Now may be the time to go out and spend that jar of pennies you've been hoarding.

A Senate committee is meeting tonight to hash out what could happen if the copper coin is eliminated.

The national finance committee will hear from the Bank of Canada, the Royal Canadian Mint and the Department of Finance on the issue.

The debate about whether the penny has any value isn't a new one.

Retailers say getting rid of the coin would make their businesses more efficient, but some consumers worry that prices will get rounded up.

A private member's bill that proposes abolishing the coin was introduced in 2008 and is still on the table.