Canadian Mint announces new coin

The Royal Canadian Mint has moved to cut coinage costs by changing the one-cent coin from bronze to copper-plated steel or copper-plated zinc.

“Changing the metal composition of the one-cent coin to either copper-plated steel or copper-plated zinc will save Canadian taxpayers between $3 and $5 million annually depending upon the prices of steel and zinc,” said Minister of Public Works David Dingwall. The change will take place on July 1, 1996.

The Mint plans to take advantage of market fluctuations by switching between steel and zinc as prices dictate.

The 12-sided design, introduced in the 1980s to use less bronze, will be abandoned, as a round coin allows better quality plating.

The Mint still plans to move to nickel-plated steel for 5 cents, 10 cents, 25 cents, and 50 cents coins, but is delaying that changeover until July of 1997 to allow the vending machine industry more time to convert its machines.