[Newsbot]

Title: Gov't scraps penny, a 'currency without currency' | CTV News
Category: Business
Posted By: Guy_Fawkes
Date: 2012-03-29 13:26:14
Canadian

[Guy_Fawkes]

I really didnt think they would ever do it.

[andyt]

Good move.

[Dragon-Dancer]

A fairly good move.

[Strutz]

Wow.

After years of talking about it, it's actually going to happen.

How about that?

[Bruce_E_T]

Yes finally.

$1:

Each penny costs 1.6 cents to produce, for a total of about $11 million per year. The penny's worth has also been steadily eroded by inflation -- it has retained one twentieth of its original value.

Canada is also reducing the cost of manufacturing its other coins, by switching from metal alloys to plated steel cores. One- and two-dollar coins are the last to have their metal composition changed

Goodbye penny and other good ideas.

[raydan]

A nickel saved, is a nickel earned
A nickel for your thoughts
Nickel arcade
Nickel loafers
Nickel Lane (Beatles song)
Nickelwise (the evil clown)

[SprCForr]

Oh, they'll be around for quite a while I reckon. They may not be making them but there's a shit load of them out there.

[sandorski]

raydan raydan:

A nickel saved, is a nickel earned
A nickel for your thoughts
Nickel arcade
Nickel loafers
Nickel Lane (Beatles song)
Nickelwise (the evil clown)

Linguistic Inflation. Great, another Economic worry.

[Proculation]

raydan raydan:

A nickel saved, is a nickel earned
A nickel for your thoughts
Nickel arcade
Nickel loafers
Nickel Lane (Beatles song)
Nickelwise (the evil clown)

My ten cents (instead of 2 cents)

[Bruce_E_T]

raydan raydan:

A nickel saved, is a nickel earned
A nickel for your thoughts
Nickel arcade
Nickel loafers
Nickel Lane (Beatles song)
Nickelwise (the evil clown)

How about the Nickle - Farthing bicycle?

Got find some Farthings though.

[Bruce_E_T]

SprCForr SprCForr:

Oh, they'll be around for quite a while I reckon. They may not be making them but there's a shit load of them out there.

True but it looks like the government has a plan to bring them all on home.

$1:

The government anticipates that cutting the penny could lead to fundraising drives where charity groups focus on Canadians trying to dump the often-maligned coin, and said it will collaborate with those groups.

Flaherty encouraged everyone to give their pennies to those in need.

"Free your pennies from the prisons of home, and those jars they're in, and give them to charity," Flaherty said.

I think it would make a great Christmas charity event. A national "search and give" project to rid us of these little pests and do some good. Wonder how many $$ in pennies would be out there? We will probably hear about it.

[martin14]

Darmax Darmax:

Wait to see what happens next

Was done in Europe a few years ago.

Next.. everything got rounded up... plus a little extra.

[BartSimpson]

The USA will do the same thing sometime soon, I am sure.

[BartSimpson]

$1:

Cash transactions will soon be rounded to the nearest five-cent increment. So if a coffee costs $1.27, it will be rounded down to $1.25. If it's $1.28, the final cost will be bumped up to $1.30.

Let me be the first to call BS on this. If it were my business and I sold something for $1.26 I'd round up to $1.30

Why should I take a loss over this?