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Show ALL Forums  > Off Topic  > The Canadian penny being eliminated,pros and cons.      Home login  
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 elednuw
Joined: 1/11/2011
Msg: 20
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The Canadian penny being eliminated,pros and cons.Page 2 of 2    (1, 2)
I think a lot of charities.donation boxes at the coffee shops and stores that are for good causes,penny school drives will suffer because donating pennies is cheap and not a big deal,but now thats gone up to 400% more.People will think twice about donating thier nickels.
 IgorFrankensteen
Joined: 6/29/2009
Msg: 21
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The Canadian penny being eliminated,pros and cons.
Posted: 2/6/2013 5:32:05 AM
If the penny cost too much to make, is the metal that is the concern?
If so ... then alter it somehow and make it for a penny.


Actually, the US did that a long while back. Pennies still LOOK as though they are made of copper, but they aren't. If you mash one, you'll find some grey metal inside. I'm too lazy to look up when they changed, or what to, but it doesn't matter. The process of making pennies out of FREE metal would still cost too much.

We did also try many times to do away with paper dollars. The move to coins has failed every time, and it's not because we have a magic fascination for paper, it's because you can carry fifteen paper dollars in a wallet or your pocket with no problem, but even five bucks in coins starts to drag your trouser pockets down. When they tried making them small and light (the current delusion), they still didn't take off, because of the clunkiness of coins.

I actually tried to convert to coins myself, because I had fond memories of getting silver dollars as a kid. But as soon as my pocket filled up with brass dollars, I changed my mind. They don't fit into wallets, like paper dollars do, and no one makes a "change purse" for men that is either considered socially acceptable, or is any less of a pain to keep track of than a credit card. Very few guys are going to want to have to carry TWO money containers, or to switch to purses.
Basically, our entire culture adapted to paper money a looong time ago, and changing back to coin requires a TON of cultural and mechanical changes to be made, which would cost way more than would be saved.
I think we will eventually end up doing away with all small denominations. It's either that, or revalue the currency. No one's done that in eons, because THAT is too confusing, and causes other messes.
 59thShadeofGrey
Joined: 9/25/2012
Msg: 22
The Canadian penny being eliminated,pros and cons.
Posted: 2/6/2013 6:56:11 AM

Now the gov't has to spend more to make more nickels which is bigger and heavier.


Really? 5 Canadian pennies weigh less than 1 nickel?
 OutofControlMan
Joined: 12/22/2011
Msg: 23
The Canadian penny being eliminated,pros and cons.
Posted: 2/6/2013 9:02:14 AM

Thanks to Canada for trying this: we've had the idea rattling round down here for a long time


but it hasn't happened for the usual reason in the US: there is a (surprise!) lobby group of copper producers & suppliers to the US Mint , numbering about 200 people that oppose elimination of the penny as it is profitable for them (but costs US taxpayers about US $ 100 million a year in excess costs)
 french_puffin
Joined: 1/13/2013
Msg: 24
The Canadian penny being eliminated,pros and cons.
Posted: 2/7/2013 11:02:10 PM
as a cashier, I dont mind getting pennies, but am glad i dont have to return them, it makes giving back change so much easier
 plentyofgarbage
Joined: 1/13/2013
Msg: 25
The Canadian penny being eliminated,pros and cons.
Posted: 2/8/2013 12:08:12 AM
Don't worry, there will be a tax on that that should round it out for you at 350.00.
 jimintoronto2
Joined: 11/8/2011
Msg: 26
The Canadian penny being eliminated,pros and cons.
Posted: 2/8/2013 9:39:49 AM
There's already been rumours of the nickel being discontinued next. I have no trouble believing a penny costs more to produce than it's worth. Copper is expensive and, aside from that, there are other costs, such as labour, shipping, and who knows what else that factor in. Of course, that's the same for all coins. I personally hate coins of any denomination and rarely carry cash for any reason, whether it be bills or coins. I'm a debit card person and rarely need to use cash. My main need for cash is using our antiquated public transit system, where I must pay cash to buy tickets.
 tinkerbellcgy
Joined: 9/17/2005
Msg: 27
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The Canadian penny being eliminated,pros and cons.
Posted: 2/8/2013 11:09:45 AM
If we are going to eliminate coins, let's get rid of the loonies and toonies and go back to the one dollar and two dollar bills. I tend to be a 50% cash and 50% debit person so with all the coins, my purse tends to weigh a ton.

My main need for cash is using our antiquated public transit system, where I must pay cash to buy tickets.

That's unbelievable! Canada's largest city and you can still buy bus tickets from the drivers on the Red Rocket. Holy moley! Who wooda thunk Tarranta hadn't evolved into the new millennium!
 _babblefish
Joined: 9/23/2011
Msg: 28
The Canadian penny being eliminated,pros and cons.
Posted: 2/8/2013 11:18:59 AM

f we are going to eliminate coins, let's get rid of the loonies and toonies and go back to the one dollar and two dollar bills. I tend to be a 50% cash and 50% debit person so with all the coins, my purse tends to weigh a ton.


the one dollar and two dollar bill just don't work as easily with rapid transit, parkades and/or parking metres..
the weight of a gazillion quarters would probably weigh as much and be more bulkier

i refuse to use a credit card for these
 PROTON67
Joined: 4/26/2012
Msg: 29
The Canadian penny being eliminated,pros and cons.
Posted: 2/8/2013 11:12:02 PM
Its a good idea. And the nickel and dime needs to go also. Just round off everything to the nearest quarter. It will save us all a lot of money and inconvenience.
 jimintoronto2
Joined: 11/8/2011
Msg: 30
The Canadian penny being eliminated,pros and cons.
Posted: 2/9/2013 8:20:57 AM
That's unbelievable! Canada's largest city and you can still buy bus tickets from the drivers on the Red Rocket. Holy moley! Who wooda thunk Tarranta hadn't evolved into the new millennium!


