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  1. #1
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    Default We're Penniless here in Canada

    No, we're not broke, we've just officially done away with the penny as of today.

    Pennies are no longer being distributed as currency. Instead, merchants will "round up or round down" the price to the nearest nickel. Guess which way most will "round" off the prices to.

    The penny is still accepted as legal tender for now, but will eventually be taken completely out of circulation. Better go empty those piggy-banks and cash in my fortunes now before it all becomes worthless.

  2. #2
    Moderator JB's Avatar
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    Default Re: We're Penniless here in Canada

    Makes sense. It costs more to make them than they are worth. US could consider the same.

  3. #3
    Commander RogersJetboat454's Avatar
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    Default Re: We're Penniless here in Canada

    I agree with the sentiment that they should go away....

    Actually have seen video's on Youtube where people round up the older U.S. pennies (from the times when they were mostly made out of copper), and sell them for copper scrap since they are worth far more than face value as such.
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  4. #4
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    Default Re: We're Penniless here in Canada

    Quote Originally Posted by JB View Post
    Makes sense. It costs more to make them than they are worth. US could consider the same.
    That's exactly right. It cost 1.6 cents to make a penny. That just doesn't make any cents . Sorry, couldn't resist.

  5. #5
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    Default Re: We're Penniless here in Canada

    They could make them in China, only .25 cents.

  6. #6
    Supreme Mariner bruceb58's Avatar
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    Default Re: We're Penniless here in Canada

    Cost $0.02 in 2012 to make a penny.

    Cost to Make Penny and Nickel Declines But Still Double Face Value | Coin Update

    A nickel cost $0.10
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  7. #7
    Moderator aspeck's Avatar
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    Default Re: We're Penniless here in Canada

    I got a suitcase full of pennies, waiting for them to be worth more than $0.01 ...
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  8. #8
    Supreme Mariner kenmyfam's Avatar
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    Default Re: We're Penniless here in Canada

    Yep, Time for everyone to "round up" the prices.
    They did a little "rounding up" of the gas price here yesterday. $1.19 per litre in the morning on my way in to work and $1.32 per litre on my way home !!
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  9. #9
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    Default Re: We're Penniless here in Canada

    Quote Originally Posted by Bubba1235 View Post
    So what does that do to local sales tax? Everthing gets bumped up to a nickle? I can't imagine them rounding down if you only owe 2 cents sales tax.
    On cash transactions everything gets rounded to the nearest 5c increment, AFTER taxes are applied. If the total comes to 1.03, you pay 1.05 if it comes to 1.02, you pay 1.00 (theoretically)

    If paying by credit, debit, online or cheque, you pay exact amount to the penny.
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  10. #10
    Supreme Mariner bruceb58's Avatar
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    Default Re: We're Penniless here in Canada

    This is just way to intelligent for us to do in the US but then again we have some pretty stupid people down here.
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  11. #11
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    Default Re: We're Penniless here in Canada

    I just stacked about 100 plastic bags of pennies, worth $50/bag, yesterday. About 2000lbs, total. It wouldn't bother me if they went away. Because I also stacked about 100 bags of quarters, 200 bags of dimes, and 50 bags of nickels, too!

  12. #12
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    Default Re: We're Penniless here in Canada

    Quote Originally Posted by TilliamWe View Post
    I just stacked about 100 plastic bags of pennies, worth $50/bag, yesterday. About 2000lbs, total. It wouldn't bother me if they went away. Because I also stacked about 100 bags of quarters, 200 bags of dimes, and 50 bags of nickels, too!
    You have $5K worth of pennies? How big are these bags? How does one accumulate that much change?

    Or.. Do you work at a bank?
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  13. #13
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    Default Re: We're Penniless here in Canada

    A nickle for your thoughts just dont sound right.
    home is where we drop anchor

  14. #14
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    Default Re: We're Penniless here in Canada

    Quote Originally Posted by rbh View Post
    A nickle for your thoughts just dont sound right.
    Really and here's my .02 cents for what its worth.........
    Stickly a opinion your milage may vary.

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    Default Re: We're Penniless here in Canada

    The next step should be to replace the dollar bill with a coin. I know they have tried a few times, but it would save millions.
    Despite the cost of Living, It's still a popular thing

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  16. #16
    Senior Chief Petty Officer korygrandy's Avatar
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    Default Re: We're Penniless here in Canada

    Quote Originally Posted by Moody Blue View Post
    No, we're not broke, we've just officially done away with the penny as of today.
    I better go make a trip to the currency exchange.. and turn in all of my Canadian pennies I received in place of the US silver dime I was originally expecting out of the machine.
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  17. #17
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    Default Re: We're Penniless here in Canada

    Quote Originally Posted by RogersJetboat454 View Post
    You have $5K worth of pennies? How big are these bags? How does one accumulate that much change?

