Canada to stop penny production
Say goodbye to the Canadian penny.
The Canadian government has officially begun phasing out the currency after production costs began exceeding monetary value.
The Royal Canadian Mint officially ended distribution of all one-cent coins to financial institutions on Monday.
Pennies are still useable, but the government has issued new guidelines to store owners, urging them to begin rounding prices to the nearest nickel for cash transactions. Electronic purchases can still be billed to the nearest cent.