02/05/2013 12:40 EST | Updated 02/05/2013 12:40 EST

Canadian Penny: Newfoundland Musician Writes One Cent Memorial Song

With the official demise of the penny now beginning, one Newfoundland singer-songwriter has penned a song based on the one-cent coin's death.

According to Liam Peacock wrote a song entitled "1,800 Coins" which was posted on YouTube on Sunday. So far the video has received just over 40 hits..

"We plan for windfalls, rewards, but they're all scrap copper now / Dump them all out it's how it would be / Roll them in paper while watching tv," Peacock sings about losing the pennies which helped him pay for pizza deliveries in some instances. Peacock is also using the song as part of an album he's entering into the 2013 RPM Challenge, an annual contest for Newfoundland musicians which started in 2008 where the goal is recording a full-length album in the month of February.

As previously reported, the Canadian penny is being phased out with prices on various goods now being rounded either up or down to the nearest nickel.