A survey by the Desjardins Group finds only 37 per cent of Canadians still pay with pennies.
And the Quebec-based financial group is suggesting it may be time to retire the coin.
Overall, its survey found that the lower a coin's value, the less often it is used for purchases.
It says 66 per cent of Canadians use one- and two-dollar coins, but the numbers dwindle to the point where only 37 per cent use pennies.
Desjardins Group economists propose withdrawing the penny, pointing to other countries, such as Australia and New Zealand, that have already done so.
And they don't believe removing the penny from circulation will result in increased prices.
The poll, carried out in 2006, surveyed 658 people from across Canada. It had a margin of error estimated at ±4 per cent, 9.5 times out of 10.