    Or.. Do you work at a bank?
    No. Roughly 8"wide by 16" long. I have no idea.

    No. I work for an armored car company, we get the coin from ALL the banks in the area.

    $1000 in quarters (and dimes) weighs about 49lbs. $2000 in dollar coins weigh about 34lbs. Funny thing is, the Federal Reserve doesn't actually count every coin. They go be the weight of the bags! Dollar coins would be okay, except that are TOO CLOSE to the size of quartes, always have been. Silly.

  18. #18
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    Default Re: We're Penniless here in Canada

    Quote Originally Posted by 64osby View Post
    The next step should be to replace the dollar bill with a coin. I know they have tried a few times, but it would save millions.
    Dollar coins are great when the toothfairy comes. We will get them from the bank just for when the little ones lose teeth.
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  19. #19
    Supreme Mariner bruceb58's Avatar
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    Default Re: We're Penniless here in Canada

    5 dimes weigh exactly the same as 2 quarters. That is why a bag of dimes or quarters weigh exactly the same for the same dollar amount. When I used to own laundromats, all my coin deposits were in $1000 bags
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  20. #20
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    Default Re: We're Penniless here in Canada

    Quote Originally Posted by TilliamWe View Post
    Dollar coins would be okay, except that are TOO CLOSE to the size of quartes, always have been. Silly.
    They could change the size to be more obvious, ya think. Rippled edge on quarter, smooth on nickel, serrated on a dollar.
    Despite the cost of Living, It's still a popular thing

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  21. #21
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    Default Re: We're Penniless here in Canada

    Quote Originally Posted by 64osby View Post
    They could change the size to be more obvious, ya think. Rippled edge on quarter, smooth on nickel, serrated on a dollar.
    You would have thought that, but they made it close to the quarter size, TWICE! At least they went to a gold color this last time.

    Before the US gets rid of $1 bills, they'll get rid of paper money entirely, it seems?

  22. #22
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    Default Re: We're Penniless here in Canada

    I think the small stores along the border are going to have a great time converting american money. They have always just shot in the dark on the exchange rate. Now they have a target.
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  23. #23
    Master Chief Petty Officer dwco5051's Avatar
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    Default Re: We're Penniless here in Canada

    Quote Originally Posted by Moody Blue View Post
    No, we're not broke, we've just officially done away with the penny as of today.

    Pennies are no longer being distributed as currency. Instead, merchants will "round up or round down" the price to the nearest nickel. Guess which way most will "round" off the prices to.

    The penny is still accepted as legal tender for now, but will eventually be taken completely out of circulation. Better go empty those piggy-banks and cash in my fortunes now before it all becomes worthless.
    I can remember shopping in Montreal over 15 years ago and they would just round up or down on cash transactions unless you would would pay in exact change or ask for your pennys back. Though I usually paid with plastic I always carried some Canadian currency when we were out in the Eastern Townships for small stores that only took cash.

  24. #24
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    Default Re: We're Penniless here in Canada

    Quote Originally Posted by 64osby View Post
    The next step should be to replace the dollar bill with a coin. I know they have tried a few times, but it would save millions.
    we've had the dollar ( loonie), and two dollar (two-nie) for many years now. took some getting used to, but now when you grab a handfull of change from your vehicle console.....it could easily be 50 bucks!!
    give a man a fish, and he will eat all day. teach a man how to fish, and he will sit in a boat all day and drink beer.

  25. #25
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    Default Re: We're Penniless here in Canada

    Quote Originally Posted by nwcove View Post
    we've had the dollar ( loonie), and two dollar (two-nie) for many years now. took some getting used to, but now when you grab a handfull of change from your vehicle console.....it could easily be 50 bucks!!
    I'm just sorry that the fine Canadian citizens are burdened with such high costs. We're going to Nova Scotia in May, and rooms are priced out of sight--plus a 17% Sales Tax. Gasoline is close to $4.70 U.S. dollars per U.S. gallon of unleaded. Food is about 150% of comparable restaurants in the U.S. And $20.50 for a 12 pack of beer is what's really outrageous. It would be enough to make me quit drinking, if I lived there--not really.

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