Penny (Canadian coin)

From Wikipedia, the free encyclopedia
(Redirected from Canadian cent)

Penny
Canada
Value0.01 CAD
Mass2.35 g
Diameter19.05 mm
Thickness1.45 mm
EdgeSmooth
Composition94% steel,
1.5% Ni,
4.5% Cu plating
Years of minting1858–2012
Catalog numberCC 20
Obverse
Canadian Penny - Obverse.png
DesignElizabeth II, Queen of Canada
DesignerSusanna Blunt
Design date2003
Reverse
Canadian Penny - Reverse.png
DesignMaple leaf branch
DesignerG.E. Kruger Gray
Design date1937

In Canada, a penny (minted 1858–2012) is a coin worth one cent, or 1100 of a dollar. According to the Royal Canadian Mint, the official national term for the coin is the "one-cent piece", but in practice the terms penny and cent predominate. Penny was likely readily adopted because the previous coinage in Canada (up to 1858) was the British monetary system, where Canada used British pounds, shillings, and pence as coinage alongside U.S. decimal coins and Spanish milled dollars.

In Canadian French, the penny is often known by the loanword cent; in contrast with the heteronymous word meaning "hundred" (French: [sɑ̃] (listen)), this keeps the English pronunciation [sɛnt] (listen). Slang terms include cenne, cenne noire, or sou noir (black penny), although common Quebec French usage is sou.

Production of the penny ceased in May 2012,[1] and the Royal Canadian Mint ceased distribution of them as of February 4, 2013.[2] However, the coin remains legal tender.[3] Nevertheless, once distribution of the coin ceased, vendors were no longer expected to return pennies as change for cash purchases, and were encouraged to round purchases to the nearest five cents.[4] Goods are still priced in one-cent increments, and non-cash transactions like credit cards are still paid to the exact cent.

Description[edit]

Like all Canadian coins, the obverse depicts the reigning Canadian monarch at the time of issue. The final obverse depicts Queen Elizabeth II; her likeness was introduced in 1953 and later saw three design updates, the first occurring in 1965, a 1990 update to the design of Dora de Pedery-Hunt, and the 2003 update designed by Susanna Blunt.[5] A special reverse side, depicting a rock dove, was issued in 1967 as part of a centennial commemoration.[6] It was designed by the Canadian artist Alex Colville, and its use in 1967 marked the only time the 1937 maple leaf design was not used for the penny before it was discontinued in 2012.[7][8] The maple twig depicted on the coin is botanically incorrect[9] as the phyllotaxis of the twig on the coin is clearly alternate, while maples always have opposite leaves.

Most pennies have a round, smooth edge. Pennies minted from 1982 to 1996 are twelve-sided. This was to help the visually impaired identify the coin.[10] The 1997 copper-plated zinc coin proved difficult to plate in the twelve-sided shape, hence the mint reverted to a round shape.[11]

History[edit]

An 1876 penny featuring Queen Victoria
A 1902 penny featuring King Edward VII
A 1911 penny featuring King George V
A 1920 penny featuring King George V, the first year of the small penny
A 1937 penny featuring King George VI

The first Canadian cent was minted in 1858 and had a diameter of 1 inch (25.4 mm) and a weight of 1100 pound (4.54 g). These cents were originally issued to bring some kind of order to the Canadian monetary system, which, until 1858, relied on British coinage, bank and commercial tokens (francophones calling them sous, an historical term from the French currency), U.S. currency and Spanish milled dollars. The coin's specifications were chosen with the intention of the coins also being useful as measuring tools. However, their light weight compared to the bank and merchant halfpenny tokens readily available at the time was a serious hindrance to their acceptance by the public. Some of the coins were even sold at a 20% discount, and were inherited by the Dominion government in 1867. Fresh production of new cents (with the weight increased to 15 ounce or 5.67 grams) was not required until 1876.[12]

The large cents of 1858–1920 were significantly larger than modern one-cent coins and even slightly larger than the modern 25-cent piece (its diameter being 23.88 millimetres or 0.940 inches). After Confederation, these large cent coins were struck on the planchet of the British halfpenny and were roughly the same value. Pennies were issued sporadically in the third quarter of the 19th century. They were used in the Province of Canada, New Brunswick, and Nova Scotia upon Confederation in 1867. New Brunswick and Nova Scotia had issued their own coinage prior to that date, with British Columbia, Prince Edward Island, and Newfoundland continuing to issue "pennies" until they joined Confederation. The coin was reduced to its modern size in 1920, bringing it closer in size to the American penny.[7]

1936 dot cent[edit]

The rare 1936 dot cent is as notable in Canadian numismatics as the 50-cent piece of 1921. There were four minted specimens of this coin, produced with the dot to show they were made in 1937 while the mint was waiting for new dies due to a delay caused by the abdication of King Edward VIII and the need to create new dies for his successor, George VI. The last one sold at Heritage Auctions in January 2010 for over US$400,000 before taxes.[8] It was graded specimen 66 by the Professional Coin Grading Service. Three known examples are in private collections, and the fourth is not in the Ottawa Currency Museum; it is one of few gaps in the museum's collection.

