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Bye Bye To The Cent, Canadian That is.


constanius
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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?

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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!

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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).

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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.

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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."

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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."

 

:lol: Not to mention the drastic impact on the copper mining and processing industries.. :grin: :grin:

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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.

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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.

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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.

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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.

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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!

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