How much does it cost to make a penny Canada
The raw materials - about a quid for a sheet of enriched alloy. Then there's engravers - £8.90 per hour at a rate of ten pennies per hour - that's 89 pence. Then there's cutting and hardening - metallurgist rate of £15 per hour at a rate of three man hours for 100 pennies - that's 45pence. Then there's inspection, £20 per hour for ten pennies an hour - that's £2 a penny. Then there's anti-forgery department inspections - £30 per hour at a rate of ten pennies per hour - that's £3 per penny. Then security van dispatch at £1 per £1,000,000 per mile, at roughly 60 miles to all the first-point of source financial societies - that's £60. So that's approximately £67.34.Source:http://ca.answers.yahoo.com/question/index?qid=20080321051134AARBTdy
In Canada, a penny is a coin worth one cent or ⅟100 of a dollar. According to the Royal Canadian Mint, the official national term of the coin is the "one-cent piece", but in practice the term penny or cent is universal. Originally, "penny" referred to a two-cent coin. When the two-cent coin was discontinued, penny took over as the new one-cent coin's name. 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 and Spanish milled dollars.
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