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Old December 28 2013, 09:59 PM   #31
RoJoHen
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Re: RIP the Canadian penny

Davros wrote: View Post
RoJoHen wrote: View Post
Dollar coins won't really take off in the US because men's wallets aren't typically equipped to carry loose change. I'd rather abolish ALL COINS than add another one into the mix.
It might become inevitable. Dollar bills are becoming too expensive to produce because of how short their viable life in circulation is. Coins would last years longer and cost us less in the long run.

But since I don't keep money in my wallet at all I don't see it as an inconvenience switching to a coin.
Well, and that's the thing. It depends on how you're used to making your money. Many people these days only use credit cards. I, personally, only use cash because for the most part I get paid in cash.

All coins are pretty much obsolete in my life anyway. I don't carry them around. They end up in a jar, and I deposit them when the jar gets full. A $1 coin would just end up in the jar with the rest of the coins I'm not using.
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Old December 28 2013, 10:02 PM   #32
iguana_tonante
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Re: RIP the Canadian penny

RoJoHen wrote: View Post
Dollar coins won't really take off in the US because men's wallets aren't typically equipped to carry loose change.
That's why you should use a man purse.

Also, I just keep my coins in my pocket.
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Old December 28 2013, 10:15 PM   #33
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Re: RIP the Canadian penny

RoJoHen wrote: View Post
Marc wrote: View Post
and yet men in Canada, Australia and the U.K with $/£1 and $/£2 coins in the place of notes.
And I get that. But it just seems like one more thing to carry around. If we switched to $1 coin, I would simply stop carrying around anything less than a $5 bill. My $1 coins would end up in jars just like all of my other loose change.

And I almost wonder if the tipping culture in the US is another reason for why we don't switch. Most people who tip servers and bartenders leave singles. At the end of a night of waiting tables, most servers end up with a giant wad of $1 bills in their pocket. The logistics of dealing with that many coins just sounds like a nightmare to me. We literally don't have anywhere to put them!
Perhaps it's just me, but how is dealing with a coin any different than dealing with a note logistically.

In the case of tipping, at the end of the night you just exchange coins for notes. You get a note, and your place of work gets coins to use as change the following day.

I remember the £1 note in the UK, and I suspect some of the same arguments were used. You simply adapt over a period of time. It's not like it would happen over night it would be phased in over several years (i.e. 5 years)with both coins and notes in circulation. But each year you print fewer and fewer notes. and from a set date you say the note will no longer be legal tender in places of buinsess (Banks will still accept them).
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Old December 28 2013, 10:24 PM   #34
RoJoHen
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Re: RIP the Canadian penny

MacLeod wrote: View Post
RoJoHen wrote: View Post
Marc wrote: View Post
and yet men in Canada, Australia and the U.K with $/£1 and $/£2 coins in the place of notes.
And I get that. But it just seems like one more thing to carry around. If we switched to $1 coin, I would simply stop carrying around anything less than a $5 bill. My $1 coins would end up in jars just like all of my other loose change.

And I almost wonder if the tipping culture in the US is another reason for why we don't switch. Most people who tip servers and bartenders leave singles. At the end of a night of waiting tables, most servers end up with a giant wad of $1 bills in their pocket. The logistics of dealing with that many coins just sounds like a nightmare to me. We literally don't have anywhere to put them!
Perhaps it's just me, but how is dealing with a coin any different than dealing with a note logistically.

In the case of tipping, at the end of the night you just exchange coins for notes. You get a note, and your place of work gets coins to use as change the following day.
Just the sheer number of them would make it obnoxious. Depending on the night, one server could potentially have $100 worth of coins jangling around in his pocket. As a bartender, my tip jar could have the same or more. It's just so much easier to paperclip a stack of bills than it would be to organize and wrap the same number of coins.

I'm not saying it would be impossible, but it would be incredibly inconvenient.

I am, of course, biased because of the industry I work in, but we use so many $1 bills that I don't even want to imagine how annoying it would be to replace them with coins. I don't want to be counting hundreds of coins at the end of the night.
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Old December 29 2013, 12:45 AM   #35
MacLeod
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Re: RIP the Canadian penny

You do know you can buy machines that count coins. And I work in industry that deals with moneym and how is counting hundreds of coins any different to counting hundreds of notes?

