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Last post 11 years ago by chemyst. 26 replies replies.
Canada to stop using the penny, should the US?
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kombat96 Offline
#1 Posted: Tue, Feb 5 2013, 2:17 AM EST
Joined: 04-12-2010
Posts: 9,717
Canada will round to the nearest nickel, down, if an item ends up being .07 cents and will round up at .08 cents.

Think the US should follow suit?

I work in retail and say the penny is a waste more or less, but it was created and needed years back. With everything going electronic change...meaning quarter, dimes and penny's are being used less.

BUT, with that being said, I see a valuable use for pennies. Charity, we have charity boxes at each and every register and more often then not when a customer gets lets say four cents back, they just walk off or place it in these charity boxes.
DadZilla3 Offline
#2 Posted: Tue, Feb 5 2013, 6:51 AM EST
Joined: 01-17-2009
Posts: 4,633
kombat96 wrote:
Think the US should follow suit?


Might as well. In reality, the penny now has only about 1/10 of the purchasing power that it did in 1950. So we can either just get rid of pennies as a coin that has outlived its usefulness, or stop debasing our currency.

I'm guessing we'll just take the easy way out and stop using pennies. In purchasing power a nickle or dime is actually the new penny anyway.
Gene363 Offline
#3 Posted: Tue, Feb 5 2013, 8:25 AM EST
Joined: 01-24-2003
Posts: 30,844

Yes.
DrMaddVibe Offline
#4 Posted: Tue, Feb 5 2013, 8:28 AM EST
Joined: 10-21-2000
Posts: 55,513
I'm saving them and gonna melt them down for when the printing press breaks.
rfenst Offline
#5 Posted: Tue, Feb 5 2013, 8:33 AM EST
Joined: 06-23-2007
Posts: 39,368
DrMaddVibe wrote:
I'm saving them and gonna melt them down for when the printing press breaks.


I have advocated this for over 20 years.
DrMaddVibe Offline
#6 Posted: Tue, Feb 5 2013, 8:35 AM EST
Joined: 10-21-2000
Posts: 55,513
rfenst wrote:
I have advocated this for over 20 years.



Oh my...I bet you have a lot of them!

I just started my collection.


LOL!
bloody spaniard Offline
#7 Posted: Tue, Feb 5 2013, 11:33 AM EST
Joined: 03-14-2003
Posts: 43,802
DrMaddVibe wrote:
Oh my...I bet you have a lot of them!
I just started my collection.
LOL!




They're not just for Jews, Scots love 'em too! ...and lots of other ethnic groups are having a candle vigil as well- Indians, Arabs, Koreans, Greeks...
DrMaddVibe Offline
#8 Posted: Tue, Feb 5 2013, 11:35 AM EST
Joined: 10-21-2000
Posts: 55,513
bloody spaniard wrote:
They're not just for Jews, Scots love 'em too! ...and lots of other ethnic groups are having a fire vigil as well- Indians, Arabs, Koreans, Greeks...



Ok...because I can see the humor in being unpolitically correct...I LOL'D!
z6joker9 Offline
#9 Posted: Tue, Feb 5 2013, 11:39 AM EST
Joined: 10-18-2011
Posts: 5,902
I would definitely get rid of pennies. When I do use cash, I just leave any pennies I get on the counter. Don't like keeping up with them, carrying them around, having to dig around them to find quarters for the car wash, etc.
bloody spaniard Offline
#10 Posted: Tue, Feb 5 2013, 11:48 AM EST
Joined: 03-14-2003
Posts: 43,802
DrMaddVibe wrote:
Ok...because I can see the humor in being unpolitically correct...I LOL'D!



Don't backtrack, chickenbeak- I wasn't kidding. Those groups ARE renowned for being cheap, er, frugal. (cough cough) Been my overall experience anyway.
Yeah, I know that there are exceptions to the rule, yada yada yada. But boy, can they make a penny squeal or what...
justinjoslin82 Offline
#11 Posted: Tue, Feb 5 2013, 12:10 PM EST
Joined: 01-02-2013
Posts: 419
Im a copper hoarder. :)
Buckwheat Offline
#12 Posted: Tue, Feb 5 2013, 12:34 PM EST
Joined: 04-15-2004
Posts: 12,251
I don't like the idea of getting rid of the penny because they will not round down.

