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Canada ditches the penny

Posted by chase z6 (My Page) on
Mon, Feb 4, 13 at 14:42

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...


Follow-Up Postings:

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RE: Canada ditches the penny

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


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RE: Canada ditches the penny

There goes the neighborhood.

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


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RE: Canada ditches the penny

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


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RE: Canada ditches the penny

  • Posted by vgkg 7-Va Tidewater (My Page) on
    Mon, Feb 4, 13 at 15:15

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)


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RE: Canada ditches the penny

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.


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RE: Canada ditches the penny

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.


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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


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RE: Canada ditches the penny

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


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RE: Canada ditches the penny

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.


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RE: Canada ditches the penny

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 .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.


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RE: Canada ditches the penny

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.


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RE: Canada ditches the penny

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


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RE: Canada ditches the penny

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 :-)


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RE: Canada ditches the penny

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".


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RE: Canada ditches the penny

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


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RE: Canada ditches the penny

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


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


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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.


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RE: Canada ditches the penny

  • Posted by kwoods Cold z7 Long Is (My Page) on
    Fri, Feb 8, 13 at 13:32


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RE: Canada ditches the penny

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


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RE: Canada ditches the penny

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


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RE: Canada ditches the penny

I have Canadian pennies.
And several fives.

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


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RE: Canada ditches the penny

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.


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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.


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RE: Canada ditches the penny

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!


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