Feds to drop Penny

[my72jeep]

Feds to drop Penny.



http://ca.news.yahoo.com/two-cents-canadians-share-ample-opinions-scrapping-penny-222957882.html


When the penny was dropped, Canadians didn't hesitate to give their two cents.

Word that the federal government had scrapped the one-cent piece as part of its 2012 budget instantly touched off strong reaction across the country.

Everyone from coin collectors to armchair economists hastened to offer a penny for each others thoughts after learning the coin was enduring its last gasp as a form of viable currency.

Finance Minister Jim Flaherty said the penny's production costs now exceed its worth. Each coin costs 1.6 cents to mint, or a total of $11 million a year. The last penny is due to be struck this fall.

More at link.

 

[Edward Campbell]

I have no fondness for the penny - it is a waste of money: it costs more to make than it's worth. Other countries did this years ago - to their credit. Yes, indeed, we will, gradually, lose the full sense of "in for a penny, in for a pound" and "a penny saved is a penny earned," but the thoughts will still be there.

Now let's go the whole hog:

1. Coins for 5 cents (same size as the current dime), 25 cents (same size as the current 5 cent piece), $1.00 (same size as the current quarter), $2.50 (same size as the current loonie) and $5.00 (same size as the current twoonie); and

2. Bills for $10, $25, $100 and $500.

My  :2c: (which will, soon, be rounded down to SFA)

 

[Infanteer]

Considering I use cash about 1% of the time, I could care less about paper/metal currency.

 

[GAP]

Now let's go the whole hog:

1. Coins for 5 cents (same size as the current dime), 25 cents (same size as the current 5 cent piece), $1.00 (same size as the current quarter), $2.50 (same size as the current loonie) and $5.00 (same size as the current twoonie); and

2. Bills for $10, $25, $100 and $500.

My  :2c: (which will, soon, be rounded down to SFA)

You forgot $1000, 10,000, and 100,000 bills, like so many countries at present have...... ;D



ps: money launderer's delight!!

 

[George Wallace]

Will my framed 1922 DM 50000 be worth something someday?

 

[my72jeep]

I use 50-100 Penny's a year where ever a copper washer is called for.
Copper washer  8-16 cents
penny 1 cent + 3 cents worth of my time to drill. saving me 4-12 cents.
and yes I know all the nuts will condemn me for destroying money, but hell once I buy it, its mine.

 

[Edward Campbell]

You forgot $1000, 10,000, and 100,000 bills, like so many countries at present have...... ;D



ps: money launderer's delight!!

Exactly and that, plus Infanteer's very valid remark about people not using currency as much as they once did, is why we should have fewer large denomination bills.  Plus, see this which is coming faster and faster.

 

[Edward Campbell]

I use 50-100 Penny's a year where ever a copper washer is called for.
Copper washer  8-16 cents
penny 1 cent + 3 cents worth of my time to drill. saving me 4-12 cents.
and yes I know all the nuts will condemn me for destroying money, but hell once I buy it, its mine.

Wanna buy a jar full of pennies?  :2c: each ... plus you pay the shipping.

 

[Brad Sallows]

I suspect most serious money laundering takes place electronically.  The only cash involved is the point of the initial transaction, and I doubt we will see e-commerce enter the narcotics/fencing economy any time soon.

 

[Kirkhill]

Ottawa said the penny retained only one twentieth of its original purchasing power

link

Assuming this refers to the "modern" mini-penny introduced ca 1936* (I think I saw an article referencing 1935 somewhere) then the real story is not the "loss" of the penny but the fact that the modern dollar has only the same value as a 1936 nickel.

I think Brad was alluding to that point a little earlier on another thread about 1929.

*link

 

[wildman0101]

What ,,,Get rid of the penny's. They obviously nerver heard of recycling.
Sheesh there must be a bazillion of em out there. They can send em my
way and I'll do it for em. Cheer's LOL Scoty B

 

[aesop081]

They obviously nerver heard of recycling.

http://www.cbc.ca/news/canada/story/2012/03/30/f-penny-faq.html

What's going to happen to the pennies that are in circulation?

Starting in the fall, businesses will be asked to return pennies to financial institutions. The coins will be melted and the metal content recycled.

In the meantime, Canadians can continue to use pennies to pay for things and the one-cent piece will retain its value indefinitely.