They will round UP. Just look at the .009 that they always round UP on Gas. Brick wall
bloody spaniard Offline
#13 Posted: Tue, Feb 5 2013, 1:46 PM EST
Joined: 03-14-2003
Posts: 43,802
Buckwheat wrote:
I don't like the idea of getting rid of the penny because they will not round down.
They will round UP. Just look at the .009 that they always round UP on Gas. Brick wall


Very good point.
Could turn into a windfall for some like in The Office Space movie.
Confuzed Offline
#14 Posted: Tue, Feb 5 2013, 1:47 PM EST
Joined: 07-19-2012
Posts: 1,571
It'd sure free up some pocket space..
Buckwheat Offline
#15 Posted: Tue, Feb 5 2013, 1:55 PM EST
Joined: 04-15-2004
Posts: 12,251
The thing is, Bob, it's not that I'm lazy, it's that I just don't care.
HockeyDad Offline
#16 Posted: Tue, Feb 5 2013, 2:05 PM EST
Joined: 09-20-2000
Posts: 46,164
Americans following Canada's lead......

Snicker.
Confuzed Offline
#17 Posted: Tue, Feb 5 2013, 2:09 PM EST
Joined: 07-19-2012
Posts: 1,571
Buckwheat wrote:
The thing is, Bob, it's not that I'm lazy, it's that I just don't care.


You can just go ahead and move a little bit to the left. Yeah, that's it. Great.
bloody spaniard Offline
#18 Posted: Tue, Feb 5 2013, 2:15 PM EST
Joined: 03-14-2003
Posts: 43,802
I loved that movie.
DrMaddVibe Offline
#19 Posted: Tue, Feb 5 2013, 4:23 PM EST
Joined: 10-21-2000
Posts: 55,513
Yeaaaaaaaaaaah...um
cacman Offline
#20 Posted: Wed, Feb 6 2013, 10:51 AM EST
Joined: 07-03-2010
Posts: 12,216
kombat96 wrote:
Canada will round to the nearest nickel, down, if an item ends up being .07 cents and will round up at .08 cents.

Am I missing something or what. The statement says it will round down to the nearest nickel but your example shows rounding-up to the next PENNY!!!

Costs more than a penny to make a penny, but the cost of producing other coins and currency is far cheaper than their individual denominations - cost almost the same to print a $1 bill as it does to print a $100 bill. This is exactly why the guberment's spending is so out of control - if you're going to run the press might as well print the big dollars.

Better to save your stamps instead of your pennies. Talk about profit on printing costs??? How many stamps can you fit within the area of a $1 bill?
dstieger Offline
#21 Posted: Wed, Feb 6 2013, 10:56 AM EST
Joined: 06-22-2007
Posts: 10,889
I thought it cost a dime to mint a nickel?
bloody spaniard Offline
#22 Posted: Wed, Feb 6 2013, 10:59 AM EST
Joined: 03-14-2003
Posts: 43,802
Stop it, stop it I say, you're tearing me apart! So many good opposing arguments!Crying
Brewha Offline
#23 Posted: Wed, Feb 6 2013, 4:24 PM EST
Joined: 01-25-2010
Posts: 12,201
Wait - If Canada gets rid of the Penny, what about Will and Dr. Smith?
DrafterX Offline
#24 Posted: Wed, Feb 6 2013, 4:26 PM EST
Joined: 10-18-2005
Posts: 98,564
Brewha wrote:
Wait - If Canada gets rid of the Penny, what about Will and Dr. Smith?



prolly go gay-homo... they were kinda weird anyway... Mellow
Brewha Offline
#25 Posted: Wed, Feb 6 2013, 4:30 PM EST
Joined: 01-25-2010
Posts: 12,201
DrafterX wrote:
prolly go gay-homo... they were kinda weird anyway... Mellow

Are you sayin' Will and the Dr. would be riding the Hersey highway together?

'Danger Will Robinson, Danger!"
chemyst Offline
#26 Posted: Sun, Feb 10 2013, 2:58 PM EST
Joined: 05-29-2006
Posts: 1,674
The US Gov't should do away with paper dollar bills and go with $1 coins.
Paper dollars need to be replaced every 18 months. Big savings.

I kind of like pennies, but they aren't cost effective any more. Maybe just
make them for proof sets. Never know when you might need some copper/zinc.
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