RIP Canadian Penny

[tvguy]

Really??

Loonies and Toonies are AWESOME. $2 bills switched over during my lifetime, but I don't even remember having $1 bills.

Edit: I just looked up when the $1 bill was phased out. It was during my lifetime, but I was too young to remember them!

They stopped making them in 1987. But I know they were still in circulation for my son's first trip up in 1989.

 

[Domo]

It is not so long ago the UK had the thrupenny piece!

 

[mnrose]

Sadly, 1.6 cents to manufacture a penny sounds like a bargain. Here in the US, it is 2 cents to make a penny and 10.9 cents to make a nickle. Woohoo! We lose double our money on every one. That almost makes cents (pun intended).

We need to start rounding to the nearest quarter and be done with all the small change that wastes money. What's the point?

 

[lizabu]

I don't think I'll miss the penny. What's the point? And when it costs 1.6 cents to make on it just seems stupid. I would only ever pick them up because they're lucky.

I will never miss those ratty one and two dollar bills. Half the time they looked just awful and worn out. Back in the day when pop from a vending machine was a quarter and a dollar was a lot of money you could probably get away with them as bills. Once a pop costs 5 bucks from a vending machine we will probably see the five dollar bill turned into a coin too.

 

[Handbag Lady]

Maybe I'm not awake yet, but how would that work if we did it here in the US?

Our taxes here are 9.75% or 9.0% and in that general area depending which town you are in spending your money. If the items total 228.57, your tax is $18.87 for a total of $228.57 in my town.

Do you just round up and the extra three cents goes to the store? But only if you are paying cash. If you were on a credit card, it would just be put through as is.


The store would make more money and the till wouldn't balance.

 

[crashbb]

Maybe I'm not awake yet, but how would that work if we did it here in the US?

Our taxes here are 9.75% or 9.0% and in that general area depending which town you are in spending your money. If the items total 228.57, your tax is $18.87 for a total of $228.57 in my town.

Do you just round up and the extra three cents goes to the store? But only if you are paying cash. If you were on a credit card, it would just be put through as is.


The store would make more money and the till wouldn't balance.

Actually, you'd round DOWN to $228.55. You round to the nearest nickel. Sometimes you "win" (like in your example) and sometimes you "lose". Australia has been doing this for a while (at least, my memory from my trips there is that they rounded, but maybe I'm making up that memory).

 

[1novascotian]

I must be older than you, because I remember both quite clearly (loonie was in 1987 and the toonie in 1996) . No complaints here about them either but I'm very happy to lose the penny!

I was born in '86

 

[PrincessBelle39]

Actually, you'd round DOWN to $228.55. You round to the nearest nickel. Sometimes you "win" (like in your example) and sometimes you "lose". Australia has been doing this for a while (at least, my memory from my trips there is that they rounded, but maybe I'm making up that memory).

No, you're not making it up. 1 and 2 cent coins were removed from circulation in 1991. As you said, you round up or down to the nearest 5 or 10. And yes sometimes you win, and sometimes you lose. It all evens its self out. I put petrol in my car two days ago. I had meant to put in $50 which wasn't paying close enough attention and it went to $50.02. I still paid $50. If I had gone to $50.03, it would have cost me $50.05.

 

[Bob NC]

Actually, you'd round DOWN to $228.55. You round to the nearest nickel. Sometimes you "win" (like in your example) and sometimes you "lose".

Somebody would file a lawsuit and that would be the end of 'rounding.'

 

[dadddio]

It was costing 1.6 cents to make every penny. If it is similar in the US, it would make sense to start phasing them out as well.

Since a penny will be used perhaps thousands of times during it's lifetime, you can't really compare it's cash value to the manufacturing cost.

 

[kimblebee]

Somebody would file a lawsuit and that would be the end of 'rounding.'

Maybe in the States that is true. I would never even think of filing a lawsuit because a store rounded up and cost me two cents. How greedy.

 

[EMAW_KSU]

Somebody would file a lawsuit and that would be the end of 'rounding.'

They round to the nearest penny now.


The paper dollar bill is another money loser for the US.

 

[kimblebee]

They round to the nearest penny now.

The paper dollar bill is another money loser for the US.

How do you round to the nearest penny? Wouldn't that just be the original total?

 

[Bob NC]

how do you round to the nearest penny? Wouldn't that just be the original total?

lol

 

[dadddio]

How do you round to the nearest penny? Wouldn't that just be the original total?

When tax is computed, it has to be rounded to the penny.

 

[NAB]

I saw on the news yesterday that Home Depot here is only rounding down show to good faith to their customers. Because they know people will be mad to round up and lose those few cents.

 

[goofyintoronto]

If anyone has a Canadian penny dated 1936, send it to me please. Its worth $400!!!!! Lol!!!! Amazing huh?

 

[dadddio]

Good lord, let's hope they never do that!!

I just know my family in Canada is still mad about them not making paper $1 and $2 bills any more, they HATE loonies and toonies.

Am I the only one who thinks the two dollar coin should be called a double-loon?

 

[RadioNate]

http://news.coinupdate.com/cost-to-make-penny-and-nickel-declines-but-still-double-face-value-1751/

Between the nickel and the penny there was a $109.2 million deficit.

 

[declansdad]

Since a penny will be used perhaps thousands of times during it's lifetime, you can't really compare it's cash value to the manufacturing cost.

Sure you can, why do you think the Canadian government phased it out.