WINNIPEG, Man. – The last Canadian penny was manufactured Friday.

The event took place at the Royal Canadian Mint facility in Winnipeg.

In his March 29 budget, Finance Minister Jim Flaherty  announced the one-cent coins would no longer be produced.

He estimated that will save the government $11-million a year because it costs more to manufacture a penny than it’s worth.

He said many Canadians view the coin as a nuisance.

In his budget, Flaherty said he expects businesses to round prices up or down to the closest nickel.

Even though one-cent coins will no longer be made, they will always be accepted in cash transactions as long as Canadians hold on to them.

Canada joins several countries that have already dropped pennies or their equivalent, including Australia, New Zealand, Brazil, Israel, and South Africa.