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According to the Royal Canadian Mint, the official term for the coin is the one-cent piece, but in practice the terms penny and cent predominate. [citation needed] 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.
Although the Mint has produced many special edition coins in recent years, Canada does have a history of such coins. From 1943 to 1945, the Mint issued the "Victory nickel" to promote the Canadian war effort. In 1951 a circulating commemorative coin, a 5-cent piece for the bicentennial of the discovery of the element nickel, was released.
The coins were similar to the coins of the Province of Canada, with the difference that the twenty-five-cent coin replaced the twenty-cent coin of the provincial currency. The twenty-cent coin had never been popular, as Canadians were used to the US twenty-five-cent coin, which circulated freely in the Province. [60]
The last minted penny intended for circulation, produced at the Royal Canadian Mint in Winnipeg in 2012, [18] on display at the Bank of Canada Museum in Ottawa. In 1982, the 1¢ coin was changed to dodecagonal, and the 5¢ was further debased to a cupro-nickel alloy. In 1987 a $1 coin struck in aureate-plated nickel was introduced.
For the 2017 Canada 150 series, the Royal Canadian Mint held a contest titled My Canada, My Inspiration [12] to determine the reverse designs of the five circulating coins. The 50-cent coin would contain the Canadian Coat of Arms on the reverse, with the Canada 150 logo, designed by Ariana Cuvin, on the obverse, replacing Queen Elizabeth II. [13]
Commodity metal costs are soaring. So much so that it now costs more for the U.S. Mint to produce a penny (or a nickel) than the coins themselves are worth. Vexed by the problem, the Obama ...