The Last Day of the Canadian Penny

Discussion in 'Off The Beaten Track' started by kwanfan1818, Feb 5, 2013.

  1. kwanfan1818

    kwanfan1818 I

    Joined:
    May 24, 2003
    Messages:
    20,604
    I just read this article in salon.com:

    Canada says goodbye to the penny

    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.
     
  2. KatieC

    KatieC Well-Known Member

    Joined:
    Nov 6, 2003
    Messages:
    4,877
    How is one supposed to play Rumoli without pennies? I like the penny.
     
  3. kwanfan1818

    kwanfan1818 I

    Joined:
    May 24, 2003
    Messages:
    20,604
    Start hoarding now ;)
     
  4. genevieve

    genevieve drinky typo pbp, closet hugger Staff Member

    Joined:
    Feb 26, 2003
    Messages:
    30,692
    I have plenty of Canadian pennies if anyone wants to make me an offer :p
     
  5. kwanfan1818

    kwanfan1818 I

    Joined:
    May 24, 2003
    Messages:
    20,604
    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.
     
    Really and (deleted member) like this.
  6. Cloudy_Gumdrops

    Cloudy_Gumdrops New Member

    Joined:
    Sep 7, 2002
    Messages:
    11,834
    I wish the US would phase out pennies too. I hate those damn things. I like my change to be in multiples of 5.
     
  7. Really

    Really No longer just a "well-known member" Yay!

    Joined:
    Apr 27, 2001
    Messages:
    29,623
  8. kwanfan1818

    kwanfan1818 I

    Joined:
    May 24, 2003
    Messages:
    20,604
    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.
     
  9. cygnus

    cygnus Liberal Furry

    Joined:
    May 4, 2002
    Messages:
    2,362
    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.
     
  10. Buzz

    Buzz Well-Known Member

    Joined:
    Nov 10, 2001
    Messages:
    17,099
    I have to figure out what to do with the stash I have at home. :lol:
     
  11. Habs

    Habs Well-Known Member

    Joined:
    Jan 5, 2003
    Messages:
    3,866
    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:
     
  12. quartz

    quartz I wonder what tomorrow has in mind for me

    Joined:
    Aug 6, 2002
    Messages:
    2,337
    I saved all my change for 2 years to pay for my ticket to Worlds; $40 was just in pennies. It all adds up!
     
  13. mackiecat

    mackiecat Active Member

    Joined:
    Oct 14, 2004
    Messages:
    348
    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
     
  14. Artemis@BC

    Artemis@BC Well-Known Member

    Joined:
    Jan 17, 2005
    Messages:
    5,145
    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.
     
  15. manhn

    manhn Well-Known Member

    Joined:
    Jan 18, 2002
    Messages:
    9,410
    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.
     
  16. genevieve

    genevieve drinky typo pbp, closet hugger Staff Member

    Joined:
    Feb 26, 2003
    Messages:
    30,692
    yup, and in the US at least, people freak out about this - I'm not sure if that's a culture driven by business (don't want to back out tax from the price they want to advertise) or customers (don't want to have taxes "hidden"), but I LOVE going places where the tax is included, so the price you see is the price you pay. Or, you know, states with no sales tax (go Oregon! :cheer2: ).

    I am a bit sentimental about pennies, but mostly I'm convinced that if we eliminate the penny, merchants will go out of their way to price things so they come to x.01, and then round up to the next $.05. :sekret:
     
  17. GoldenLady

    GoldenLady Member

    Joined:
    Jan 16, 2004
    Messages:
    67
    I just got back from shopping at the supermarket, and I was surprised to see that they were using pennies, just as they always have. I mentioned it to the cashier, and she said they hadn't heard anything from store management yet, so they're continuing to use them in the meantime.

    I've been feeling bit sad about the loss of the penny, so it was kind of a nice surprise (at least for now). :)
     
  18. kwanfan1818

    kwanfan1818 I

    Joined:
    May 24, 2003
    Messages:
    20,604
    In European Consumer Protection Law, for a consumer, the price must include VAT, but the customer has to be given a breakout of the product or service and the VAT. I would love it if tax were included in the price in North America, but, alas. A tax department person I once worked with told me that in at least some states, it's illegal to show a tax-inclusive price. Some legal people joined the discussion and said that while there are some things that can be priced differently "in state" and "out of state" or members of a coalition -- i.e. five states charge in-state tuition to residents of all five states -- but that to have the same type of customer -- i.e., all customers who purchase five or more, all customers with promo code X, all teachers -- receive a different product price they thought could violate the Commerce Clause in the Constitution, while charging the same product price plus tax does not. We all just nodded and didn't pursue it further, since we weren't going to build a system around the states that would allow tax-inclusive pricing.