1947 Maple Leaf issue[edit]

In contrast to the 1936 issues, the 1948 cents dated 1947 and specially marked are very common. These 1947 Maple Leaf coins were made while the dies were being changed to show George VI was no longer Emperor of India, as the title of "Emperor of India" was dropped from the titles of the Crown per article 7.2 of the Parliament of the United Kingdom's Indian Independence Act 1947.

Composition throughout history[edit]

Years Mass Diameter/shape Composition[13]
1858–1859 4.54 g 25.4 mm (1 inch), round 95% copper, 4% tin, 1% zinc (bronze)
1876–1920 5.67 g 25.4 mm (1 inch), round 95.5% copper, 3% tin, 1.5% zinc
1920–1941 3.24 g 19.05 mm (34 inch), round 95.5% copper, 3% tin, 1.5% zinc
1942–1977 3.24 g 19.05 mm (34 inch), round 98% copper, 0.5% tin, 1.5% zinc
1978–1979 3.24 g 19.05 mm (34 inch), round 98% copper, 1.75% tin, 0.25% zinc
1980–1981 2.8 g 19.05 mm (34 inch), round 98% copper, 1.75% tin, 0.25% zinc
1982–1996 2.5 g 19.05 mm (34 inch), 12-sided 98% copper, 1.75% tin, 0.25% zinc
1997–1999 2.25 g 19.05 mm (34 inch), round 98.4% zinc, 1.6% copper plating
2000–2012 2.35 g 19.05 mm (34 inch), round 94% steel, 1.5% nickel, 4.5% copper plating

Based on technical specifications provided by the Mint Act, only pennies produced from 1982 to their discontinuation in 2013 are still legally "circulation coins".[14]

From May 2006 to October 2008, all circulation Canadian pennies from 1942 to 1996 had a melt value of over CA$0.02 based on the increasing spot price of copper in the commodity markets. The break-even price for a 2.8 g solid copper penny is US$1.61/lb., with prices during this period reaching as high as US$4/lb.[15]

Abolition[edit]

There had been repeated debate about ceasing production of the penny because of the cost of producing it and a perceived lack of usefulness. In mid-2010 the Standing Senate Committee on National Finance began a study on the future of the one-cent coin.[16] On December 14, 2010, the Senate finance committee recommended[17] the penny be removed from circulation, arguing that a century of inflation had eroded the value and usefulness of the one-cent piece. A 2007 survey indicated that 37 percent of Canadians used pennies, but the government continued to produce about 816 million pennies per year, equal to 24 pennies per Canadian.[18] The Royal Canadian Mint had been forced to produce large numbers of pennies because they disappeared from circulation, as people hoarded these coins or simply avoided using them. In 2011 the Royal Canadian Mint had minted 1.1 billion pennies, more than doubling the 2010 production number of 486.2 million pennies.[19] In late 2010, finance committee members of the Canadian Senate estimated that the average Canadian had as many as 600 pennies hoarded away, taken out of circulation.[17]

On March 29, 2012, the federal government announced in its budget[20] that it would withdraw the penny from circulation in the fall of 2012. The budget announcement eliminating the penny cited the cost of producing it at 1.6 cents.[20][21] The final penny was minted at the RCM's Winnipeg, Manitoba, plant on the morning of May 4, 2012,[21] and was later entrusted to the Bank of Canada Museum in Ottawa.[22][23][24] Existing pennies will remain legal tender indefinitely;[25] however, pennies were withdrawn from circulation on February 4, 2013.[21][26] The Currency Act says that "A payment in coins [...] is a legal tender for no more than [...] twenty-five cents if the denomination is one cent."[27]

On February 4, 2013, the Mint began melting down the estimated 35 billion pennies that were in circulation.[28] On the same day, Google celebrated the beginning of the end for the Canadian penny with a Google Doodle.[29]

Cash transactions are now rounded to the nearest multiple of 5 cents.[30] The rounding is not done on individual items but on the total bill of sale, with totals being rounded to the nearest multiple of 5, i.e., totals ending in 1 or 2 round down to 0, totals ending in 3,4,6, or 7 round to 5, and totals ending in 8 or 9 round up to 10.

