We're Penniless here in Canada

Moody Blue

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May 24, 2004
Messages
3,136
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.
 

JB

Honorary Moderator Emeritus
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Re: We're Penniless here in Canada

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

RogersJetboat454

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Jul 9, 2010
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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.
 

Moody Blue

Captain
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May 24, 2004
Messages
3,136
Re: We're Penniless here in Canada

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 :D. Sorry, couldn't resist.
 

buellwinkle

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Re: We're Penniless here in Canada

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

aspeck

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Re: We're Penniless here in Canada

I got a suitcase full of pennies, waiting for them to be worth more than $0.01 ...
 

kenmyfam

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Aug 10, 2006
Messages
14,385
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 !! :facepalm:
 

MolsonCanadian

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Jul 9, 2010
Messages
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Re: We're Penniless here in Canada

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.
 

bruceb58

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Mar 5, 2006
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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.
 

TilliamWe

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Dec 21, 2004
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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!
 

RogersJetboat454

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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!

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?
 

rbh

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Re: We're Penniless here in Canada

A nickle for your thoughts just dont sound right.
 

64osby

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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.
 

korygrandy

Senior Chief Petty Officer
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Apr 14, 2010
Messages
698
Re: We're Penniless here in Canada

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. :rolleyes:
 

TilliamWe

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Re: We're Penniless here in Canada

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.
 

jkust

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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.

Dollar coins are great when the toothfairy comes. We will get them from the bank just for when the little ones lose teeth.
 

bruceb58

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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
 

64osby

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Re: We're Penniless here in Canada

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.:jaded:
 
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