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 The Penny...

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ggbaird



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PostSubject: The Penny...   March 5th 2013, 10:03 am

Canada Phasing out the Penny

Quote :
In Economic Action Plan 2012, the Government announced it would phase out the penny from Canada's coinage system. The decision to phase out the penny was due to its excessive and rising cost of production relative to face value, the increased accumulation of pennies by Canadians in their households, environmental considerations, and the significant handling costs the penny imposes on retailers, financial institutions and the economy in general.

The estimated savings for taxpayers from phasing out the penny is $11 million a year.
The cent will remain Canada's smallest unit for pricing goods and services. This will have no impact on payments made by cheque or electronic transactions—only cash transactions will be affected. Moreover, pennies can still be used in cash transactions indefinitely with businesses that choose to accept them.

http://www.mint.ca/store/mint/learn/eliminating-the-penny-6900002#.UTXrZVdrid8



How do you guys feel about the one cent coin in the US, the penny? Could you live without it?
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Charlie in TX

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PostSubject: Re: The Penny...   March 5th 2013, 11:31 am

I wish they would do away with the penny and nickle here. Neither make much cents to me.
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Scout

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PostSubject: Re: The Penny...   March 5th 2013, 11:33 am

Charlie in TX wrote:
I wish they would do away with the penny and nickle here. Neither make much cents to me.


lol!
Not sure if the pun was intended or not. Laughing
If you save a bunch of then it would make more cents.
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GMC D-Max

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PostSubject: Re: The Penny...   March 5th 2013, 11:33 am

I could do without the penny, but don't want to see our minimum denomination be a tenth of a dollar. Keep the nickels.
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GMC D-Max

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PostSubject: Re: The Penny...   March 5th 2013, 11:36 am

Scout wrote:
Charlie in TX wrote:
I wish they would do away with the penny and nickle here. Neither make much cents to me.


lol!
Not sure if the pun was intended or not. Laughing
If you save a bunch of then it would make more cents.


Ahhh... I missed that! (not enough coffee, yet)

Hey Charlie! You a punny guy!! jocolor
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erude



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PostSubject: Re: The Penny...   March 5th 2013, 12:37 pm

This is a coiny conversation. I think the penny can be done without, keep the nickel.
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TheQuig

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PostSubject: Re: The Penny...   March 5th 2013, 3:09 pm

The phrase would then have to change from "My .02" to "my .05". just doesn't sound right.

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Bambam
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PostSubject: Re: The Penny...   March 6th 2013, 8:39 am

TheQuig wrote:
The phrase would then have to change from "My .02" to "my .05". just doesn't sound right.


lol!

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Diesel Dan

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PostSubject: Re: The Penny...   March 6th 2013, 11:31 am

They need to bring back a $500 bill IMO.
Don't think I'd loose any sleep if they quit using the penny.
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erude



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PostSubject: Re: The Penny...   March 6th 2013, 12:14 pm

TheQuig wrote:
The phrase would then have to change from "My .02" to "my .05". just doesn't sound right.
Truth is around here people put in .05 even if you don't want any.
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Yota_fan



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PostSubject: Re: The Penny...   March 6th 2013, 12:30 pm

They said on a History Channel show about this subject, that they have tried to do away with the US Penny on several occasions. But it seems that the general public (as a whole) love it too much to get rid of it..

Or something along those lines..
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ggbaird



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PostSubject: Re: The Penny...   March 6th 2013, 2:04 pm

We've also lost the $1 and $2 bills which were replaced with coins. There's talk of a $5 coin coming in the near future.
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Diesel Dan

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PostSubject: Re: The Penny...   March 6th 2013, 3:20 pm

We haven't produced $2 bills for years.
They re-introduced $1 coins and I do like them for vending machines. Don't think I'd like to only have $1 coins and $5 coins.
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TheQuig

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PostSubject: Re: The Penny...   March 6th 2013, 3:23 pm

$2 bills are common at the go-go bars.....So I've heard. Haven't actually been in one in quite a while.

