constanius Posted March 29, 2012 Report Share Posted March 29, 2012 http://finance.sympatico.ca/home/budget_means_the_pennys_days_are_numbered/d354736e Link to comment Share on other sites More sharing options...
KoRnholio Posted March 29, 2012 Report Share Posted March 29, 2012 Aboot time eh Link to comment Share on other sites More sharing options...
constanius Posted March 29, 2012 Author Report Share Posted March 29, 2012 Aboot time eh No more...... take a penny, leave a penny. Link to comment Share on other sites More sharing options...
Dockwalliper Posted March 30, 2012 Report Share Posted March 30, 2012 Hey.I can actually finish a set. Link to comment Share on other sites More sharing options...
jlueke Posted March 30, 2012 Report Share Posted March 30, 2012 Since the cent will still be used as a unit of account for those who have them and electronic transactions will prices just be adjusted at th register for cash transactions? Link to comment Share on other sites More sharing options...
constanius Posted March 30, 2012 Author Report Share Posted March 30, 2012 Since the cent will still be used as a unit of account for those who have them and electronic transactions will prices just be adjusted at th register for cash transactions? Apparently yes, rounded up or down, after taxes on the whole exchange. Centsible If, making cents No longer makes sense, It makes sense To no longer make cents! Link to comment Share on other sites More sharing options...
Coincrazed Posted March 31, 2012 Report Share Posted March 31, 2012 That really sucks ....... hopefully it wont happen in the US an time soon. :C Link to comment Share on other sites More sharing options...
constanius Posted March 31, 2012 Author Report Share Posted March 31, 2012 That really sucks ....... hopefully it wont happen in the US an time soon. :C Polls show that canadians are overwhelmingly glad to see the cent disappear. What can you buy for a cent? they really are a waste of metal, time & space. 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. The value of the cent has decreased to about 1/20th of its original purchasing power. In the UK they used to use quarter farthings, third farthings, half farthings they all disappeared because they were no longer wanted, same with halfpennies, They all disappeared because of the same decline in their value, their current penny(100 to the UK Pound) survives because it is in fact worth 2.4 of the old predecimalization penny(240 to the UK Pound). Link to comment Share on other sites More sharing options...
Art1.2 Posted April 1, 2012 Report Share Posted April 1, 2012 I think it's only a matter of time for the US to do the same with the cent. I'd guess that within 3 years it will be gone. Link to comment Share on other sites More sharing options...
thedeadpoint Posted April 1, 2012 Report Share Posted April 1, 2012 I can hear the stump speeches now: "Your president is waisting your money by minting a cent for a loss." Then once said president cuts the penny: "Your president just cut tens of thousands (usual overestimation) of hard working Americans jobs." Link to comment Share on other sites More sharing options...
Art1.2 Posted April 1, 2012 Report Share Posted April 1, 2012 I can hear the stump speeches now: "Your president is waisting your money by minting a cent for a loss." Then once said president cuts the penny: "Your president just cut tens of thousands (usual overestimation) of hard working Americans jobs." Not to mention the drastic impact on the copper mining and processing industries.. :grin: Link to comment Share on other sites More sharing options...
thedeadpoint Posted April 1, 2012 Report Share Posted April 1, 2012 Damned if he does. Damned if he doesn't. Link to comment Share on other sites More sharing options...
Steve D'Ippolito Posted April 2, 2012 Report Share Posted April 2, 2012 I recall the price of copper plummeting after we went with the zinky. It turned out one of the major demands on copper was the US mint making billions a year (where do they all go?) Link to comment Share on other sites More sharing options...
Art1.2 Posted April 2, 2012 Report Share Posted April 2, 2012 All of the other US coins have a large copper content, so eliminating the zlincoln will barely be a blip on the world's copper supply screen. Link to comment Share on other sites More sharing options...
thedeadpoint Posted April 2, 2012 Report Share Posted April 2, 2012 All of the other US coins have a large copper content, so eliminating the zlincoln will barely be a blip on the world's copper supply screen. Very astute observation. Didn't think about that. Link to comment Share on other sites More sharing options...
Art1.2 Posted April 2, 2012 Report Share Posted April 2, 2012 Very astute observation. Didn't think about that. But if all copper-nickel coins were replaced with nickel plated steel -- then you'd have an impact. Link to comment Share on other sites More sharing options...
ccg Posted April 3, 2012 Report Share Posted April 3, 2012 I really wish the RCM didn't decide to switch the $1 and $2 to steel - it's probably going to create some headaches since the 50c, $1, and $2 will all be the same electromagnetically, with close weights to each other. I predict parking meters not reading the new $2s properly. Link to comment Share on other sites More sharing options...
constanius Posted April 3, 2012 Author Report Share Posted April 3, 2012 I really wish the RCM didn't decide to switch the $1 and $2 to steel - it's probably going to create some headaches since the 50c, $1, and $2 will all be the same electromagnetically, with close weights to each other. I predict parking meters not reading the new $2s properly. Use the 50c & hope the machine reads it as a $1 or even better a $2, on no account use the $2! Link to comment Share on other sites More sharing options...
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