TORONTO (AP) -- 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.

While people may still use pennies, the government has issued guidelines urging store owners to start rounding prices to the nearest nickel for cash transactions. Electronic purchases will still be billed to the nearest cent.

New Zealand, Australia, the Netherlands, Norway, Finland, Sweden, and others have also dropped the penny.

Google is marking the passing of the penny with a dedicated doodle on its Canadian home page.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.