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ggbaird



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PostSubject: Re: The Penny...   March 6th 2013, 5:40 pm

If the dancers have a slot, I can drop some $2 coins in them... Exclamation
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Charlie in TX

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PostSubject: Re: The Penny...   March 7th 2013, 11:16 am

I thought you wanted a slot for your credit card.
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Diesel Dan

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PostSubject: Re: The Penny...   March 7th 2013, 2:25 pm

Charlie in TX wrote:
I thought you wanted a slot for your credit card.

Doesn't care as long as he can make a deposit What a Face
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bones

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PostSubject: Re: The Penny...   March 8th 2013, 11:34 am

I have $35 in Canadian money from when I was up there in 2001 or so, anyone want to exchange with me ? Smile Could I just take it to a bank?
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ggbaird



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PostSubject: Re: The Penny...   March 8th 2013, 11:48 am

I'll give you $10 for it? Very Happy
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bones

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PostSubject: Re: The Penny...   March 8th 2013, 11:53 am

ggbaird wrote:
I'll give you $10 for it? Very Happy
Ok! Send me a single $10 (US) Smile
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ggbaird



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PostSubject: Re: The Penny...   March 8th 2013, 12:31 pm

bones wrote:
ggbaird wrote:
I'll give you $10 for it? Very Happy
Ok! Send me a single $10 (US) Smile

PM me your address...
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bones

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PostSubject: Re: The Penny...   March 8th 2013, 12:33 pm

You know Im just going to wait for your $10 bill and not send it in return, right ?
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GMC D-Max

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PostSubject: Re: The Penny...   March 8th 2013, 1:18 pm

bones wrote:
I have $35 in Canadian money from when I was up there in 2001 or so, anyone want to exchange with me ? Smile Could I just take it to a bank?

I'd find a place to exchange it, quick! The Canadian dollar is near parity with the US dollar, right now. Historically, it's been worth only around $.78-.$.85 US.

Cash it in before it drops again!
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bones

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PostSubject: Re: The Penny...   March 8th 2013, 1:26 pm

I've had it for so long as a "souvenir" from my trip to BC (Chilliwack) and just found it again in some junk in my basement, no hurry to cash in yet! I have a $5, $10 and $20, I think.
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ggbaird



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PostSubject: Re: The Penny...   March 8th 2013, 2:00 pm

GMC D-Max wrote:
bones wrote:
I have $35 in Canadian money from when I was up there in 2001 or so, anyone want to exchange with me ? Smile Could I just take it to a bank?

I'd find a place to exchange it, quick! The Canadian dollar is near parity with the US dollar, right now. Historically, it's been worth only around $.78-.$.85 US.

Cash it in before it drops again!


It's actually been worth a couple cents more than the US dollar until maybe three weeks ago when it dropped just below. It's at 0.97 right now. Take out the banks share to exchange it and you'll probably get 93-95 cents on the dollar for it.
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ggbaird



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PostSubject: Re: The Penny...   March 8th 2013, 2:01 pm

bones wrote:
You know Im just going to wait for your $10 bill and not send it in return, right ?


That's just wrong!
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bones

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PostSubject: Re: The Penny...   March 8th 2013, 2:07 pm

ggbaird wrote:
bones wrote:
You know Im just going to wait for your $10 bill and not send it in return, right ?


That's just wrong!

Lol... I'd figure we're even since you'd only be giving me $10!
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ggbaird



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PostSubject: Re: The Penny...   March 8th 2013, 2:23 pm

bones wrote:
ggbaird wrote:
bones wrote:
You know Im just going to wait for your $10 bill and not send it in return, right ?


That's just wrong!

Lol... I'd figure we're even since you'd only be giving me $10!

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GMC D-Max

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PostSubject: Re: The Penny...   March 8th 2013, 3:43 pm

It's like a freakin' Abbott & Costello routine in here...

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ggbaird



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PostSubject: Re: The Penny...   March 8th 2013, 3:50 pm

Classic!
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