Canada will no longer produce pennies

From the National Post:

The penny coin, loved by some but an annoyance to many, will be withdrawn from circulation this year because it costs too much to make and is a pecuniary pest....

Ottawa said the penny retained only one twentieth of its original purchasing power...

“Financial institutions face increasing costs for handling, storing and transporting pennies. Over time, the penny’s burden to the economy has grown relative to its value as a means of payment,” it said. Other nations that have either ceased to produce or have removed low denomination coins include Australia, Brazil, Finland, Israel, the Netherlands, New Zealand, Norway, Sweden, Switzerland and Britain...

The Royal Canadian Mint will stop distributing penny coins to financial institutions later this year. As the coin slowly disappears, prices for cash transactions will be rounded up or down to the closest five cents. 

The rationale and details re the implementation are at the National Post link.  The U.S. has previously done away with two- and three-cent coins and twenty-cent coins and half cents.  I'm sure the penny will go soon.

Relevant video: Why the penny should be eliminated.  Completely.