Last week the Royal Canadian Mint announced that they're ceasing production of pennies. It makes sense when you consider that it costs more than a penny to produce a penny. C.G.P. Grey has a nice video explanation of how the elimination of pennies will work.
Applications for Education
This video could be a good conversation starter. Ask your students to research other countries that have eliminated the penny and whether or not it has had an impact on those countries' economies.
Update: CNN Student News also has a short piece on the elimination of pennies.