Source: The Canadian Press

The Canadian penny may soon go the way of the Dodo bird, if the Senate has any say in the matter.

The finance committee of the upper chamber recommends that the lowly penny be made extinct as soon as possible.

Thereafter, the penny would only exist as a virtual concept in non-cash transactions.

In cash transactions, however, the committee says the final bill should be rounded off — up or down — to the nearest nickel.

The committee says the coin should be removed from circulation 12 months after the decision to shelve it.

The Senators said not a single witness that came before the committee argued for its continued existence.

If the government adopts the recommendation, it would be the first time any piece of Canadian currency has been removed as legal tender.