Canada Postannounced Wednesday the introduction of a non-denominated stamp that will retain its value despite future price increases.

The permanent stamp will sell for 51 cents, the current domestic rate for lettermail, and will become available on Nov. 16. The new stamps will continue to be accepted when Canada Post bumps up its rate to 52 cents on Jan. 15, 2007.

"The permanent stamp will make doing business with Canada Post that much easier," Moya Greene, president and CEO of Canada Post, said in a release.

The new stamp will largely eliminate the need for penny stamps to meet price increases. Last year, Canada Post printed 60 million one-cent stamps. However officials said the Crown corporation planson printing significantly fewer over the coming year.

Canadians will be able to use old 51-cent stamps in 2007 with Canada Post set to accept the old stamps at the 52-cent rate, even after the January increase as the new stamps are slowly phased into the marketplace.

Canada is the latest country to introduce a stamp that retains its value, joining Britain, Finland, Israel, Belgium, France, Norway, Monaco and Sweden.