After 104 years, Canada strikes the last penny today.
The last penny struck for Canadian circulation will be entrusted to the Currency Museum of the Bank of Canada in Ottawa, he said.
Flaherty announced in March the end of the penny, saying it would save the Treasury $11 million per year in manufacturing and distribution costs, as the government looks to trim its budget deficit.
Due to rising labor, metal and other manufacturing and distribution costs, each penny cost more than 1.6 cents to produce.
The penny will retain its value indefinitely and can continue to be used in payments, but as the coins are gradually removed from circulation, cash transactions will have to be rounded to the nearest five-cent increment.