Canada ditches the penny

chase_gwFebruary 4, 2013

The Canadian mint stopped minting them some time ago but as of today the Mint will stop circulating them. When the banks return them they will be melted down.

Businesses have already started rounding down or up......bet we won't see much down.....to the nearest nickle.

Can't say I'll miss them......

Here is a link that might be useful: bye bye penny...

Thank you for reporting this comment. Undo
mylab123(z5NW)

Oh, the business profits to be made from ditching the penny!

    Bookmark   February 4, 2013 at 2:57PM
Thank you for reporting this comment. Undo
PRO
Brushworks Spectacular Finishes(5)

There goes the neighborhood.

What will WalMart do? Roll back or round up? :)

    Bookmark   February 4, 2013 at 3:05PM
Thank you for reporting this comment. Undo
esh_ga

Oh wow! People have talked about that ... I didn't realize Canada was working their way into it.

    Bookmark   February 4, 2013 at 3:06PM
Thank you for reporting this comment. Undo
vgkg(Z-7)

Chase, the site you posted doesn't list the penny article (for me).
Was just curious, does (did) Canada still make their penny's with 100% copper? (like the US used too)

    Bookmark   February 4, 2013 at 3:15PM
Thank you for reporting this comment. Undo
duluthinbloomz4

A lot of your pennies (nickels and quarters, too) end up down here. Our banks won't exchange them so unless I can sneak them through on a purchase, I pile them up for the Salvation Army where there's no problem with the local banks willingness to exchange them.

The U.S. loses 1.4 cents on each penny it makes and 6.2 cents on each nickel, according to Coin Update, an industry news source.

Though the savings of making our pennies with even baser metals than the mostly zinc ones we have now would only be 75 million (not much in the over all scheme of things when we're talking about billions and trillions all the time). I don't know all that much about tinkering with metals, but the R & D and all the retooling, etc. likely wouldn't be cheap.

All the literature, and whatever conventional wisdom that contains, says we'll be keeping our penny - at least for the forseeable future.

    Bookmark   February 4, 2013 at 3:26PM
Thank you for reporting this comment. Undo
nancy_in_venice_ca Sunset 24 z10

A lot of your pennies (nickels and quarters, too) end up down here...

where the quarters jam up the parking meters when an unsuspecting person starts feeding in the coins.

    Bookmark   February 4, 2013 at 3:33PM
Thank you for reporting this comment. Undo
momj47(7A)

It's about time the US eliminated the penny, too.

Then we can see the end of those .99 prices.

Will they adjust sales taxes so it's only multiples of 5?

Here is a link that might be useful: Link

    Bookmark   February 4, 2013 at 3:36PM
Thank you for reporting this comment. Undo
chase_gw

That is so weird....

Here is the proper link.....

Sorry I neglected to answer your question...no the are chopper plated nickle

Here is a link that might be useful: costs 1.6 cents to mint a penny

This post was edited by chase on Mon, Feb 4, 13 at 15:41

    Bookmark   February 4, 2013 at 3:39PM
Thank you for reporting this comment. Undo
duluthinbloomz4

I was on Google anyway and found this on Squidoo re. the metal composition of the Canadian penny.
In 1942 the Canadian 1 cent coin's metal composition was altered to consist of 98 percent copper, 1.75 percent zinc and .5 percent tin.

Because of the rising cost of precious metals, and the fact that it now cost more than the value of a penny to mint one, the metals within the Canadian one cent coin were designed in 1997 to no longer consist mainly of copper.

Canadian pennies from 1997 to 1999 metal compositon was now 98.4 percent zinc and 1.6 percent copper plate. In the year 2000 the Canadian pennies compostion changed to 94 percent steel, 4.5 percent copper plate, and 1.5 percent nickel.

Just as an aside - I still get quite a goodly number of pre 1982 copper US pennies in change here. At the end of the month particularly, people are paying for things with piles of change they find around the house. My brother saves them, so I save them for him.

Quite a bonanza going through my mother's old purses and clothes pockets after her death. Every purse (and they were legion) had golf tees, the little score card pencils, an unused hanky, and pounds of change.

    Bookmark   February 4, 2013 at 3:42PM
Thank you for reporting this comment. Undo
sleeplessinftwayne(z4-5 IND)

I wonder how many people don't think that is a potential loss of 4% on the final $1 of a purchase. That can add up if you use cash instead of plastic. If the prices are actually changed to reflect the change in change, you know the cost is going to go up. And how do you account for the odd % for taxes? I can't see any tax collector rounding down.

I normally use plastic although I take out a certain amount of cash every month for small purchases, anything under %20.00. Two years ago I started saving the coin change I got. It seems to be $105.00 a year. $22.00 of that a year is in pennies.

    Bookmark   February 4, 2013 at 3:47PM
Thank you for reporting this comment. Undo
duluthinbloomz4

I read something a long time ago - the US plan was anything over the $1 mark could be rounded up or down. Say, $1.01 or .02 would round down to an even dollar; $1.03 or .04 would round up to $1.05.

    Bookmark   February 4, 2013 at 3:48PM
Thank you for reporting this comment. Undo
chase_gw

The plan here is as you describe Duluth. 1&2 cents round down, 3 &4 rounds up.

For some time the costs/charges will continue to show the 1,2,3,4 cents and the bill will be rounded up or down. Not sure how long before the ticket price will end in 0 or 5

    Bookmark   February 4, 2013 at 3:58PM
Thank you for reporting this comment. Undo
jillinnj

Oh, no, what will Pottery Barn and Restoration Hardware do about their final sales? You know it's a final sale because the price ends in .99.

