ejp626 Posted March 31, 2012 Report Posted March 31, 2012 So this caught my attention: No more Canadian pennies The last one-cent coin will be minted this April, ending what federal officials say is close to 150 years of Canadian penny production. The Royal Canadian Mint will stop distributing pennies to financial institutions in the fall of 2012 and the government will work to withdraw one-cent coins from circulation. They will remain legal tender but will no longer be minted. The rules seem a bit convoluted. If I understand it, debit/credit card transactions and on-line transactions can be to the penny, but shops will have to round up or down to the nearest nickle when a customer pays with cash. I know this has been discussed off and on in the US (and I thought there was a thread on it or at least a few posts, but couldn't find anything). While there are surely a few wrinkles to be ironed out, it's probably for the best. It's a relatively sensible solution -- and thus won't be adopted in the US for another 20-30 years... Quote
sidewinder Posted March 31, 2012 Report Posted March 31, 2012 I've still got a sack of them if anyone wants to buy any ! Quote
Pete C Posted March 31, 2012 Report Posted March 31, 2012 I'd vote to keep the penny in exchange for single-payer healthcare. Quote
Tim McG Posted March 31, 2012 Report Posted March 31, 2012 (edited) Well, the good news is we Americans won't have to worry about the cashier fobbing off Canadian pennies to us any longer. Edited March 31, 2012 by GoodSpeak Quote
BillF Posted March 31, 2012 Report Posted March 31, 2012 Look out! When the British currency changed in the 1970s, the customer suffered as prices were invariably rounded up, rather than rounded down. Quote
ejp626 Posted March 31, 2012 Author Report Posted March 31, 2012 Look out! When the British currency changed in the 1970s, the customer suffered as prices were invariably rounded up, rather than rounded down. Certainly possible, and it definitely would be good if the govt. would issue some hard rules. However, the rounding is "supposed" to be done at the very end of the transaction after tax, so it would be harder to game the system. Also, people paying with debit/credit (which is probably around 75% of transactions) will be unaffected by the rounding. I guess we'll see. The Canadian public doesn't seem fazed so far... Quote
sidewinder Posted March 31, 2012 Report Posted March 31, 2012 (edited) I remember some big rounding-up price hikes in stores at the time that the GST came in. Any excuse and these guys will hike up ! Edited March 31, 2012 by sidewinder Quote
Pete C Posted March 31, 2012 Report Posted March 31, 2012 Why the hell are nickels so much bigger than dimes? Quote
Chuck Nessa Posted March 31, 2012 Report Posted March 31, 2012 Why the hell are nickels so much bigger than dimes? Wrong thread. Quote
Jazzmoose Posted March 31, 2012 Report Posted March 31, 2012 (edited) Why the hell are nickels so much bigger than dimes? Because traditionally dimes were made of silver and nickels of er...nickel and something, I think. Silver's worth a lot more. Yes, back in the old days, coins were actually worth what they said they were worth. Weird... Edited March 31, 2012 by Jazzmoose Quote
Pete C Posted April 2, 2012 Report Posted April 2, 2012 Because traditionally dimes were made of silver and nickels of er...nickel and something, I think. Silver's worth a lot more. Yes, back in the old days, coins were actually worth what they said they were worth. Weird... Yeah, I know, but there's no point in keeping up the charade. I say do away with nickels too! Quote
Tim McG Posted April 3, 2012 Report Posted April 3, 2012 First it's pennies, then nickels....can socialized medicine and cancer research be far behind? Gah! Quote
Jazzmoose Posted April 3, 2012 Report Posted April 3, 2012 Canada: it just doesn't make cents... Quote
BruceH Posted April 3, 2012 Report Posted April 3, 2012 It's about time; I so hated their pennies. Quote
BERIGAN Posted April 5, 2012 Report Posted April 5, 2012 It costs 2.4 cents to make every cent today in the U.S. We should stop making them. http://abcnews.go.com/blogs/headlines/2012/03/u-s-penny-to-be-kept-as-canada-bids-coin-farewell/ Quote
ejp626 Posted April 5, 2012 Author Report Posted April 5, 2012 All I know is that I was at a store yesterday and the bill was $4.01 and I didn't have any change (just a fiver) and the clerk insisted on giving me 99 cents back instead of rounding down and giving me a Loonie. If that happens in May (after the pennies are no longer minted), I guess I'll have to stick the feds on them. I am in favor of dropping the penny, but I would say it appears that the implementation is going to be pretty half-assed up here, at least for the first six months. Quote
David Ayers Posted April 5, 2012 Report Posted April 5, 2012 Maybe they could also abolish the Canadian dollar? Quote
Ted O'Reilly Posted April 5, 2012 Report Posted April 5, 2012 Maybe they could also abolish the Canadian dollar? Do you mean the coin (aka "Loonie") or the worth-more-than-the-US-currency itself? Quote
Pete C Posted April 5, 2012 Report Posted April 5, 2012 Maybe they could also abolish the Canadian dollar? Do you mean the coin (aka "Loonie") or the worth-more-than-the-US-currency itself? I liked the Canadian dollar better when it cost 62 cents. Then I went to Montreal 2-3 times a year. Quote
Ted O'Reilly Posted April 5, 2012 Report Posted April 5, 2012 Maybe they could also abolish the Canadian dollar? Do you mean the coin (aka "Loonie") or the worth-more-than-the-US-currency itself? I liked the Canadian dollar better when it cost 62 cents. Then I went to Montreal 2-3 times a year. Thank you for visiting. The 62-cent CDN dollar kept me out of New York, though. (Maybe you should be thankful for that! ) Quote
BeBop Posted April 5, 2012 Report Posted April 5, 2012 It costs 2.4 cents to make every cent today in the U.S. We should stop making them. http://abcnews.go.com/blogs/headlines/2012/03/u-s-penny-to-be-kept-as-canada-bids-coin-farewell/ Sure we lose on each penny, but we make it up on volume. Quote
David Ayers Posted April 5, 2012 Report Posted April 5, 2012 Maybe they could also abolish the Canadian dollar? Do you mean the coin (aka "Loonie") or the worth-more-than-the-US-currency itself? I liked the Canadian dollar better when it cost 62 cents. Then I went to Montreal 2-3 times a year. Thank you for visiting. The 62-cent CDN dollar kept me out of New York, though. (Maybe you should be thankful for that! ) I thought the whole currency might go - it is so *expensive* these days... Quote
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