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Author Topic: Canadians will say Goodbye to Pennies  (Read 9704 times)

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Offline Nightangel8212

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Canadians will say Goodbye to Pennies
« on: March 29, 2012, 09:15:14 pm »
http://ca.finance.yahoo.com/news/penny-disappear-coinage-system-minting-200604652.html

As it costs 1.6 cents to mint a 1 cent coin, the government has decided it's long overdue for the coins to become a thing of the past. I recommend keeping any pennies that were minted before 1996, however, as they are made out of real copper and their actual worth is approximately 3 cents a piece.
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Offline VirtualStranger

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Re: Canadians will say Goodbye to Pennies
« Reply #1 on: March 29, 2012, 09:19:02 pm »
How long before they get rid of nickels and dimes? I mean, those are almost worthless now, too.
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Offline Nightangel8212

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Re: Canadians will say Goodbye to Pennies
« Reply #2 on: March 29, 2012, 09:20:53 pm »
Well, if it costs less than their  face value to mint them, then I think those'll be sticking around for a while. They also made the new plastic $50 bills and they will be entering circulation very soon.
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Offline The Right Honourable Mlle Antéchrist

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Re: Canadians will say Goodbye to Pennies
« Reply #3 on: March 29, 2012, 09:23:23 pm »
Seems it's time to take in all the rolls in my penny jar and exchange them at the bank.

Bye bye, pennies.
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Offline MadCatTLX

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Re: Canadians will say Goodbye to Pennies
« Reply #4 on: March 29, 2012, 09:41:05 pm »
What about needing to give change like 0.97? They've been saying things about maybe getting rid of pennies down here in the US for years, but I don't think they've figured out how you would do so. This also raises the question, why not use a cheaper metal? Are there no practical, cheaper options? What about plastic pennies? Would they be to easy to counterfeit? Though why you would counterfeit f-ing pennies is anyone's guess.
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Offline N. De Plume

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Re: Canadians will say Goodbye to Pennies
« Reply #5 on: March 29, 2012, 09:47:28 pm »
Quote from: MadCatTLX on March 29, 2012, 09:41:05 pm
What about needing to give change like 0.97?
Round it up. If it cost 97¢ before, it now costs $1.
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Offline VirtualStranger

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Re: Canadians will say Goodbye to Pennies
« Reply #6 on: March 29, 2012, 09:51:47 pm »
Quote
What about needing to give change like 0.97?

Round down to .95 or up to 1.00 would be my guess.

Quote
They've been saying things about maybe getting rid of pennies down here in the US for years, but I don't think they've figured out how you would do so. This also raises the question, why not use a cheaper metal? Are there no practical, cheaper options? What about plastic pennies? Would they be to easy to counterfeit? Though why you would counterfeit f-ing pennies is anyone's guess.

Plastic isn't nearly durable enough to make a coin out of.

I don't know about Canada, but in the US the most counterfeited monetary unit is the $20 bill. Its large enough to actually be worth something, but small enough to avoid overt suspicion.

Aren't coins harder to counterfeit, anyway?
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Offline MadCatTLX

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Re: Canadians will say Goodbye to Pennies
« Reply #7 on: March 29, 2012, 10:01:56 pm »
Quote from: VirtualStranger on March 29, 2012, 09:51:47 pm
Quote
What about needing to give change like 0.97?

Round down to .95 or up to 1.00 would be my guess.

Quote
They've been saying things about maybe getting rid of pennies down here in the US for years, but I don't think they've figured out how you would do so. This also raises the question, why not use a cheaper metal? Are there no practical, cheaper options? What about plastic pennies? Would they be to easy to counterfeit? Though why you would counterfeit f-ing pennies is anyone's guess.

Plastic isn't nearly durable enough to make a coin out of.

I don't know about Canada, but in the US the most counterfeited monetary unit is the $20 bill. Its large enough to actually be worth something, but small enough to avoid overt suspicion.

Aren't coins harder to counterfeit, anyway?

Not necessarily. They don't have any security features, so that's not a problem. Die stamping machines of a suitable size wouldn't be hard to find or make. Such machines are used to make all manner of coin like objects such as medals, medallions, non-monetary coins, etc. Being in a CNC machining class I can say the dies themselves wouldn't be hard to make.
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Offline DasFuchs

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Re: Canadians will say Goodbye to Pennies
« Reply #8 on: March 30, 2012, 01:06:18 am »
I'm pretty much for this in the US too. Pennies are mostly useless and rounding to the nearest nickel would make things easier to add in the head.
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Offline Cerim Treascair

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Re: Canadians will say Goodbye to Pennies
« Reply #9 on: March 30, 2012, 01:15:30 am »
I'm also in support of ditching the penny (because fuck you CoinStar, that's why!)
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Offline DarkfireTaimatsu

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Re: Canadians will say Goodbye to Pennies
« Reply #10 on: March 30, 2012, 01:19:23 am »
But we need pennies! D= What will we fill our socks with for a quick weapon otherwise??
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Offline Cerim Treascair

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Re: Canadians will say Goodbye to Pennies
« Reply #11 on: March 30, 2012, 01:28:37 am »
Quote from: DarkfireTaimatsu on March 30, 2012, 01:19:23 am
But we need pennies! D= What will we fill our socks with for a quick weapon otherwise??

Someone's never had a collection of half-dollars coins... those fuckers are brutal.
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Offline DarkfireTaimatsu

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Re: Canadians will say Goodbye to Pennies
« Reply #12 on: March 30, 2012, 01:36:18 am »
Quote from: Priestling on March 30, 2012, 01:28:37 am
Quote from: DarkfireTaimatsu on March 30, 2012, 01:19:23 am
But we need pennies! D= What will we fill our socks with for a quick weapon otherwise??

Someone's never had a collection of half-dollars coins... those fuckers are brutal.

Actually, there's a guy up the street from here. In lieu of candy, he gives trick-or-treaters a half-dollar and a cup of cider.
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Offline Captain Jack Harkness

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Re: Canadians will say Goodbye to Pennies
« Reply #13 on: March 30, 2012, 03:29:40 am »
I'm surprised nobody has pointed out the more obvious problem with eliminating pennies in the U.S.

Taxes.
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Offline The Right Honourable Mlle Antéchrist

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Re: Canadians will say Goodbye to Pennies
« Reply #14 on: March 30, 2012, 03:36:47 am »
We have sales tax in Canada too :P
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