• If this is your first visit to the iboats.com Boating Forums, be sure to check out the FAQ. To post a question or comment, begin by signing up. To start viewing messages, select the forum that you want to visit from the selection below.


Announcement

Announcement Module
Collapse

This forum section is heavily moderated. Please click here to view our Dockside Chat posting policies.

In order to maintain the friendly, all-inclusive, family-oriented environment of the iboats.com Forums, this non-boating discussion area will be heavily moderated. Topics such as politics, religion, and social controversy will be removed as will jokes and other humor which single out any specific group (gender, religion, race, etc).
See more
See less

We're Penniless here in Canada

Page Title Module
Move Remove Collapse
X
Conversation Detail Module
Collapse
  • Filter
  • Time
  • Show
Clear All
new posts


  • 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
    Re: We're Penniless here in Canada

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

    Comment



    • #3
      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.
      1976 Rogers Custom Boats 18' "Bonneville" W/ Chevy 454/ Berkeley 12JC

      Care Taker of 1976 Glastron V-184 Crestflight W/ Volvo 170B/280 I.O.
      & 1969 Starcraft W/ 1956 Evinrude 7.5hp Fleetwin.

      Comment



      • #4
        Re: We're Penniless here in Canada

        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.

        Comment



        • #5
          Re: We're Penniless here in Canada

          They could make them in China, only .25 cents.
          just use the old nut...

          Comment



          • #6
            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
            1998 Wellcraft Eclipse 24 Cuddy
            Volvo Penta Duo-Prop 7.4L "LK"

            2006 Sun Tracker Party Barge 21
            Mercury 90 4-Stroke FI
            "Common sense is not very common"
            "Failing to prepare is preparing to fail." -- John Wooden

            Comment



            • #7
              Re: We're Penniless here in Canada

              I got a suitcase full of pennies, waiting for them to be worth more than $0.01 ...
              Rules of Repair:
              1. If it ain't broke, give me a hammer, it will be!
              2. You only need 2 tools in life - WD-40 and Duct Tape. If it doesn't move, and it should, use WD-40. If it moves, and it shouldn't, use Duct Tape!
              3. If you can't fix it with a hammer, you've got an electrical problem.

              Comment



              • #8
                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 !!
                sigpicMarada 2100 Executive Series, 5 Litre V8 with Mercruiser Alpha 1 outdrive. 2007 K-Z Spree 260 RBH, all = a whole lot of family fun !!!!

                Comment



                • #9
                  Re: We're Penniless here in Canada

                  Originally posted by Bubba1235
                  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.
                  1990 Doral Prestancia 300MC
                  twin 4.3/alpha 1
                  Heat, air and 2 fridges full of beer

                  Comment



                  • #10
                    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.
                    1998 Wellcraft Eclipse 24 Cuddy
                    Volvo Penta Duo-Prop 7.4L "LK"

                    2006 Sun Tracker Party Barge 21
                    Mercury 90 4-Stroke FI
                    "Common sense is not very common"
                    "Failing to prepare is preparing to fail." -- John Wooden

                    Comment



                    • #11
                      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!

                      Comment



                      • #12
                        Re: We're Penniless here in Canada

                        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?
                        1976 Rogers Custom Boats 18' "Bonneville" W/ Chevy 454/ Berkeley 12JC

                        Care Taker of 1976 Glastron V-184 Crestflight W/ Volvo 170B/280 I.O.
                        & 1969 Starcraft W/ 1956 Evinrude 7.5hp Fleetwin.

                        Comment



                        • #13
                          Re: We're Penniless here in Canada

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

                          Comment



                          • #14
                            Re: We're Penniless here in Canada

                            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.

                            Speed is how fast you hit the wall
                            Torque is how far you move the wall"

                            Comment



                            • #15
                              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

                              1973 Starcraft 21 mariner that's no longer for sale & Lone Star-Medallion-II-1966-oh-scrap
                              & 1963 14' Lone Star Big Fisherman Repairs

                              Comment

                              Working...
                              X