Canada says good bye to penny. Canadian authorities made final decision to take out of circulation this coin. It was announced in the report of the Ministry of Finance of Canada. Starting from February 4, 2013, 1-cent coins, or pennies, as they are called in Canada, will no longer come in the country`s banks. However, meanwhile goods prices will be specified taking into account a penny, and at calculations, the amount will be rounded to nearest 5 or 10 cents. It should be noted that the intention of the government to withdraw the penny was known earlier. Royal Canadian Mint stamped the latest penny in May, 2012. Rejection of the smallest coin is explained by excessive cost of production ($11 million a year) together with low purchasing power. It will help to Canadian budget to save significant funds. Royal Canadian Mint started minting of pennies in 1908.