Really, it's the first thing I thought of!

Sorry, carry on with your intelligent discussion :-)

    Bookmark   February 4, 2013 at 5:24PM
Thank you for reporting this comment. Undo
PRO
Brushworks Spectacular Finishes(5)

I have some tenants that get ticked off if I round their rent up to the nearest dollar.

They'd rather see $2,768.59 instead of $2,769.00. They come right out and tell me, "you're making an extra $4.92 a year on me".

    Bookmark   February 4, 2013 at 7:19PM
Thank you for reporting this comment. Undo
larry_b(Zone5/CO)

It's high time we got rid of the US penny too.

    Bookmark   February 8, 2013 at 12:25AM
Thank you for reporting this comment. Undo
jodik_gw

Did .01 cease being an actual number, or something?

    Bookmark   February 8, 2013 at 6:29AM
Thank you for reporting this comment. Undo
tobr24u(z6 RI)

Anybody remember the two dollar bill? I do...

    Bookmark   February 8, 2013 at 7:05AM
Thank you for reporting this comment. Undo
jmc01

Glad to see the C penny going. Less clutter in the change container, less to carry with me on the regular trips north of the border.

May the US penny and paper $1 go the way of Sat mail soon as well.

    Bookmark   February 8, 2013 at 7:10AM
Thank you for reporting this comment. Undo
kwoods(Cold z7 Long Is)

    Bookmark   February 8, 2013 at 1:32PM
Thank you for reporting this comment. Undo
jessyclifant

I heard this from the news that Canadian pennies are phasing out in the circulation. Well, what would be the effect of this to Canadian consumer and businesses? Besides, the Canadian penny has officially stopped circulating in the nation to the north. That move has rekindled a discussion domestically that has been going on for decades.

Here is a link that might be useful: Canadian penny

    Bookmark   April 10, 2013 at 2:01AM
Thank you for reporting this comment. Undo
jodik_gw

I think I actually still have a $2 bill or two languishing among our more important memorabilia, Tobr.

    Bookmark   April 10, 2013 at 10:02AM
Thank you for reporting this comment. Undo
demifloyd(8)

I have Canadian pennies.
And several fives.

Guess I won't be using the pennies next trip to Canada.

    Bookmark   April 10, 2013 at 11:44AM
Thank you for reporting this comment. Undo
duluthinbloomz4

Demi - the pennies are still legal tender in Canada and although they're no longer being minted, they're still in circulation and can be used in purchase transactions.

I suppose the day will come when businesses won't take them any more and transaction amounts will be rounded up or down.

    Bookmark   April 10, 2013 at 12:17PM
Thank you for reporting this comment. Undo
chase_gw

Actually Dublin they are being pulled out of circulation now. Pennies received in any bank are returned to the mint and melted, not recirculated.

Many retailers, not all yet, are rounding the final price for cash sales up or down already. Two places we were at yesterday had signs saying they would only take pennies that were part of that rounding. eg if the bill was 2.10 they would take 10 pennies or 210 pennies but not an odd number.

    Bookmark   April 10, 2013 at 12:51PM
Thank you for reporting this comment. Undo
demifloyd(8)

Oh.

Thanks DB.

I keep whatever leftover currency I have from travels to other countries.

Of course when DH died in Canada, I had more than I wanted between the two of us so it's still here.

I want to take the transcontinental train trip across Canada.
Maybe I can use my Canadian currency then.

I know people that have actually thrown pennies in the trash.
I can't bring myself to do that--one day we may ALL be scrounging around for any penny.

My husband worked cleaning bricks outside in the heat for one-half cent per brick one summer. Every time I see a penny I'm going to bend over and pick it up because I think of how much time it took him to clean two bricks.

They're printing all the money we need in this country, no worries!

    Bookmark   April 10, 2013 at 12:58PM
Sign Up to comment
More Discussions
When median incomes are down 15% there is no 'economic recovery'
Wisconsin is #1 in the US for shrinking middle class...
Lena M
The Shocking Finding From the DOJ's Ferguson Report Not Noticed
The Shocking Finding From the DOJ's Ferguson Report...
chijim
The U.S. in an Evil Axis, or So He Claims
When does one become a caricature of oneself? Netanyahu:...
nancy_in_venice_ca Sunset 24 z10
Ever wonder what is in those semis with the American flags on them?
Up to 15 different chemicals in 55-gallon drums. (These...
Lena M
Earthquake prediction
There is a new study out for California that is impressive...
don_socal
Sponsored Products
Capital Lighting Midtown Polished Nickel Two-Light Pendant Light
$325.00 | LuxeDecor
Country Cushioned Dining Chair - Weathered Pine - Set of 2 - CH2001WP
$530.00 | Hayneedle
Franklin Jumbo Inflated Boxing Gloves - 6538
$24.99 | Hayneedle
Auburn Fireplace Mantel Shelf
Signature Hardware
Capital Lighting River Crest Rustic Iron Two-Light Flush Mount Light
$132.00 | LuxeDecor
Emerald Home Brighton Dove Gray Square Leg Dining Table - EMER557
$449.99 | Hayneedle
Espresso City Tote
$90.00 | Horchow
14 Series Three Pendant Chandelier by Bocci
$1,050.00 | Lumens
People viewed this after searching for:
© 2015 Houzz Inc. Houzz® The new way to design your home™