This applies to tickets, which are used by students and seniors at a discounted rate, and must be purchased from a person in a booth. Tokens can be bought from machines, which still require cash, or at a booth. Transit passes can be purchased with either a debit or credit card, so it's gradually "changing" for the better (pun intended). :-)
 Just___Jim
Joined: 10/21/2012
Msg: 31
The Canadian penny being eliminated,pros and cons.
Posted: 2/10/2013 3:40:12 PM

Its a good idea. And the nickel and dime needs to go also. Just round off everything to the nearest quarter. It will save us all a lot of money and inconvenience.


Hey now, but can I still ask you this," a penny for your thoughts" !



This phrase is basically a proposal, and the speaker is offering to pay to hear the listener's thoughts. It is an idiom, of course, and not meant literally so no real payment generally takes place. The idea, however, is that the person who says "a penny for your thoughts," wants to know what the listener is thinking about and is showing interest through a symbolic offer of payment. It is also commonly used when someone seems to be deep in thought or troubled by an idea, as a polite way of giving the person an opportunity to express his or her ideas or concerns.



The penny needs to go here too. And the paper dollar too. But our politicians won't do it cuz granny don't like change or what ever pork barrel thingy they need to continue to waste taxpayer's money on! lol
 a_lonewolf
Joined: 5/21/2010
Msg: 32
The Canadian penny being eliminated,pros and cons.
Posted: 2/10/2013 7:07:14 PM
I can't think of any cons to the lack of a penny. A pro though is that our government is collecting them and in turn, recycling them for scrap copper....... so now I'm going to take all the pennies that I've collected over the years and send them in to the receiver general as my income tax payment.
 mainelythere
Joined: 4/11/2012
Msg: 33
The Canadian penny being eliminated,pros and cons.
Posted: 2/27/2013 9:27:35 AM
whats asinine is updating the queens picture. Huge waste of resources.
 Hands of gold
Joined: 11/12/2008
Msg: 34
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The Canadian penny being eliminated,pros and cons.
Posted: 3/1/2013 6:48:39 PM
Good riddance to the penny.

It only applies to cash transactions and that is where I hated them most. I usually left them in the take a penny tray beside the till. I will lose about $1 over the next year on this. I would pay $10 to never have them in my pocket.
 ForumsCreeper
Joined: 1/18/2009
Msg: 35
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The Canadian penny being eliminated,pros and cons.
Posted: 3/2/2013 9:12:14 AM
Get rid of the Canadian penny, nickel, dimes and quarters too, they drive me crazy in the US. :)
Being a border state maybe i see more than my fair share but the banks dont want em, the vending machines wont take em and we have to actually work at pawning them off on some unsuspecting 17 y/o retail clerk at the store. Whew, the burden of getting rid of it was lifted.
In reality-
Getting rid of the penny, even though people try to justify it, will cost everyone more in sales. No one will round down, always up. The sales tax would round up thus increasing the tax revenues.
And how could we then not have sales with the tag reading $12.99. And think of the change in the gas station signs too.
 IgorFrankensteen
Joined: 6/29/2009
Msg: 36
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The Canadian penny being eliminated,pros and cons.
Posted: 3/2/2013 11:41:54 AM
By the way, in case anyone cares...

As I mentioned earlier, US pennies are NOT kept on the scene by Greedy Copper Barons. They haven't been made of copper since 1982.

Here's a link:http://coins.about.com/od/uscoins/f/copper_to_zinc.htm

I have a friend who works for the US Mint, and he explained that they have been trying for a long time to switch Americans to coins, since coins last something like forever, as compared to just a few years for paper money. The coins have been offered again and again, but after a short flurry of collector and curiosity purchases, they get turned in and exchanged for paper money.

At this point, it's likely that we'll see a complete conversion to electronic money, before we go to coins. I currently have to carry several rolls of quarters with me all day (in my car) to pay parking meters. Bit by bit, the meters are being replaced with card-pay types, but the technology still isn't reliable enough, and too many people still have to use coins, because the card readers fail.

The next thing I expect (though I've heard no one propose it yet) is to do the same thing they do with some road toll booths: enable people to put a device in their car that registers that they paid for parking automatically, and then they pay the bill at the end of the month, or in advance. It's a little like a commercial I saw a while back, wherein a guy goes into a grocery store, and puts things into his pockets, slides stuff down his pantleg and up his sleeves, and ducks them into his large coat, then walks out. As he passes through the doorway, his account is automatically debited by the sensors there, and the store manager thanks him for his business.

When we reach that point, the only thing left, will be how to go about giving money to panhandlers.
 jimintoronto2
Joined: 11/8/2011
Msg: 37
The Canadian penny being eliminated,pros and cons.
Posted: 3/2/2013 12:58:20 PM
The next thing I expect (though I've heard no one propose it yet) is to do the same thing they do with some road toll booths: enable people to put a device in their car that registers that they paid for parking automatically, and then they pay the bill at the end of the month, or in advance.


We have a freeway in the Toronto area which does exactly this. People can use a transponder to log their time/distance and they get a bill at the end of the month. Cameras capture car licence plates and it's all automated. If you drive on the same highway without a transponder, cameras still capture your licence number and you get a bill in the mail. Users with transponders get a better price than casual users, so there's a financial incentive for users to get a transponder.

This freeway is privately built and operated, with the government's permission and assistance. It opened in 1997 and contineus to be expanded every year. People who use it seem to like it a lot and I rarely hear about customer complaints.
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