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Gazpacho
03-29-2012, 11:34 PM
So Canada is scrapping the penny (http://www.cbc.ca/news/business/story/2012/03/29/federalbudget-flaherty-penny-cent.html) and having everything round to the nearest nickel.

My question is, how will this effect transactions that can be paid through multiple means? You can still pay in increments of 1 cent with your credit card, debit card, and checkbook, but not with cash.

If the reason behind the penny stopping is production costs--it costs more than a cent to make a penny--then why not make it with cheaper materials?

Cloudy_Gumdrops
03-29-2012, 11:35 PM
I wish the US would follow suit. I hate pennies and would rather have everything rounded off to five cents.

Really
03-30-2012, 12:03 AM
It's about time the penny disappeared. I won't miss it.

overedge
03-30-2012, 12:07 AM
[[running to cash in my hoard]]

In my starving student days I once paid my share of the month's rent from my penny savings bank. I don't think the landlord was too impressed :lol:

Marilou
03-30-2012, 12:10 AM
Ok I'm weird, I love the penny.... How am I suppose "watch them" if there aren't any :) Don't know who originally said it, but my husband's grandmother repeated it many, many times to us when we were first married, "Watch the pennies, and the dollars take care of themselves."

milanessa
03-30-2012, 12:42 AM
I wish the US would follow suit.

The idea has been floated for years but never implemented. Maybe the mint and legislature will follow Canada's lead.

Erin
03-30-2012, 12:43 AM
:cheer2: It's about time we did this, Australia and New Zealand did it years ago. I am looking forward to not having to deal with pennies anymore.

agalisgv
03-30-2012, 01:06 AM
But pennies are good luck :shuffle:



Find a penny, pick it up
and all day you'll have good luck!
Pass it on, to a friend
so their luck will never end :)


(((golden pennies)))

CantALoop
03-30-2012, 02:51 AM
Who knows, maybe they'll be even more of a symbol of luck if coming across one on the ground becomes increasingly rare ;)

emason
03-30-2012, 02:52 AM
Love pennies and do not want them to go away. They are the foundation of every savings account for every member of my family. I got a baby carriage when I was born when my grandfather took his galvanized bucket of pennies to the bank and cashed them in. Off to start a Keep the Pennies movement.

rjblue
03-30-2012, 02:58 AM
But pennies are good luck :shuffle:



Find a penny, pick it up
and all day you'll have good luck!
Pass it on, to a friend
so their luck will never end :)That's the sanitized version.

See a penny, pick it up,
and all the day you'll have good luck.
See a penny, leave it lay,
and forever rue the day.

I can't wait for them all to be gone, so that I don't feel compelled to pick up dirty gross pennies.

julieann
03-30-2012, 03:34 AM
That's the sanitized version.

See a penny, pick it up,
and all the day you'll have good luck.
See a penny, leave it lay,
and forever rue the day.

I can't wait for them all to be gone, so that I don't feel compelled to pick up dirty gross pennies.

But now they'll bring even MORE good luck!

I wish the USA would get rid of them too also the one and five dollar bill, it was so nice with Euro coins.

TygerLily
03-30-2012, 03:35 AM
This feels like a dumb question, but is the result of this that the merchants are always going to get the rounded up cents? 5 cents will round up to 10 for sure so that alone is sketchy. I feel :wuzrobbed already, and I hadn't even thought about credit/debit cards not to mention interest rates (where every cent feels like a victory over the bank). Will cents still exist?

If cash transactions are rounded up/down by the math rules but cents are not rounded with debit cards, I foresee some (additional) strategy when I choose cash vs. debit... :shuffle:

ETA: Apparently I forgot about nickels, so some of my momentary hysteria is unwarranted. :o

Gazpacho
03-30-2012, 03:41 AM
I wish the USA would get rid of them too also the one and five dollar bill, it was so nice with Euro coins.I will be so annoyed if the US gets rids of the one and five dollar bills! I lose coins so often but rarely lose bills.

essence_of_soy
03-30-2012, 03:54 AM
So Canada is scrapping the penny (http://www.cbc.ca/news/business/story/2012/03/29/federalbudget-flaherty-penny-cent.html) and having everything round to the nearest nickel.

My question is, how will this effect transactions that can be paid through multiple means? You can still pay in increments of 1 cent with your credit card, debit card, and checkbook, but not with cash.

If the reason behind the penny stopping is production costs--it costs more than a cent to make a penny--then why not make it with cheaper materials?

It's such a screwover when this happens.

Australia phased out one and two cent pieces almost 20 years ago, and though stores may still advertise something for $3.97, you have to pay 4 bucks because they round up to the next 5 cent increment.