To honour the penny, the Royal Canadian Mint released several silver and gold coins and collectibles on their website,[21] including a miniature gold coin,[31] a gold-plated silver coin,[32] a five-ounce silver coin,[33] and a five-coin set of silver coins, showcasing the evolution of the penny's designs since the Mint began operation.

Commemorative editions[edit]

Commemorative editions of the Canadian penny
Image Year Theme Artist Mintage Notes
1967 Canada Centennial Penny.jpg 1967 Canadian centennial Alex Colville 345,140,645 Features a rock dove in flight. Dated 1867–1967.

First strikes[edit]

Year Theme Mintage Issue price
2005 First day cover 1,799 $14.95
2006 With new mint mark 5,000 $29.95

Mintage[edit]

List of the mintage of every year
Victoria
Year Mintage[34]
1858 421,000
1859 9,579,000
1876 H 4,000,000
1881 H 2,000,000
1882 H 4,000,000
1884 2,500,000
1886 1,500,000
1887 1,500,000
1888 4,000,000
1890 H 1,000,000
1891 1,452,500
1892 1,200,000
1893 2,000,000
1894 1,000,000
1895 1,200,000
1896 2,000,000
1897 1,500,000
1898 H 1,000,000
1899 2,400,000
1900
1900 H
2,600,000
1901 4,100,000
Edward VII
Year Mintage[35]
1902 3,000,000
1903 4,000,000
1904 2,500,000
1905 2,000,000
1906 4,100,000
1907 2,400,000
1907 H 800,000
1908 2,401,506
1909 3,973,339
1910 5,146,487
George V (large)
Year Mintage
1911 4,663,486
1912 5,107,642
1913 5,735,405
1914 3,405,958
1915 4,932,134
1916 11,022,367
1917 11,899,254
1918 12,970,798
1919 11,279,634
1920 6,762,247
George V (small)
Year Mintage
1920 15,483,923
1921 7,601,726
1922 1,243,635
1923 1,019,002
1924 1,593,195
1925 1,000,622
1926 2,143,372
1927 3,553,928
1928 9,144,860
1929 12,159,840
1930 2,538,613
1931 3,842,776
1932 21,316,190
1933 12,079,310
1934 7,042,358
1935 7,526,400
1936
1936 Dot
8,768,769
George VI
Year Mintage
1937 10,040,231
1938 18,365,608
1939 21,600,319
1940 85,740,532
1941 56,336,011
1942 76,113,708
1943 89,111,969
1944 44,131,216
1945 77,268,591
1946 56,662,071
1947 31,093,901
1947 ML 43,855,448
1948 ATD
1948 ABD
1949 ATD
25,767,779
1949 ABD 33,128,933
1950 60,444,992
1951 80,430,379
1952 67,631,736
Elizabeth II
Year Mintage
1953 67,806,016
1954 22,181,760
1955 56,403,193
1956 78,685,535
1957 100,601,792
1958 59,385,679
1959 83,615,343
1960 75,772,775
1961 139,598,404
1962 227,244,069
1963 279,076,334
1964 484,655,322
1965 304,441,082
1966 183,644,388
1967 345,140,645
1968 329,695,772
1969 335,240,929
1970 344,145,010
1971 298,228,936
1972 451,304,591
1973 457,058,489
1974 692,058,489
1975 642,618,000
1976 701,122,890
1977 453,050,666
1978 911,170,647
1979 753,942,953
Elizabeth II (cont.)
Year Mintage
1980 911,800,000
1981 1,209,468,500
1982 876,036,898
1983 975,510,000
1984 838,225,000
1985 771,772,500
1986 788,285,000
1987 774,549,000
1988 482,676,752
1989 1,066,628,200
1990 218,035,000
1991 831,001,000
1992 673,512,000
1993 808,585,000
1994 639,516,000
1995 624,983,000
1996 445,746,000
1997 549,868,000
1998 999,578,000
1999 1,089,625,000
2000 902,506,000
2001 928,434,000
2002 830,040,000
2003 748,123,000
2004 842,486,000
2005 767,425,000
2006 1,261,883,000
2007 846,420,000
2008 787,625,000
2009 455,680,000
2010 486,200,000
2011 662,750,000
2012 199,347,000

See also[edit]

References[edit]