Yiu simply adap to counting coins. Coins last longer than notes as has already been mentioned the lower the denomination of note the shorter the life span. I've seen coins that are over 30 years old still in circulation.

The biggest hurdle is coin operated machines might have to be serviced so that they accept the 1.00 denomination. Easy for new ones as you build it in, older ones might need the coin mechanisim replacing which is why you have say a five year phase out.
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Old December 29 2013, 01:34 AM   #36
Bisz
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Re: RIP the Canadian penny

If you rely on tips for part of your compensation you should actually welcome a switch to $1 coins for exactly the same response you are saying you don't want to see the change: convenience. People will be much more likely to leave behind all those coins where they would have taken the bills.
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Old December 29 2013, 03:02 AM   #37
scotpens
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Re: RIP the Canadian penny

iguana_tonante wrote: View Post
RoJoHen wrote: View Post
Dollar coins won't really take off in the US because men's wallets aren't typically equipped to carry loose change.
That's why you should use a man purse.

Also, I just keep my coins in my pocket.
I carry a supply of coins in a prescription pill bottle in my pocket. Makes a great poor man's change purse.
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Old December 29 2013, 03:41 AM   #38
CorporalCaptain
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Re: RIP the Canadian penny

The Susan B. Anthony dollar was seemingly designed to fail, being so much like the quarter. The loonie and toonie, on the other hand, were sensibly conceived.
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Old December 29 2013, 04:04 AM   #39
Mr. Adventure
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Re: RIP the Canadian penny

RoJoHen wrote: View Post
Marc wrote: View Post
and yet men in Canada, Australia and the U.K with $/£1 and $/£2 coins in the place of notes.
And I get that. But it just seems like one more thing to carry around. If we switched to $1 coin, I would simply stop carrying around anything less than a $5 bill. My $1 coins would end up in jars just like all of my other loose change.
What I found in Canada was that I didn't have as much loose change because I didn't have to search both my wallet and pockets when paying. By just checking my pockets for loonies and toonies I also would spend my other change as it was all together. I think, for me at least, the reason I have so much change in the US is I don't feel like looking for change in my pockets after getting the bills from my wallet.

It was also nice to leave my wallet while bike riding but still be able to have some money for snacks.
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Old December 29 2013, 05:15 AM   #40
RoJoHen
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Re: RIP the Canadian penny

MacLeod wrote: View Post
You do know you can buy machines that count coins. And I work in industry that deals with moneym and how is counting hundreds of coins any different to counting hundreds of notes?
Well, because currently I do it by hand. We don't have a machine for counting money.

I'm picturing the number of $1 bills that I count on a regular basis as a pile of coins, and suddenly I feel like I'm buried in a mountain of silver.

How many dollar coins can you even fit in a standard cash register? There are times when I have $200-300 in singles in my drawer. I feel like my drawer would overflow.
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Old December 29 2013, 06:23 AM   #41
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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!
1c and 2c both. Now the lowest denomination is 5c, lots of rounding up/down.
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Old December 29 2013, 06:27 AM   #42
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Re: RIP the Canadian penny

Marc wrote: View Post
Green Shirt wrote: View Post
The U.S. one cent piece will probably go away around the time the gov't produces a dollar coin that will actually circulate.
Getting people used to the coin $1 shouldn't be too hard (Australia did it over 20 years ago) but when you have lies such as the "In God We Trust" or what ever it being omitted when it's around the edge doesn't help things.
When they brought the $1 coin in, they took the $1 bill out, which encouraged use. I'm guessing the US$1 bill hasn't gone out of circulation.
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Old December 29 2013, 07:06 AM   #43
RobertVA
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Re: RIP the Canadian penny

I'm thinking the majority of coins enter circulation as change retailers buy from their bank. The retailer's cashiers make change from the compartments in the cash register trays. Since those trays don't have compartments for dollar or half dollar coins the retailers don't buy them. Discontinuing the penney would make a compartment available for dollar coins, although there would be a transition period until customers accept rounding their change to the nearest nickel.

