Death of the Canadian Penny

Bloomberg: Canada minted its final penny today as Finance Minister Jim Flaherty said the coin was too expensive to produce and no longer needed for business. ...eliminating the coin that he says costs 1.6 cents to mint. ... The mint has produced 35 billion pennies since it began production in 1908. ... The penny, with two maple leaves on one side and a portrait of Queen Elizabeth II on the other, has lost 95 percent of its purchasing power since it was first produced by the mint.

Next question: When will the US Penny join Canada's? Get your pre-1983 pennies ready to take to the smelters.

Canadian Penny Melt Values as of May 5, 2012:

US Penny Melt Values as of May 5, 2012:

Source: http://www.coinflation.com/canada/
Source: http://www.coinflation.com/
Source: http://www.bloomberg.com/news/2012-05-04/canada-stops-making-cents-as-flaherty-lets-penny-drop.html