate are real. This is general information, not financial or legal advice. We are not affiliated with any of the brands or organizations mentioned.