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Canada to Ditch the Penny by the End of 2012

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Rofl_Mao View Drop Down
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    Posted: 30 March 2012 at 7:52am
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Originally posted by CBC CBC wrote:


Citing low purchasing power and rising production costs, the government has decided to phase the penny out of existence starting this fall, when the Royal Canadian Mint will stop distributing the one-cent coin to financial institutions.

Over time, that will lead to the penny effectively becoming extinct, although the government noted on Thursday that one-cent coins will always be accepted in cash transactions for as long as people still hold on to them.

The value of the penny has decreased to about 1/20th of its original purchasing power. Indeed, the lowly penny has fallen so far that Ottawa described it as a "burden to the economy" in a pamphlet explaining the change on Thursday.

In part because of rising prices for the metals it's made of, it actually costs 1.6 cents to produce every penny. The government estimates it loses $11 million a year producing and distributing the penny, and that doesn't include the costs and frustrations for businesses and consumers that use them in transactions.

A 2008 report by Quebec-based bank Desjardins estimated the penny's existence cost Canada's economy about $150 million in 2006. Canada's big banks alone handle more than nine billion pennies a year, which costs them $20 million annually to process.


I think its a good idea - less useless change in my pockets.





Edited by Rofl_Mao - 30 March 2012 at 7:53am
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Post Options Post Options   Thanks (0) Thanks(0)   Quote oldpbnoob Quote  Post ReplyReply Direct Link To This Post Posted: 30 March 2012 at 7:57am
Wonder how that will work? Will they just round up or down to the nearest nickel?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote agentwhale007 Quote  Post ReplyReply Direct Link To This Post Posted: 30 March 2012 at 9:19am
Originally posted by oldpbnoob oldpbnoob wrote:

Wonder how that will work? Will they just round up or down to the nearest nickel?

Yep. Businesses realize people can't buy stuff if it's not rounded off, so they round it off. 

The cost is the same in the U.S., it costs more to make a penny than a penny is worth. There has been talk of getting rid of it, but the talk never seems to go anywhere. I think it has to do with the U.S. being more of a world financial player than Canada. 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Mack Quote  Post ReplyReply Direct Link To This Post Posted: 30 March 2012 at 10:33am
Originally posted by oldpbnoob oldpbnoob wrote:

Wonder how that will work? Will they just round up or down to the nearest nickel?


That's what they did on the bases overseas when I was there in the '80s.  Don't know if they still do it or not, but at the time the military did not think it was worth it to transport/store the pennies at the exchanges.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote oldpbnoob Quote  Post ReplyReply Direct Link To This Post Posted: 30 March 2012 at 10:59am
I can see some people considering this a scheme to "steal ma monies" here in the U.S.  When adding sales tax, final bills rarely round exactly to multiples of $.05. Also seems like somewhat of an accounting nightmare. Accounting is pretty exact, how do you just "round up" ? Wasnt there a movie based on people creating a computer program where they skimmed the .00111 amounts?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote GroupB Quote  Post ReplyReply Direct Link To This Post Posted: 30 March 2012 at 11:05am
Superman 3
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Post Options Post Options   Thanks (0) Thanks(0)   Quote oldpbnoob Quote  Post ReplyReply Direct Link To This Post Posted: 30 March 2012 at 11:12am
I kept thinking Richard Pryor, and thinking it was a comedy... Thanks, probably would have driven me nuts all day.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote tallen702 Quote  Post ReplyReply Direct Link To This Post Posted: 30 March 2012 at 12:07pm
Originally posted by oldpbnoob oldpbnoob wrote:

I kept thinking Richard Pryor, and thinking it was a comedy... Thanks, probably would have driven me nuts all day.
This was also the basis of the program in "office space"
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Post Options Post Options   Thanks (0) Thanks(0)   Quote oldpbnoob Quote  Post ReplyReply Direct Link To This Post Posted: 30 March 2012 at 12:16pm
Originally posted by tallen702 tallen702 wrote:

Originally posted by oldpbnoob oldpbnoob wrote:

I kept thinking Richard Pryor, and thinking it was a comedy... Thanks, probably would have driven me nuts all day.
This was also the basis of the program in "office space"
Never saw that one. Definitely was Superman 3. IIRC, there is a part where Richard Pryor drives up to work at his low payingish job in a brand new Ferrari or simliar as the bosses are trying to figure out where the money is going.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote little devil Quote  Post ReplyReply Direct Link To This Post Posted: 30 March 2012 at 1:14pm
I bet nothing will be only .99 cents now.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Mack Quote  Post ReplyReply Direct Link To This Post Posted: 30 March 2012 at 1:18pm
^^^  Only $9.95!!!!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote GroupB Quote  Post ReplyReply Direct Link To This Post Posted: 30 March 2012 at 1:21pm
Originally posted by tallen702 tallen702 wrote:

Originally posted by oldpbnoob oldpbnoob wrote:

I kept thinking Richard Pryor, and thinking it was a comedy... Thanks, probably would have driven me nuts all day.
This was also the basis of the program in "office space"

That's the only reason I know about Superman 3.  
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Post Options Post Options   Thanks (0) Thanks(0)   Quote deadeye007 Quote  Post ReplyReply Direct Link To This Post Posted: 30 March 2012 at 2:39pm
http://www.youtube.com/watch?v=y5UT04p5f7U

A good video for the subject
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Post Options Post Options   Thanks (0) Thanks(0)   Quote choopie911 Quote  Post ReplyReply Direct Link To This Post Posted: 30 March 2012 at 3:03pm
I fully support it, any time I get pennies I just put them in a jar and forget about them. Australia is already ahead of us on this. I'll be glad to be done with them.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote tallen702 Quote  Post ReplyReply Direct Link To This Post Posted: 30 March 2012 at 3:28pm
Hopefully the morons in the government will see that other countries (and not just ones on the other side of the world, have done this successfully and will finally do so here.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Benjichang Quote  Post ReplyReply Direct Link To This Post Posted: 30 March 2012 at 4:22pm
Originally posted by GroupB GroupB wrote:

Superman 3
Yeah, underrated movie, actually.
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