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Many merchants still unprepared for penny phase-out

Many retailers still have their work cut out for them, as they prepare for the loss of the penny on Monday.

A survey by the retail council of Canada, finds only 55 per cent of merchants are ready for the phase out of the coin.

The survey also finds over half of businesses will have to pay the costs to switch out their cash registers in order to round out purchases.

Ottawa announced it would be getting rid of the penny last March to save $11-million a year in production costs.

The Globe and Mail reports that the penny will remain legal tender after Monday but will no longer be distributed to retailers or financial institutions.