RIP the Canadian penny

Discussion in 'Miscellaneous' started by 23skidoo, May 4, 2012.

  1. 23skidoo

    23skidoo Admiral Admiral

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

    http://www.huffingtonpost.ca/2012/05/04/canadas-last-penny_n_1476664.html?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...
     
  2. BillJ

    BillJ Fleet Admiral Admiral

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    Think this was already covered in another thread somewhere...
     
  3. Dimesdan

    Dimesdan Living the Irish dream. Premium Member

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    Ofcourse there is :rolleyes:
     
  4. RoJoHen

    RoJoHen Awesome Premium Member

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    I would love to get rid of our penny. Such a useless piece of currency.
     
  5. Alidar Jarok

    Alidar Jarok Everything in moderation but moderation Moderator

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    While it is, it would dramatically impact sales tax since many states have 6%
     
  6. What's his face

    What's his face Rear Admiral Rear Admiral

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    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.
     
  7. Gil T.Azell

    Gil T.Azell Rear Admiral Rear Admiral

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  8. alexmor

    alexmor Cadet Newbie

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    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.
     
  9. auntiehill

    auntiehill Fleet Admiral Admiral

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    So, you can't say, "Penny for your thoughts" anymore, then.
     
  10. scotpens

    scotpens Vice Admiral Admiral

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    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.

    Certainly. Nice modern design on the reverse.

    [​IMG]

    Compared to the currency of some other countries, our American coins and bills look so stodgy and boring.
     
  11. Tosk

    Tosk Vice Admiral Admiral

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    Woah. The Aussie one cent coin was dropped way back in 1992. Leading the way in...subtle price rising? Damn it!
     
  12. CorporalCaptain

    CorporalCaptain Admiral Admiral

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  13. MacLeod

    MacLeod Admiral Admiral

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    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.
     
  14. Green Shirt

    Green Shirt Rear Admiral Rear Admiral

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    The U.S. one cent piece will probably go away around the time the gov't produces a dollar coin that will actually circulate.
     
  15. Timewalker

    Timewalker Cat-lovin', Star Trekkin' Time Lady Premium Member

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    Well, certainly not in the PMO or Senate... :p
     
  16. C.E. Evans

    C.E. Evans Admiral Admiral

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    And so the end of money--as predicted in Trek--begins.
    :)

    A true cashless society in a few centuries?
     
  17. Mr. Laser Beam

    Mr. Laser Beam Fleet Admiral Admiral

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    ^ We can only hope.

    (And I predict it'll be one century, at most, before all cash is eliminated. Paper checks will go first, though.)
     
  18. Timewalker

    Timewalker Cat-lovin', Star Trekkin' Time Lady Premium Member

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    I use cheques so rarely that I never bothered ordering new ones when the century turned.
     
  19. Marc

    Marc Fleet Admiral Admiral

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    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.
     
  20. Peach Wookiee

    Peach Wookiee Cuddly Mod of Doom Moderator

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    How many failed dollar coins has the US had?