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  #1  
Old 07 February 2013, 08:52 PM
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E. Q. Taft E. Q. Taft is offline
 
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Canada Canada drops penny from its currency

The Canadian government has begun to phase out the penny, saying it's too expensive to produce the coin.

Besides its "excessive" production value, Canada has long cited the significant handling costs for the nation's retailers and environmental considerations that lessen the penny's worth. The country, which distributed its last pennies on Monday, estimates the move will save taxpayers about $11 million a year.

http://articles.chicagotribune.com/2...dian-mint-coin
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  #2  
Old 07 February 2013, 09:17 PM
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$11 million seems like such a small amount in light of the usefulness of the penny. Besides, I always enjoyed getting the maple-leaf coins amongst my change.

I wonder if Canadian retailers will stop handling pennies or if US pennies will fill the void.
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Old 07 February 2013, 09:34 PM
overyonder overyonder is offline
 
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Quote:
Originally Posted by A Turtle Named Mack View Post
I wonder if Canadian retailers will stop handling pennies or if US pennies will fill the void.
Why would they? The cash transactions are going to be penny-less:

Quote:
For example, if the total price of coffee and a sandwich is $4.92, a customer that was paying in cash would owe $4.90, according to the Royal Canadian Mint. But those using another method of payment would pay $4.92, and the pennies would be tallied electronically.
OY
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  #4  
Old 07 February 2013, 09:46 PM
hotrod hotrod is offline
 
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I've paid cash a couple of times this week and the pennies are already gone from the cash registers. I was given change rounded to the nearest five cents.
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  #5  
Old 07 February 2013, 10:17 PM
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Mack, what exactly is the usefulness of the penny? I ask in all seriousness; I hate the things, myself, but I realize my dislike may not be entirely reasonable. Certainly I wouldn't object if they went away, but I want paper dollars to go away, too. I'm a currency curmudgeon.
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Old 07 February 2013, 10:19 PM
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The first time I noticed it was on Sunday, and only because the cashier hesitated for a second (it was their first day of rounding). Since I usually pay with debit, I doubt I'm going to notice much. For what it's worth, I'm up two cents overall.

Eta: I've always found pennies much more bulky and annoying than dollar coins. At least loonies and toonies will buy you something. My years of retail taught me to hate when people paid in exact change down to the penny, so I've never done anything with them aside from dumping them in a jar at the end of the day and making a coin deposit every few months.
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  #7  
Old 07 February 2013, 10:26 PM
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Australia

Australia hasn't had a one or two cent coin since 1992.

Somehow we've struggled along...

Dropbear

(Curiously I found one on the ground the other day)
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  #8  
Old 07 February 2013, 11:57 PM
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Quote:
Originally Posted by Lainie View Post
Mack, what exactly is the usefulness of the penny? I ask in all seriousness; I hate the things, myself, but I realize my dislike may not be entirely reasonable. Certainly I wouldn't object if they went away, but I want paper dollars to go away, too. I'm a currency curmudgeon.
More exact change than you can make with nickels. As a practical matter, probably no difference. It all evens out, really. It's like getting rid of the iron in Monopoly - noooooo, that's heritage!!!!

Do you mean all paper currency, or just ones?
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  #9  
Old 08 February 2013, 12:09 AM
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I think we've found our new Monopoly piece.
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  #10  
Old 08 February 2013, 12:12 AM
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Canada

I'm liking it. It's way more convienient for my morning coffee to be $1.75 rather than $1.73. Give a toonie, get a quarter. Done.
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  #11  
Old 08 February 2013, 12:13 AM
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I was in Barbados for the two weeks prior to the change (hehe) and I never saw a penny there so I got a bit of a jump on the rest o the country. They peg their dollar to the $US at 2 for 1. IT made things fun with currency from three countries in my wallet.
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  #12  
Old 08 February 2013, 12:18 AM
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I haven't noticed it yet. The convenience store/restaurant in my office building is still charging prices like $1.82 and are dispensing and accepting pennies. I'll be interested to see what's happening if I get a chance to do any shopping elsewhere in the next few days.
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  #13  
Old 08 February 2013, 12:23 AM
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I've always thought that the lowest denomination in use should be a half of the next one rather than a fifth. It would be an interesting economics study to see if it makes any difference but it seems to me it would at least cut down on the amount of loose change. (Also, if you haven't got a penny, a ha'penny will do.)
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  #14  
Old 08 February 2013, 01:51 AM
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Quote:
Originally Posted by A Turtle Named Mack View Post
More exact change than you can make with nickels. As a practical matter, probably no difference. It all evens out, really. It's like getting rid of the iron in Monopoly - noooooo, that's heritage!!!!

Do you mean all paper currency, or just ones?
You won't find me claiming the Monopoly iron was useful. I don't even use real irons.
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  #15  
Old 08 February 2013, 08:21 AM
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Quote:
Originally Posted by Dropbear View Post
Australia hasn't had a one or two cent coin since 1992.

Somehow we've struggled along...

Dropbear

(Curiously I found one on the ground the other day)
Ooooh now you are rich. Maybe it had been in Canada all this time, pretending to be a native.
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  #16  
Old 08 February 2013, 08:34 AM
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It was sitting on the ground on a dirt path in a large sports field. I have to admit I wonder how it got there 21 years after being pulled from circulation.

Dropbear
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  #17  
Old 08 February 2013, 01:24 PM
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Quote:
Originally Posted by Dropbear View Post
It was sitting on the ground on a dirt path in a large sports field. I have to admit I wonder how it got there 21 years after being pulled from circulation.

Dropbear
It was hiding from people looking to melt it down. You looked like a good chap, so it chanced showing itself, hoping you'd provide asylum!

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  #18  
Old 08 February 2013, 02:34 PM
overyonder overyonder is offline
 
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Quote:
Originally Posted by Dropbear View Post
It was sitting on the ground on a dirt path in a large sports field. I have to admit I wonder how it got there 21 years after being pulled from circulation.
Reminds me of a 1909 US quarter I found... I was cultivating ("turning") top soil in my parents garden patch, and lo and behold, I found a 1909 U.S. quarter in the dirt. Keep in mind, this is in Canada, about 40 miles (line of sight) from the US border. The top soil had come from my uncle's sand pit (he also sold top soil), not too far from there, and somehow the quarter made its way there.

OY
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  #19  
Old 08 February 2013, 03:19 PM
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Quote:
Originally Posted by ganzfeld View Post
I've always thought that the lowest denomination in use should be a half of the next one rather than a fifth. It would be an interesting economics study to see if it makes any difference but it seems to me it would at least cut down on the amount of loose change. (Also, if you haven't got a penny, a ha'penny will do.)
We have one-penny and two-pence coins as the smallest two coins and I'm not short of loose change, though maybe I'd have much more if we had fewer different coins.

The only time I ever really think about small change is when I use the bus company in Dundee that only accepts exact change. Its adult fare for a journey into town is 1.70, which I can make with 3 coins (1 + 50p + 20p) or if you go further it costs 2.10, which I can make with as few as two coins (2 + 10p). If it was $1.70 I suppose you'd need 6 quarters and a nickel, and for $2.10 it would be eight quarters and a nickel. That seems like a lot of coins so I'd guess American buses accept other forms of payment.
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  #20  
Old 08 February 2013, 03:43 PM
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Pedantry: $1.70 is six quarters and two dimes, $2.10 is eight quarters and a dime.

I only used tokens when I rode the bus.
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