RIP Canadian Penny

[dadddio]

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.

countries don't print money to make a profit.

It is a mistake to just compare the cost of printing money with the face value of that money because it ignores the fact that the coin will be used many, many times but will always retain it's face value. It's not like selling cookies.

 

[declansdad]

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

Yup.

 

[goofyintoronto]

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

You wanna laugh? They're thinking of making a five dollar coin called the FOONIE!!!!!! Ah ha ha ha.

 

[kimblebee]

You wanna laugh? They're thinking of making a five dollar coin called the FOONIE!!!!!! Ah ha ha ha.

When the toonie came out I remember people wanting to call it the bearie since the polar bear is on it.

 

[goofyintoronto]

When the toonie came out I remember people wanting to call it the bearie since the polar bear is on it.

Aw i like bearie! Its cute.

 

[lizabu]

You wanna laugh? They're thinking of making a five dollar coin called the FOONIE!!!!!! Ah ha ha ha.

Lol..that figures.

 

[tvguy]

You don't need to take your change out of your pockets; unless you are carrying all your money in the form of change.

True, but 20 $1 coins, or even 10 $2 coins weigh a whole lot more than 20 $1 bills and soon you won't have any dollar coins in your pocket after they fall out of the hole they have worn in your pocket.

 

[abdmom]

True, but 20 $1 coins, or even 10 $2 coins weigh a whole lot more than 20 $1 bills and soon you won't have any dollar coins in your pocket after they fall out of the hole they have worn in your pocket.

Why would you carry 20 loonies or 10 toonies? The loonies and toonies get used up long before you get to those amounts.

 

[merryweather20]

countries don't print money to make a profit.

It is a mistake to just compare the cost of printing money with the face value of that money because it ignores the fact that the coin will be used many, many times but will always retain it's face value. It's not like selling cookies.

Its a mistake to insist the only cost of the penny is the date ts minted.

One nickel weighs less than 5 pennies, and it also takes less time for a clerk to count out. That penny that is used many times, also costs money to keep in circulation. Then there is the all the pennies that are not used in circulation I myself have about $1.50 in pennies I collected as a child, my Mom had a gass full of pennies for Rummoli, and my Dad keeps pennies, that he rolls only a couple of times a year. Pennies are sitting in jars every
where so there isn't the long-term benefit you are suggesting.

 

[EMAW_KSU]

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

Sales tax here is 8.55%. So tax on a $10 purchased would be $0.855 round to the nearest cent $0.86 Gasoline is priced $3.459 per gallon. Five gallons would cost $17.30 which is $17.295 rounded to the nearest penny.

 

[BKMETV]

I'm old enough to remember the loonie & toonie arriving as well as the metric system. At the time everyone griped and complained but in the end it has been a positive change and you will find that very few would want to go back.

The loss of the penny really won't make that much difference to me...besides making my wallet lighter. On the positive side many charities are taking advantage of the situation and collecting all those old pennies. I know RBC is taking pennies and along with 'Free the Children', they are going towards providing clean drinking water in Africa. $25 in pennies will provide a person with clean drinking water for the rest of their lives. Better than sitting in an old jar in the cupboard.

 

[kimblebee]

Sales tax here is 8.55%. So tax on a $10 purchased would be $0.855 round to the nearest cent $0.86 Gasoline is priced $3.459 per gallon. Five gallons would cost $17.30 which is $17.295 rounded to the nearest penny.

Thanks for the explanation. My provinces taxes are 7% and 5% so no decimals. Gas here is 1.10L so again, no weird numbers.

 

[crashbb]

Thanks for the explanation. My provinces taxes are 7% and 5% so no decimals. Gas here is 1.10L so again, no weird numbers.

There are still weird decimals.

Let's say your purchase was $5.62 before taxes. Add 7% and it is $6.0134, which is rounded to $6.01. The difference is that you never see $6.0134, whereas with the penny thing, the number of the register is still $5.62, but you pay $5.60, so you notice it.

Same with gas - since you often end up with some fraction of a litre, your actual price may well end up with funny decimals, but you don't see them.

 

[tvguy]

Why would you carry 20 loonies or 10 toonies? The loonies and toonies get used up long before you get to those amounts.

When I am traveling I try to have dollars for tips for skycaps, porters and bell boys.

 

[CdnCarrie]

When I am traveling I try to have dollars for tips for skycaps, porters and bell boys.

Country of 35 million people and no one complains. The one California dude does. Haven't given any thought to paper vs coin in 20 years.

 

[tvguy]

Country of 35 million people and no one complains. The one California dude does. Haven't given any thought to paper vs coin in 20 years.

Not me. My 3 Aunts and 3 Uncles and 18 cousins who live in Canada. They aren't fans of the health care system either ( one Uncle/Aunt have private health insurance and go to Montana for their health care).
And they don't like front wheel drive cars either....insist a big rear wheel drive car with 150 pounds of bagged sand in the trunk works best in snow.

 

[crashbb]

Not me. My 3 Aunts and 3 Uncles and 18 cousins who live in Canada. They aren't fans of the health care system either ( one Uncle/Aunt have private health insurance and go to Montana for their health care).
And they don't like front wheel drive cars either....insist a big rear wheel drive car with 150 pounds of bagged sand in the trunk works best in snow.

Honest question - why don't they leave? Every time there is a thread about something Canadian, you post about how your family hates whatever it is. Seriously, if they hate it here so much, why stay?

 

[lizabu]

I'm old enough to remember the loonie & toonie arriving as well as the metric system. At the time everyone griped and complained but in the end it has been a positive change and you will find that very few would want to go back.

The loss of the penny really won't make that much difference to me...besides making my wallet lighter. On the positive side many charities are taking advantage of the situation and collecting all those old pennies. I know RBC is taking pennies and along with 'Free the Children', they are going towards providing clean drinking water in Africa. $25 in pennies will provide a person with clean drinking water for the rest of their lives. Better than sitting in an old jar in the cupboard.

Stores are taking advantage of the change too. I just got an email from Giant Tiger saying they plan to round down for all your purchases.

Not me. My 3 Aunts and 3 Uncles and 18 cousins who live in Canada. They aren't fans of the health care system either ( one Uncle/Aunt have private health insurance and go to Montana for their health care).
And they don't like front wheel drive cars either....insist a big rear wheel drive car with 150 pounds of bagged sand in the trunk works best in snow.

They are certainly in the minority, most of us are very happy with our health care.

 

[tvguy]

They are certainly in the minority, most of us are very happy with our health care.

Most, probably. But it certainly interesting how many medical practices in the U.S. have opened in border cities to cater to Canadian patients.

 

[tvguy]

Honest question - why don't they leave? Every time there is a thread about something Canadian, you post about how your family hates whatever it is. Seriously, if they hate it here so much, why stay?

Had to do when you're 90 (in the case of the aunts and uncles).

I have a cousin in Australia, 1 in China , 1 in South Africa and 1 in Siberia, so some have left. (lots of people in the oil and mining (gold and potash) industries in my family up north). Oh, and of course my mom left.