The Royal Canadian Mint (mint.ca) has issued a new 99.99% pure gold coin to honor the country's one cent coin which will no longer be struck for circulation. Each 2012 Farewell to the Penny 1/25 oz Gold Coin contains the same basic design as seen on the cent coin since 1937.
However, unlike those one cent coins, which have been struck from steel, nickel and copper in recent years, the new commemorative gold coin is struck from 1/25 ounce of .9999 fine gold. This gives the coin a weight of 1.27 grams.
One cent coins (pennies) have been a part of circulating coinage of the nation since before its confederation. Despite that long history, it was announced earlier this year that production of the penny would cease as a cost saving measure for the country. Cash transactions of the future will be rounded to the nearest five cents.
Several other commemorative coins have also been released by the Royal Canadian Mint marking the passage of the lowest denomination coin. Like those other strikes, this coin features a legal tender face value of just one cent like the penny it commemorates.
Shown on the reverse of the coin is the G.E. Kruger-Gray maple leaf design which has been featured on the Canadian one cent coin since 1937. It shows two maple leafs connected to the same twig with the leaf on the right depicted as slightly bigger than the leaf on the left. Reverse inscriptions include CANADA, 2012 and 1 CENT along with the initials of the designer.
The obverse of each coin showcases the Susanna Blunt effigy of Queen Elizabeth II. Surrounding inscriptions include ELIZABETH II and D G REGINA.
The Royal Canadian Mint is currently offering the 2012 Farewell to the Penny 1/25 oz Gold Coin for CAD $129.95. Each encapsulated proof coin ships inside a maroon clamshell case along with a numbered certificate of authenticity and a beauty box. The Mint indicates a maximum mintage of just 12,000.