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kwanfan1818
02-05-2013, 03:01 AM
I just read this article in salon.com:

Canada says goodbye to the penny (http://www.salon.com/2013/02/04/canada_says_goodbye_to_the_penny/?source=newsletter&utm_source=contactology&utm_medium=email&utm_campaign=Salon_Daily%20Newsletter%20%28Premium %29_7_30_110)


While people may still use pennies, the government has issued guidelines urging store owners to start rounding prices to the nearest nickel for cash transactions. Electronic purchases will still be billed to the nearest cent.

The article mentions that "Google is marking the passing of the penny with a dedicated doodle on its Canadian home page." Also that other nations have phased out the penny. I remember when country-specific Euro coins were released in 2002, and by the time I visited Helsinki in Fall 2003 on a trip to Estonia, one- and two-cent Euro coins were already being sold at a premium.

KatieC
02-05-2013, 03:18 AM
How is one supposed to play Rumoli without pennies? I like the penny.

kwanfan1818
02-05-2013, 03:35 AM
Start hoarding now ;)

genevieve
02-05-2013, 03:38 AM
I have plenty of Canadian pennies if anyone wants to make me an offer :P

kwanfan1818
02-05-2013, 04:01 AM
Considering how many US and Canadian pennies are mixed together and used interchangeably, the US government should just buy up Canadian pennies at face value, since it's costing them more than .01 to mint. The Canadian government could have done the same, especially since the exchange rate has been slightly favorable to Canada, and Canada could have bought in bulk.

Cloudy_Gumdrops
02-05-2013, 04:14 AM
I wish the US would phase out pennies too. I hate those damn things. I like my change to be in multiples of 5.

Really
02-05-2013, 04:15 AM
:lol:

kwanfan1818
02-05-2013, 04:28 AM
That only works where tax is included in the price or everything is priced so that when tax is added, the total is even. Otherwise, you end up with 5% of 5.75, and the total is 6.04.

cygnus
02-05-2013, 05:52 AM
I love pennies! This makes me sad.

Pennies have the longest history of the coins we use today, and they seem to last the longest. (Which is why the fuss over the manufacturing cost makes no sense to me, after all the coins are used over and over again- thousands of times, so the 1.6 cent cost is rather meaningless). I loved finding 50 year old or more pennies among my change. One rarely finds dimes or quarters that old.

Buzz
02-05-2013, 08:21 AM
I have to figure out what to do with the stash I have at home. :lol:

Habs
02-05-2013, 03:51 PM
I have to figure out what to do with the stash I have at home. :lol:

Roll 'em and cash them in.
My dad rolled the change in his penny jar(s) over the weekend and cashed in $150. That's A LOT of pennies. :lol:

quartz
02-05-2013, 05:29 PM
I saved all my change for 2 years to pay for my ticket to Worlds; $40 was just in pennies. It all adds up!

mackiecat
02-05-2013, 05:45 PM
You don't have to roll them- RBC has a $25 penny bag availible for clients- just fill up to the line and get $25

Artemis@BC
02-05-2013, 06:20 PM
Start hoarding now ;)

I've been hoarding for years. :D

No need to roll & take them to the bank, though, if you're looking to get rid. They're still legal tender, you can still use them to buy things. And yesterday was just the day of end of circulation, no new pennies being minted or given out by banks.

The interesting thing I found about this when they were covering it on the news last night is that the rounding up / rounding down is just a guideline, not a rule. So if something comes out to 6.02, while the govt is advising to round that down to 6.00, the store can if it chooses round up to 6.05. :confused: Funny the govt isn't ]that ambiguous when it comes to calculating their tax! Other stores are choosing to go the public goodwill route and rounding down all amounts, both the 6.02s and the 6.04s will be rounded down to 6.00. Hmm, I wonder which strategy will pay off better in the long run!

I pay for the vast majority of my purchases by credit card (Airmiles!), so this won't be affecting me very much. But I'll be interested to watch how stores' policies play out.

manhn
02-05-2013, 07:28 PM
This morning, I got charged whatever dollars and 34 cents, so the cashier charged me whatever dollars and 35 cents. So, I used my credit card instead, which charges the business owner. Oh well, that's what happens if you're gonna charge me one or two cents more.