There are six denominations of Canadian circulation coinage in production: 5¢, 10¢, 25¢, 50¢, $1, and $2. Officially they are each named according to their value (e.g. "ten-cent piece"), but in practice only the fifty-cent piece is known by that name. The three smallest coins are invariably known as the nickel (5¢), the dime (10¢), and the quarter (25¢), and the one-dollar and two-dollar coins are usually called the loonie and the toonie respectively. The production of the Canadian one-cent piece (known as the penny) was discontinued in 2012, as inflation had reduced its value significantly below the cost of production.