The last penny will be produced at the Royal Canadian Mint on Friday.

A ceremony commemorating the end of the production of the penny with a coin strike will be held Friday morning at the Lagimodiere Boulevard plant.

Dignitaries attending the event include Finance Minister Jim Flaherty, who is also the minister responsible for the Royal Canadian Mint, St. Boniface MP Shelly Glover, parliamentary secretary to the minister of finance, and Ian Bennett, president and CEO of the Royal Canadian Mint.

Due to limited space, the event is not open to the public.

The decision to end production of the penny was included in the March budget put forward by the Stephen Harper government.

The feds say ceasing production will save $11 million per year by eradicating the 1.6 cents it costs to make a penny.