Canada ditches the penny

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gorocks99

Senior Member

10,760 posts
Feb 6, 2013 3:32 PM
http://news.nationalpost.com/2013/02/04/canadian-penny-last-day/

They estimate they'll be out of circulation in 3-4 years, and they're asking stores to start rounding cash transactions to the nearest $0.05
Feb 6, 2013 3:32pm
OSH's avatar

OSH

Kosh B'Gosh

4,145 posts
Feb 6, 2013 3:37 PM
Smart move.

In America, we sit on our butts and don't worry about smart political moves that make sense.
Feb 6, 2013 3:37pm
Raw Dawgin' it's avatar

Raw Dawgin' it

Just Ain't Care

11,466 posts
Feb 6, 2013 3:40 PM
Why even have coins?
Feb 6, 2013 3:40pm
gorocks99's avatar

gorocks99

Senior Member

10,760 posts
Feb 6, 2013 3:43 PM
Raw Dawgin' it;1383746 wrote:Why even have coins?
Longer circulation life than bills, I'd guess.
Feb 6, 2013 3:43pm
M

MontyBrunswick

Feb 6, 2013 3:45 PM
gorocks99;1383749 wrote:Longer circulation life than bills, I'd guess.

Correct.
Feb 6, 2013 3:45pm
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TedSheckler

Emporium Entrepreneur

3,974 posts
Feb 6, 2013 3:58 PM
But they still have the Loonie and the Toonie.

Nothing sucks worse than walking around Toronto with a shit load of them in your pocket. Give me $1 bills any day.
Feb 6, 2013 3:58pm
W

WebFire

Go Bucks!

14,779 posts
Feb 6, 2013 4:42 PM
OSH;1383744 wrote:Smart move.

In America, we sit on our butts and don't worry about smart political moves that make sense.
Yep. We should follow. But we won't.
Feb 6, 2013 4:42pm
Tiger2003's avatar

Tiger2003

Kill or be Killed

15,421 posts
Feb 6, 2013 11:32 PM
Who needs pennies eh?
Feb 6, 2013 11:32pm
Apple's avatar

Apple

Prost!

2,620 posts
Feb 6, 2013 11:55 PM
WebFire;1383786 wrote:Yep. We should follow. But we won't.
Modus operandi these days is to lead from behind so maybe this idea originated in the States.

..then again I could be wrong, maybe what I heard was that we lead with Michelle's behind.
Feb 6, 2013 11:55pm
Laley23's avatar

Laley23

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29,506 posts
Feb 7, 2013 12:03 AM
Doesnt it cost more to make a penny, than 1 cent??
Feb 7, 2013 12:03am
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Ironman92

Administrator

49,363 posts
Feb 7, 2013 6:08 AM
I think it cost like 3 1/2 cents
Feb 7, 2013 6:08am
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bases_loaded

Senior Member

6,912 posts
Feb 7, 2013 9:30 AM
How much does a $100 bill cost?
Feb 7, 2013 9:30am
gorocks99's avatar

gorocks99

Senior Member

10,760 posts
Feb 7, 2013 9:31 AM
Laley23;1384131 wrote:Doesnt it cost more to make a penny, than 1 cent??
According to the article it costs Canada 1.6 cents per penny.
Feb 7, 2013 9:31am
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Laley23

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29,506 posts
Feb 7, 2013 10:27 AM
Ironman92;1384159 wrote:I think it cost like 3 1/2 cents
gorocks99;1384292 wrote:According to the article it costs Canada 1.6 cents per penny.
Ridiculous we havent found a solution to this yet.
Feb 7, 2013 10:27am
M

MontyBrunswick

Feb 7, 2013 10:41 AM
ernest_t_bass;1384354 wrote:That's ridiculous. They should start making nickels out of the materials they used to make the pennies. Derpina.
It's ridiculous, but they aren't losing money. The article says that they re-coup the difference on larger denomination coins.
Feb 7, 2013 10:41am
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Laley23

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Feb 7, 2013 10:48 AM
dlazz;1384358 wrote:It's ridiculous, but they aren't losing money. The article says that they re-coup the difference on larger denomination coins.
Kind of. But if they were more efficient they would recoup MORE. Overall, not losing money. But still wasting more money then they need to.
Feb 7, 2013 10:48am
M

MontyBrunswick

Feb 7, 2013 11:44 AM
Laley23;1384365 wrote:Kind of. But if they were more efficient they would recoup MORE. Overall, not losing money. But still wasting more money then they need to.
You mean a government agency is wasting more money than they need to?
Feb 7, 2013 11:44am
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FatHobbit

Senior Member

8,651 posts
Feb 7, 2013 12:02 PM
ernest_t_bass;1384354 wrote:That's ridiculous. They should start making nickels out of the materials they used to make the pennies. Derpina.
Lol. Maybe they should redesign all the coins so they are smaller while they are at it.
Feb 7, 2013 12:02pm
sleeper's avatar

sleeper

Legend

27,879 posts
Feb 7, 2013 12:47 PM
Make them out of plastic. Problem solved.
Feb 7, 2013 12:47pm
OSH's avatar

OSH

Kosh B'Gosh

4,145 posts
Feb 7, 2013 1:43 PM
sleeper;1384528 wrote:Make them out of plastic. Problem solved.
And move the bills to polymer. Yet another thing Canada has over the US...
Feb 7, 2013 1:43pm