The news was announced by the games’ maker Hasbro hours after voting polls closed on the company’s Facebook site – which has over 10 million fans – where the results were announced publicly.
Hasbro says that fans of the game from 120 different countries voted in what the company called the ‘Save Your Token’ campaign.
The iron, wheelbarrow and shoe were all facing off against one another for the chop but it was the iron that lost in the end.
The eight tokens identify the players and have changed quite a lot since Parker Brothers bought the game from its original designer in 1935.
It seems that the dog token has found its ultimate arch nemesis.
Monopoly games with the new token will be available from the end of 2013.