Sales tax tables, even in electronic form, would probably be adjusted by the aplicable level of government to make the register total after taxes an even multiple of $0.05

I suspect many retailers will experience some reluctance to pricing merchandise at even multiples of a dollar. They are too fond of their illusion that customers think $9.99 is significantly cheaper than $10.00. Many of those $x.99 prices will drop to $x.95 until the retailers find it necessary to raise them another $0.50 or even $1.00.
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Old December 29 2013, 08:13 AM   #44
Ramicus
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Location: The Bronx
Re: RIP the Canadian penny

When a person above lower-middle class drops a penny, they probably won't pick it up. It doesn't serve that much of a purpose until it's in a homeless person's cup. But as people are saying, it serves a great purpose in "price-shaving," since everybody knows that $X.99 is INFINITELY cheaper than $(X+1).00.

That being said, I really hope we don't lose the 'Merican penny. Honest Abe is one of my favorites.
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Old December 29 2013, 10:51 AM   #45
Timewalker
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Re: RIP the Canadian penny

RoJoHen wrote: View Post
Dollar coins won't really take off in the US because men's wallets aren't typically equipped to carry loose change. I'd rather abolish ALL COINS than add another one into the mix.
Yeah, I'll concede that when we switched to loonies, the change compartment in my wallet wore out faster than I'd expected, so I started cleaning out my change daily and only leaving home with enough for a couple of phone calls (this was in 1987).

RoJoHen wrote: View Post
MacLeod wrote: View Post
RoJoHen wrote: View Post

And I get that. But it just seems like one more thing to carry around. If we switched to $1 coin, I would simply stop carrying around anything less than a $5 bill. My $1 coins would end up in jars just like all of my other loose change.

And I almost wonder if the tipping culture in the US is another reason for why we don't switch. Most people who tip servers and bartenders leave singles. At the end of a night of waiting tables, most servers end up with a giant wad of $1 bills in their pocket. The logistics of dealing with that many coins just sounds like a nightmare to me. We literally don't have anywhere to put them!
Perhaps it's just me, but how is dealing with a coin any different than dealing with a note logistically.

In the case of tipping, at the end of the night you just exchange coins for notes. You get a note, and your place of work gets coins to use as change the following day.
Just the sheer number of them would make it obnoxious. Depending on the night, one server could potentially have $100 worth of coins jangling around in his pocket. As a bartender, my tip jar could have the same or more. It's just so much easier to paperclip a stack of bills than it would be to organize and wrap the same number of coins.

I'm not saying it would be impossible, but it would be incredibly inconvenient.

I am, of course, biased because of the industry I work in, but we use so many $1 bills that I don't even want to imagine how annoying it would be to replace them with coins. I don't want to be counting hundreds of coins at the end of the night.
Good grief, it's not like it's a mountain of them!

One of the first things I discovered about loonies is that I could put 25 of them in a belt pouch and wear that with my SCA and SF costumes at events and conventions. I remember that when our local group all went to a camping event together, we pooled our loonies and paid the gate fees with a pouch full of coins - the way people in medieval times would have done. It added to the atmosphere and "getting away from modern times" feel of the weekend.

Here's a suggestion: I don't know what size US dollar coins are, but in Canada, it's extremely serendipitous that you can fit exactly 25 loonies in a 35mm film canister or a standard prescription pill bottle. Larger prescription pill bottles can comfortably hold 25 toonies ($50). That makes it easy to find a place to keep the loose coins, and simple to take to the bank if you want to exchange them for paper money.

If your bank will only accept rolled coins, just get some wrappers and roll the damn things. There have been coin wrappers on the market for a long time now that don't require actual rolling and wrapping - just drop the coins in the cardboard or plastic tube, close it, and you're done.

MacLeod wrote: View Post
You do know you can buy machines that count coins. And I work in industry that deals with moneym and how is counting hundreds of coins any different to counting hundreds of notes?

Yiu simply adap to counting coins. Coins last longer than notes as has already been mentioned the lower the denomination of note the shorter the life span. I've seen coins that are over 30 years old still in circulation.
Only 30 years? I still routinely see coins from the '70s and even sometimes from the '60s.
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