No more pennies for your thoughs in Canada

[lars573]

So in the federal budget this year, it was announced that the penny was going to be eliminated at the end of this year.

Penny to disappear from Canadian coinage (http://ca.finance.yahoo.com/news/penny-disappear-coinage-system-minting-200604652.html)

My thoughts, which are no worth a nickel BTW, are that if it costs 1.6 cents to mint a coin worth 1 cent. Why should we keep doing it? The only reasons for keeping is are nostalgia.

[HoreTore]

I have never understood british coins. You can have a handful of them, and you can't even buy a coke!

If the situation in Canada is similar, I say get rid of 'em! We're doing the same here, and removing our lowest coin(0,5nok), so that the lowest coin will be worth around 18 us cents. Well, at least you can use those on coffee machines....

[Greyblades]

Interesting, I suppose that companies will have to hope $9.98 has the same effect as $9.99.

[HoreTore]

Interesting, I suppose that companies will have to hope $9.98 has the same effect as $9.99.

There's no reason why they can't continue with 9.99. Just round the final figure, like they do in countries with no 0.01 coin.

[Philippus Flavius Homovallumus]

I have never understood british coins. You can have a handful of them, and you can't even buy a coke!

If the situation in Canada is similar, I say get rid of 'em! We're doing the same here, and removing our lowest coin(0,5nok), so that the lowest coin will be worth around 18 us cents. Well, at least you can use those on coffee machines....

Devaluation, dear boy. There was a time when one silver penny would have bought the whole of Norway, but back then Cnut was King so we owned it anyway.

Ahem.

No, it makes a certain amount of sense - in developed countries overall we should all either agree to lop a zero off or started minting coins in larger denominations.

Having said that, if you want to take my copper (copper plated steel) pennies you will have to pry them from my cold, dead, Saxon hands.

[drone]

Wish they would do this here in the States, both pennies and nickels cost more to make than they are worth. For cash purchases, round to nearest $0.1.

[Xiahou]

Wish they would do this here in the States, both pennies and nickels cost more to make than they are worth. For cash purchases, round to nearest $0.1.Dump the penny and change from $1 bills to $1 coins. :yes:

[drone]

change from $1 bills to $1 coins. :yes:
Then how do you tip the strippers? :inquisitive:

[Philippus Flavius Homovallumus]

Dump the penny and change from $1 bills to $1 coins. :yes:

They have coins, they just prefer Bills.

[Rhyfelwyr]

If you stop making 1p coins, then they could use the exact same logic to justify stopping 2p coins. Then 5p, then 10p...

It's a slippery slope.

[Crazed Rabbit]

If you stop making 1p coins, then they could use the exact same logic to justify stopping 2p coins. Then 5p, then 10p...

It's a slippery slope.

Of efficiency!

CR

[lars573]

I have never understood british coins. You can have a handful of them, and you can't even buy a coke!

If the situation in Canada is similar, I say get rid of 'em! We're doing the same here, and removing our lowest coin(0,5nok), so that the lowest coin will be worth around 18 us cents. Well, at least you can use those on coffee machines....
Pre-decimal, yeah you'd need a Cambridge scholar and a 1000 page to volume to understand. Decimal money is what you'd call sane.


Interesting, I suppose that companies will have to hope $9.98 has the same effect as $9.99.
They've been saying rule is if it's xx.02, round down. If it's xx.03 round up.

[Papewaio]

Smallest coin in Australia is 5c largest is $2.

[CountArach]

Smallest coin in Australia is 5c largest is $2.
Even then there is talk of dumping the 5c coin.

[gaelic cowboy]

I have never understood british coins. You can have a handful of them, and you can't even buy a coke!



The same could be said of the Euro 1, 2, 5, 10, 20 cent coins

[HoreTore]

The same could be said of the Euro 1, 2, 5, 10, 20 cent coins

Ah, true! Been so long since I've visited a euro country that I forgot.

Dump those as well.

[lars573]

Smallest coin in Australia is 5c largest is $2.
Which is where we are going to be come fall.


Even then there is talk of dumping the 5c coin.
Really with the way inflation has gone in the last 40 years it's no that outlandish to drop any coin worth less than 0.1 of a dollar.

[Hamata]

seems like prices are going to go even higher too. since values have gone up now that the penny would be gone

ps canadian btw :canada:

[Xiahou]

Then how do you tip the strippers? :inquisitive:You use their coin slots?

[a completely inoffensive name]

This guy hates American pennies.

https://www.youtube.com/watch?v=77C47XYm_3c

[Ja'chyra]

They've been saying rule is if it's xx.02, round down. If it's xx.03 round up.

And there we have why it's a bad idea, extra costs or the consumers. If I remember my school days it should be round up at 0.5 or more. This may not seen like a lot but multiply it out for millions of consumers each with thousands of transaction and who comes out the winner?

[HoreTore]

And there we have why it's a bad idea, extra costs or the consumers. If I remember my school days it should be round up at 0.5 or more. This may not seen like a lot but multiply it out for millions of consumers each with thousands of transaction and who comes out the winner?

If the smallest coin is 0.05, it should be rounded at 0.02 and 0.03. No problem here.

[lars573]

And there we have why it's a bad idea, extra costs or the consumers. If I remember my school days it should be round up at 0.5 or more. This may not seen like a lot but multiply it out for millions of consumers each with thousands of transaction and who comes out the winner?
You do realize that if you buy something now and pay any sort of VAT's your getting the total rounded to the nearest penny (under a 10 rounding not a 5 rounding)? As those tax calculations do go down to the thousanths of a dollar.

[Philippus Flavius Homovallumus]

If the smallest coin is 0.05, it should be rounded at 0.02 and 0.03. No problem here.

With money you always round up, so .01 will become .05 and .06 will becom .10.

Not a huge issue, but one to be aware of.

[a completely inoffensive name]

America used to have smaller denominations (http://en.wikipedia.org/wiki/Half_cent_(United_States_coin)), the rounding issue didn't completely screw things up back then, I doubt removing the penny will be any different.

[Ironside]

With money you always round up, so .01 will become .05 and .06 will becom .10.

Not a huge issue, but one to be aware of.

Nope. (http://en.wikipedia.org/wiki/Swedish_rounding) Well you do, but not him. I didn't know about the naming before atually.

[Vladimir]

NVM. Should read the whole thread first.

:embarrassed:

[HoreTore]

Money should be dropped alltogether.

Debit cards FTW! Time to abandon the dark ages and embrace modern technology.

[HoreTore]

Nope. (http://en.wikipedia.org/wiki/Swedish_rounding) Well you do, but not him. I didn't know about the naming before atually.

Huh, I thought everyone did it like this.

I guess only us scandinavians are smart enough.... Must be that divine blood we carry.

[Kralizec]

In the Netherlands most stores, or at least the supermarkets, don´t offer 1 or 2 euro cents as change anymore. Instead, the money is rounded to the nearest 0.05 Euro, just like we used to do with our old guilders. I´m pretty happy about this too, frankly I don´t understand why the Euro even has 1 and 2 cent coins.

[Kurando]

I'm not too worried about it. I'm old enough to remember that there was some opposition when the Royal Canadian Mint dropped the one dollar and two dollar bills also, but it turned out to be a great decision. I have confidence that they know what the right move is. I just wish I could have as much confidence in all the other branches of our government.