  1. ^ "Canada's last penny minted". CBC News.
  2. ^ "Eliminating the Penny". Government of Canada. Archived from the original on February 8, 2013. Retrieved February 4, 2013.
  3. ^ "Phasing out the penny in Canada". Retrieved June 26, 2019.
  4. ^ "Phasing out the Penny". Department of Finance, Government of Canada. Archived from the original on December 16, 2012. Retrieved February 4, 2013.
  5. ^ "Faces of the Monarch on Coins". Royal Canadian Mint.
  6. ^ The Charlton Standard Catalogue of Canadian Coins, W.K. Cross, p. 72, The Charlton Press, Toronto, Ontario, ISBN 0-88968-297-6
  7. ^ a b "Royal Canadian Mint History Timeline". Royal Canadian Mint. Archived from the original on September 6, 2013. Retrieved November 25, 2022.
  8. ^ a b Royal Canadian Mint (2012). 2012 Annual Report – Breaking Tradition (PDF) (Report). p. 16-17. Retrieved November 25, 2022.
  9. ^ Mahoney, Jill. "$20 bill's maple leaf isn't Canadian, botanists say". The Globe and Mail. The Globe and Mail. Retrieved September 13, 2014.
  10. ^ Coins of Canada, J.A. Haxby & R.C. Willey, Unitrade Press (2002), ISBN 1-894763-09-2
  11. ^ "Royal Canadian Mint Currency Timeline, p. 9" (PDF). Archived from the original (PDF) on October 17, 2013. Retrieved July 8, 2018.
  12. ^ The Charlton Standard Catalogue of Canadian Coins, W. K. Cross, p. 57, The Charlton Press, Toronto, Ontario, ISBN 0-88968-297-6
  13. ^ "A national symbol–the 1-cent coin". Royal Canadian Mint. Retrieved January 15, 2012.
  14. ^ Royal Canadian Mint Act R.S.C., 1985, c. R-9: Section 6 – "Non-circulation Coins" and "Circulation Coins"; Part 1 – "Non-circulation Coins"; Part 2 – "Circulation Coins"
  15. ^ Kitco – Spot Copper Historical Charts and Graphs – Copper charts – Industrial metals
  16. ^ "Parliament of Canada – Parlement du Canada". Archived from the original on December 24, 2013. Retrieved November 25, 2022.
  17. ^ a b "Penny should be scrapped: Senate panel". CBC News. December 14, 2010. Retrieved March 31, 2012.
  18. ^ "100th anniversary of the Canadian penny" (PDF). Desjardins Group. Archived from the original (PDF) on February 22, 2014. Retrieved November 25, 2022.
  19. ^ "Canada's penny withdrawal: All you need to know". CBC News. April 2, 2012. Retrieved August 14, 2012.
  20. ^ a b "Budget 2012: Chapter 5: Responsible Management to Return to Balanced Budgets". Government of Canada. Retrieved March 30, 2012.
  21. ^ a b c d Royal Canadian Mint (2012). 2012 Annual Report – Breaking Tradition (PDF) (Report). p. 37. Retrieved November 25, 2022.
  22. ^ "Canada's Last Penny: Final Cent Struck In Winnipeg Friday As Currency Killed". Canadian Press/Huffington Post Canada. May 4, 2012. Archived from the original on April 18, 2020. Retrieved November 25, 2022.
  23. ^ Montgomery, Marc (May 3, 2019). "Canada History: May 4, 2012– the last penny drops". Radio Canada International. Retrieved November 25, 2022.
  24. ^ Size, John (May 4, 2012). "Last Canadian penny on its way to Ottawa currency museum". CTVNews.
  25. ^ "The penny's days are numbered". CBC. March 29, 2012. Retrieved March 29, 2012.
  26. ^ Pedwell, Terry (July 30, 2012). "A penny saved: Canadian coin to stick around until 2013". The Vancouver Sun. The Canadian Press. Archived from the original on August 3, 2012. Retrieved November 25, 2022.
  27. ^ "Canada Currency Act". Retrieved October 26, 2012.
  28. ^ "A penniless Canada: Mint begins years-long process of collecting and melting down 82-million kg in coins". The National Post. February 4, 2013. Retrieved November 25, 2022.
  29. ^ "Canadian penny honoured with Google Doodle". The Toronto Star. February 4, 2013. Retrieved February 4, 2013.
  30. ^ "Phasing out the penny – Rounding". Royal Canadian Mint. Archived from the original on May 31, 2016. Retrieved November 25, 2022.
  31. ^ "1/25 oz Fine Gold Coin – Farewell to the Penny (2012)". Royal Canadian Mint. Retrieved November 25, 2022.
  32. ^ "1/2 oz Fine Silver – Farewell to the Penny (2012)". Royal Canadian Mint. Retrieved November 25, 2022.
  33. ^ "5 oz Fine Silver Coin – Farewell to the Penny – Mintage: 1500 (2012)". Royal Canadian Mint. Retrieved November 25, 2022.
  34. ^ "J&M's Catalogue of Canadian Coins".
  35. ^ "1 cent coins". Royal Canadian Mint.

External links[edit]