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Canada Dedicated to general historical, social, linguistic, political and cultural topics pertinent to Canadians.

Canada Stops Making Pennies

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Old Sunday, April 8th, 2012   #1
KingOvGermania
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Canada Stops Making Pennies

http://moneyland.time.com/2012/03/30...ext/?hpt=hp_t3

Quote:
In an effort to cut costs, the Canadian government released its 2012 budget Thursday without any money designated to fund the Canadian penny. The penny’s costs have finally grown so high that the government has realized it just doesn’t make sense to keep the 1-cent coin going. Does any of this sound familiar?


“The penny is a currency without any currency,” said Finance Minister Jim Flaherty, who is also quoted saying that pennies “take up too much space on our dressers at home” and “far too much time for small businesses trying to grow and create jobs.”

The Canadian penny now costs Canada 1.6 cents to produce. And if this seems similar to the U.S. penny, that’s because it is, except that American pennies are still being funded by the federal government and manufactured by the U.S. Mint. Oh, and the financial situation’s much worse.

(LIST: Top 10 Things You Didn’t Know About the Penny)

The U.S. penny costs an incredible 2.4 cents to make (and the nickel, by the way, costs 11.2 cents). That’s why a couple months back the Obama White House included a proposal in their latest budget to make pennies and nickels cheaper to produce in order to pare down the federal deficit.

There are numerous private citizens (including this guy) and legislators who have proposed getting rid of the U.S. penny altogether. (There are some who even think we should retire the U.S. dollar.) A couple bills have been introduced but of course neither has passed. How Canada actually goes about doing away with its own penny may prove to be a model for the U.S.

(PHOTOS: A Record-Breaking 43-Mile Line of Coins)

In April, Canada will mint its final penny, and a few months later, it will halt all distribution of pennies to the country’s financial institutions as it attempts to withdraw them from circulation.

As for how Canadian businesses and consumers deal with a world without pennies, that’s largely up to them. The government is suggesting that they either round up or down to the nearest five cents. For those who use debit or credit cards, prices will still be charged to the cent. Still, many businesses will have to deal with logistical issues like reprogramming cash registers and changing their pricing.

The Canadian government says it loses $11 million each year making and distributing pennies, and the cuts are part of a larger package of reductions estimated at $5.2 billion.

If the U.S. moves forward with seriously considering letting the penny go, the government could take notes from a number of countries that have done so. The U.K. dumped the half-penny in 1984, Australia got rid of its 1- and 2-cent coins in 1992, and Israel stopped producing the five-agorot coin in 2008.



Read more: http://moneyland.time.com/2012/03/30...#ixzz1rPuhtFBO
What is the point of pennies, anyway?
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Old Sunday, April 8th, 2012   #2
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Quote:
Originally Posted by KingOvGermania View Post
What is the point of pennies, anyway?
Because money used to be worth something.
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Old Sunday, April 8th, 2012   #3
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Copper my friends! The System is clamping down on precious metals and hording it for themselves, taking the power out of peoples hands. The US penny that is 1982 and older is copper and worth twice as much, so save them pennies!
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Old Sunday, April 8th, 2012   #4
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Yes, save the pennies!
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Old Friday, August 17th, 2012   #5
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Too be honest when I first heard the penny was to be discontinued I was not particularly disappointed. Due to inflation over time the one cent coin is practically useless in everyday life, and it costs more to produce than it's worth. Happy to see them go!
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Old Friday, August 17th, 2012   #6
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Originally Posted by pearlsforboleyn View Post
Too be honest when I first heard the penny was to be discontinued I was not particularly disappointed. Due to inflation over time the one cent coin is practically useless in everyday life, and it costs more to produce than it's worth. Happy to see them go!

Now the price of a tin of baked beans can increase 1,2,3, or 4 cents at a time. When there is no penny the price will increase 5 cents at a time. Inflation will rise.

The US armed forces commissaries in Europe price their items in odd amounts, like 67 cents or $1.92, but they do not normally deal with pennies. If the total is, for instance, $165.28, you pay with $166 and you get 70 cents back. They round up or down the total to the nickel. If the customer does indeed have pennies, for instance having brought them in his pocket from the jUS, they will accept them, but they don't give them in change. If this became generally accepted practice in the jUS, his would eliminate most of the problem that I noted in the previous paragraph. Since it makes sense, (and imagine a government entity doing something that actually makes sense, it boggles the mind) and consumer friendly (ditto), it won't be done.
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Old Friday, August 17th, 2012   #7
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Old article so not sure on todays accuracy, but it seems they are worth more for metal content. This is for UK pennies.

Quote:
Copper coins made before 1992 are 97 per cent copper, which means that each 2p coin contains 6.9 grams of the metal and each penny piece contains 3.45 grams.
To get a tonne of copper it would take 145,000 2p coins or 290,000 1p coins, giving a face value of £2,900.
But if the same coins were sold for their metal content they would collect almost £4,500, after the price of copper hit a fresh high of 8,312 US dollars (£4,463) a tonne today.
http://http://www.dailymail.co.uk/news/article-385980/Hunt-2p-coins-copper-prices-soar.html
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Old Friday, August 17th, 2012   #8
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US nickles are worth 7 cents, and some millionaire is buying up as many as possible.
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Old Saturday, August 18th, 2012   #9
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Devaluation & debasement of currency

As the quoted article states: here in Australia the govt. got rid of one- and two-cent coins in 1992. Our lowest-value coin now is the five-cent piece. When the 1¢ and 2¢ coins were abolished here in '92, many of us were disappointed by how much our currency had become devalued, or debased, over the decades: in '92 they got rid of one- and two-cent coins; now they are discussing getting rid of the five-cent coin. Any further proof of the devaluation and debasement of Australian currency is superfluous.
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Old Saturday, August 18th, 2012   #10
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Quote:
Originally Posted by Ingvaeonic View Post
As the quoted article states: here in Australia the govt. got rid of one- and two-cent coins in 1992. Our lowest-value coin now is the five-cent piece. When the 1¢ and 2¢ coins were abolished here in '92, many of us were disappointed by how much our currency had become devalued, or debased, over the decades: in '92 they got rid of one- and two-cent coins; now they are discussing getting rid of the five-cent coin. Any further proof of the devaluation and debasement of Australian currency is superfluous.
Yep. And I bet you get paid more now than in '92 as well.

Getting rid of the penny makes economical sense. It's a unit of convenience that isn't worth paying for.
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