Canada has begun phasing-out its penny, whose production costs have come to exceed its monetary value.

The Royal Canadian Mint on Monday officially ended its distribution of one-cent coins to financial institutions.

Read more: http://www.foxnews.com/world/2013/02/04/penny-drops-canada-begins-to-phase-out-one-cent-coin-after-calling-it-costly/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+foxnews%2Fworld+%28Internal+-+World+Latest+-+Text%29#ixzz2JxYOFpF3