The Canadian 2012 One Cent coin was the final issue of the denomination, marking the end of an era in Canada’s currency. The decision to discontinue the coin was announced in the 2012 federal budget under Prime Minister Stephen Harper’s government, aiming to reduce unnecessary costs. Economically, the Canadian 2012 One Cent coin had become too expensive to produce, with each coin costing more than its face value. This move reflected broader fiscal policies focused on efficiency and cost-cutting.
Socially, the withdrawal of the Canadian 2012 One Cent coin signaled a shift toward digital and cashless transactions. Businesses and consumers adjusted to rounding practices for cash payments. The Canadian 2012 One Cent coin, while still legal tender, became a collectible, symbolizing Canada’s evolving financial landscape and economic modernization.