Canada finally eliminates penny

[Elfer]

I've been saying for years that this should happen, and it finally is: We're going to stop producing pennies and cash transactions are going to be rounded to the closest nickel.

From the story:

OTTAWA âEU" It's the end of the line for Canada's humble penny.

The government has decided our lowest denomination coin is more trouble than it's worth, so the Royal Canadian Mint will stop distributing the penny this fall.

"It's a currency without currency," Finance Minister Jim Flaherty said Thursday.

In his budget speech, he said the only surprise is that the penny survived for so long.

"Pennies take up too much space on our dressers at home. They take up far too much time for small businesses trying to grow and create jobs," he said in prepared remarks.

"It costs taxpayers a penny-and-a-half every time we make one. We will, therefore, stop making them."

Read more: http://www.ctv.ca/CTVNews/TopStories/20120329/budget-spendin g-cuts-pennies-120329/#ixzz1qXmfFUW6

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Personally, I think this is long overdue. It's ridiculous and impractical to retain a denomination of hard currency that now has such miniscule purchasing power. I can't remember the last time I actually handed over a coin smaller than a quarter in any transaction. Pennies, nickels and dimes are just chaff that I receive as a result of a transaction, and they sit around until I roll them up and change them at the bank. It's just a weird way of making access to a small amount of my money really inconvenient.

So what do you guys think? Would you want to live in a world without pennies?

[Cordyceps]

Pennies are worth more in copper than they are in currency.

...Which says a lot, because they're made mostly of zinc.

[1-800-CockJoke]

Can't wait until we have to bail your dumbass government out of the debt it's going to rack up with this dumbshit policy.

JK

I dunno if I would want to live in a world with pennies or not. On one hand, you're right about pennies being useless these days, but on the other, changing from the system we have now would be pretty revolutionary. What will happen to 99 cent sales?!?!

[yurgenburgen]

At 3/29/12 05:35 PM, Elfer wrote: So what do you guys think? Would you want to live in a world without pennies?

No. Why should a business be able to round-off what I'm paying them and get an extra two cents.
I save up my pennies and exchange them in the cash drawer at work for dollars and quarters and whatever. They add up quickly.

[Sevkat]

Cool now my wallet won't be 80% zinc.

[Elfer]

At 3/29/12 05:37 PM, 1-800-CockJoke wrote: What will happen to 99 cent sales?!?!

Nothing. The transaction total will be rounded at the register, if you're paying with cash. You can still sell an item for 99 cents, much like how you can have prices on items or services that involve fractions of a cent. It's only when money actually changes hands that you need to round the total.

At 3/29/12 05:39 PM, yurgenburgen wrote: No. Why should a business be able to round-off what I'm paying them and get an extra two cents.
I save up my pennies and exchange them in the cash drawer at work for dollars and quarters and whatever. They add up quickly.

But just as often, you'll save two cents. And the value of the pennies you would have been saving up to cash in for real coins will still be there, just in the form of nickels.

[JBKalso]

Oh how brilliant.

[froggerfreak]

What about the company's that literally make pennies on the dollar as their profit margins, like fuel stations and such.

[Elfer]

At 3/29/12 06:05 PM, froggerfreak wrote: What about the company's that literally make pennies on the dollar as their profit margins, like fuel stations and such.

When was the last time you bought one dollar's worth of gas and paid in cash? This seriously does not affect anything in the way that people seem to think it does.

[Skaren]

So long as they don't sneak them into American cash registers like they do with their quarters, I'm fine with it.

[Ganon-Dorf]

Finally, god damned little bastards, maybe taxes will go down now.

[TehPoptartKid]

I'm keeping my pennies thank you. Someday, pennies will be worth more than you can imagine. Ha ha ha ha mwahahahaha!

[Gario]

Bu... but what did Penny ever do to the Canadians?

[All-American-Badass]

Where am i gonna get my 12 sided coins now?

[Thegluestickman]

Thank god. Pennies are the worst form of currency. It takes 400 pennies to make 4 bucks, I know it "adds up" but it tkes a long ass time to get remotely close to that amount. My dad had a change jar for a year and we rolled the all the pennies up and got a grand total of $6 in pennies, compare that to ONE roll of dimes that gives you $10. They're pretty useless, and if tax goes down because of it even better.

[NuclearInfected]

What happens to all the pennies the Canadians currently have? Do they become worthless?

Canadian plumbers will be quite busy for the next few months with penny-clogged toilets.

[gearsofwhore]

America needs to do the same, lame ass pennies are actually more expensive to make than their value.

[Swag-in-a-Bag]

At 3/29/12 06:16 PM, Gario wrote: Bu... but what did Penny ever do to the Canadians?

LOL. We need pennies though for EXACT change and such

[NuclearInfected]

If pennies are eliminated dollars should be divided into twentieths instead hundredths.

[All-American-Badass]

At 3/29/12 06:35 PM, Travis wrote: I'm still waiting for all money to be on debit cards.

Direct deposit and debit cards are the future of money.

It'd be weird using a debit card on some snacks who's total is only $1.50 though.

[Boomstick]

At 3/29/12 06:35 PM, Travis wrote: I'm still waiting for all money to be on debit cards.

Direct deposit and debit cards are the future of money.

People can steal your credentials and cash too, but it's easier with your credit cards.
I prefer to pay up front with cash or purchase giftcards and use them instead.

[steph2568]

It's only a matter of time before this happens in the US.

[AutumnalEquinox]

At 3/29/12 05:37 PM, 1-800-CockJoke wrote:

What will happen to 99 cent sales?!?!

95 cent sales.

[Wurfel-Waffles]

At 3/29/12 05:35 PM, Elfer wrote: So what do you guys think? Would you want to live in a world without pennies?

The cost of the penny's material itself worth more than a penny. It's a great news. I'm tired of collecting pennies.

[ModernPatriot]

Pretty soon stores in Canada re going to start raising their prices to make them round up to the nearest nickel.

[lawlmaster]

At 3/29/12 06:16 PM, Gario wrote: Bu... but what did Penny ever do to the Canadians?

I knew this was coming, and I'm glad I'm not the only person who thought of this.

[Slacker013]

What will I do with my Canadian penny that I got yesterday!?

I bet the value will go up in a 100 years...

[GoryBlizzard]

I first read this as "Canada finally eliminates pussy," and was about to never go there again.

The U.S. needs to do this soon and probably will. I still have plenty of old pennies in my collection anyway.

[DiMono]

At 3/29/12 05:39 PM, yurgenburgen wrote:

At 3/29/12 05:35 PM, Elfer wrote: So what do you guys think? Would you want to live in a world without pennies?

No. Why should a business be able to round-off what I'm paying them and get an extra two cents.
I save up my pennies and exchange them in the cash drawer at work for dollars and quarters and whatever. They add up quickly.

Carry cash and a credit card. If the number ends in 3, 4, 8 or 9, pay with a credit card. If it ends in 1, 2, 6 or 7, pay in cash and save a cent or two. The system can be gamed.

Seriously though, over time, it's going to work out to about even. Don't get your panties in a bunch.

[HipnikDragomir]

At 3/29/12 06:35 PM, Travis wrote: I'm still waiting for all money to be on debit cards.

Direct deposit and debit cards are the future of money.

Yea, and one day all that shit will get hacked and stolen. Great thinking.