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Old May 4 2012, 02:21 PM   #1
23skidoo
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RIP the Canadian penny

Well, it's official. The final penny was pressed by the Royal Canadian Mint this morning:

http://www.huffingtonpost.ca/2012/05...tml?ref=canada

It really feels like the end of an era (and the US is probably next so enjoy those Lincolns while you can - and is there even a 1 pence coin anymore in the UK?). Of course now all our prices go up as businesses round up to the nearest nickel (no one's gonna round down so add up all those extra pennies over the decades to come, it's a hefty stack of coin). But of course the feds have given no actual timeline for when businesses should do this - there are billions of pennies in circulation so it'll take a generation or more for them to actually disappear. Do they raise their prices today? In 2013? In 2035?

Ironically the penny "dies" just as new versions of the $1 and $2 coins appear that apparently are supposed to be harder to counterfeit. Which is a news story that has been ignored - since when has Canada ever had a counterfeit coin problem? I've never heard of that - talk about sneaking a big bit of news (that your pocket change may be fake*) under the radar...

Alex

* For accuracy's sake I should note that I'm aware of fake bullion coins circulating - fake 1 oz gold and silver coins. Which is fair enough but most people don't walk around with gold and 9999 silver in their pocket to pay for parking or the newspaper...
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Old May 4 2012, 02:37 PM   #2
BillJ
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Re: RIP the Canadian penny

Think this was already covered in another thread somewhere...
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Old May 4 2012, 04:34 PM   #3
Dimesdan
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Re: RIP the Canadian penny

23skidoo wrote: View Post
and is there even a 1 pence coin anymore in the UK?
Ofcourse there is
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Old May 4 2012, 07:01 PM   #4
RoJoHen
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Re: RIP the Canadian penny

I would love to get rid of our penny. Such a useless piece of currency.
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Old May 4 2012, 07:46 PM   #5
Alidar Jarok
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Re: RIP the Canadian penny

While it is, it would dramatically impact sales tax since many states have 6%
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Old May 4 2012, 07:52 PM   #6
What's his face
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Re: RIP the Canadian penny

I agree this needed to be done, but this was a pretty political decision. Everyone in Canada is talking about this, instead of the fact the government raised the eligibility age for retirement benefits to 67 from 65.

But yeah, I almost never use pennies, except when I want to make exact change purchases for the sole purpose of getting rid of them.
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Old May 5 2012, 05:12 AM   #7
Gil T.Azell
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Re: RIP the Canadian penny

Eh I want one of those Glow in the Dark Quarters, lol
Canada issues glow-in-the-dark dinosaur quarter
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Old December 28 2013, 05:45 AM   #8
alexmor
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Re: RIP the Canadian penny

Canada has produced no cents since last year, and now it has officially ceased circulating them as well. A similar move has been debated in the U.S. for more than 20 years, but a choice still stays in limbo.
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Old December 28 2013, 06:08 AM   #9
auntiehill
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Re: RIP the Canadian penny

So, you can't say, "Penny for your thoughts" anymore, then.
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Old December 28 2013, 08:14 AM   #10
scotpens
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Re: RIP the Canadian penny

When and if the U.S. stops minting pennies, I won't miss them. They're more trouble than they're worth. Hell, even penny candy costs a dime these days.

23skidoo wrote: View Post
. . . It really feels like the end of an era (and the US is probably next so enjoy those Lincolns while you can - and is there even a 1 pence coin anymore in the UK?).
Certainly. Nice modern design on the reverse.



Compared to the currency of some other countries, our American coins and bills look so stodgy and boring.
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Old December 28 2013, 08:23 AM   #11
Tosk
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Re: RIP the Canadian penny

Woah. The Aussie one cent coin was dropped way back in 1992. Leading the way in...subtle price rising? Damn it!
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Old December 28 2013, 09:14 AM   #12
CorporalCaptain
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Re: RIP the Canadian penny

auntiehill wrote: View Post
So, you can't say, "Penny for your thoughts" anymore, then.
Looks like they're free, now!
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Old December 28 2013, 10:45 AM   #13
MacLeod
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Re: RIP the Canadian penny

Tosk wrote: View Post
Woah. The Aussie one cent coin was dropped way back in 1992. Leading the way in...subtle price rising? Damn it!
I can easily see why, instead of something costing .99 it rises to 1.00. And only those pennies add up.

And even in the UK I think there has been talk about getting rid of the penny. I might be mistaken but I think I read part of the reason was the number in circulation. Due to many people having penny jars at home.


But another reason for keeping pennies and the tuppence is that many people will drop these into charity buckets in shops when given them in change. So by abolishing them it could hurt charities.
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Old December 28 2013, 11:48 AM   #14
Green Shirt
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Re: RIP the Canadian penny

The U.S. one cent piece will probably go away around the time the gov't produces a dollar coin that will actually circulate.
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Old December 28 2013, 11:51 AM   #15
Timewalker
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Re: RIP the Canadian penny

alexmor wrote: View Post
Canada has produced no cents since last year...
Well, certainly not in the PMO or Senate...
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