    Example:
    Tax-inclusive, DVD sold for 59.95
    Seattle: Tax Rate = 9.5%, Tax = $5.20, Product Price = $54.75
    Oregon: Tax Rate = 0%, Tax = $0.00, Product Price = $59.95
    New York City: Tax Rate = 8.875%, Tax = $4.89 Product Price = $55.06

    They're still legal tender; the government just stopped making them. I don't think they'll stop accepting them with a lot of warning, and we'll hear about it, being here.

    I suspect at some point it will be up to businesses to decide whether to accept pennies or the old 20's without the plastic, but banks will likely accept them for a long while after that.
     
  19. Erin

    Erin Well-Known Member

    Joined:
    Jul 13, 2001
    Messages:
    5,125
    Of course, the one problem with this would be the occasional American vendor or cashier who has seriously told me that they would not accept Canadian pennies, handed them back to me, and made me fish out American pennies before accepting them. I only wish I were making it up. The same thing happened to me in Canada with American dimes, which I thought was almost as ridiculous, given that it was back when the USD was much stronger than the CAD.

    I won't miss pennies, and wish the US would follow suit.
     
  20. Skittl1321

    Skittl1321 Well-Known Member

    Joined:
    Feb 1, 2007
    Messages:
    11,968
    I've never been in a US store that takes Canadian money on purpose. When I worked retail we HATED it because we couldn't deposit it at the bank, and so we just lost money. People would try to hide them with American coins to trick us into taking the money they got stuck with from another store. Vending machines always just spit them out, so you can't use Canadian coins for the most part. (However, I've never lived anywhere near Canada, so no border towns.)
     
  21. manhn

    manhn Well-Known Member

    Joined:
    Jan 18, 2002
    Messages:
    9,410
    I think it has been very recent that border towns will accept Canadian currency. That's probably due to the fact that our dollar is on par with the US dollar and Canadians make up more of their customer base. But it wasn't that long ago that business owners from Blaine, Washington would refuse my Canadian penny.
     
  22. kwanfan1818

    kwanfan1818 I

    Joined:
    May 24, 2003
    Messages:
    20,604
    I'm in Vancouver, and there are a lot of pennies and enough dimes that make their way back and forth and get mixed up in BC and Washington State, at least.
     
  23. Erin

    Erin Well-Known Member

    Joined:
    Jul 13, 2001
    Messages:
    5,125
    I could maybe see that with bigger value coins but with pennies? It's not like you can use them in vending machines anyway.
    One of the times it happened to me, I walked away from the purchase, so the store lost my sale which was probably worth more than a lousy penny.
     
  24. kwanfan1818

    kwanfan1818 I

    Joined:
    May 24, 2003
    Messages:
    20,604
  25. Habs

    Habs Well-Known Member

    Joined:
    Jan 5, 2003
    Messages:
    3,866
    I stopped for coffee and a muffin on my way to work this morning and my total came to $6.42. The cafe wouldn't accept my pennies, which is actually illegal. I understand that they can't give me back pennies in change, but since it's still legal tender, stores and banks have to accept them.
     
  26. pat c

    pat c Well-Known Member

    Joined:
    Apr 21, 2001
    Messages:
    9,717
    Last summer we visited the mint in Winnipeg. They talked about phasing out the penny, which everyone knew about. Anyway, I can't remember the exact amounts, but it was something like this, they lost about $13M making the penny, but overall the mint made something like $2B overall. Now if the loss was about even with the profit I can see phasing it out, but I dunno.......I'm going to miss the penny.
     
  27. Artemis@BC

    Artemis@BC Well-Known Member

    Joined:
    Jan 17, 2005
    Messages:
    5,145
    Indeed. I'm sure it a misunderstanding, as far as I can tell there's been very poor "official" communication with businesses about this, despite the news being out there for months.

    Did you have time to talk to a manager or owner about it? They really should be training their staff about this. It shouldn't be up to the consumer to do the educating.
     
  28. Habs

    Habs Well-Known Member

    Joined:
    Jan 5, 2003
    Messages:
    3,866
    I didn't have time while I was there, but I did send an email to the corporate office (it's a large chain). I explained what happened, but also that the staff there were very nice, but perhaps misinformed. I got a response almost immediately. They thanked me and asked me the location I was at because they're trying to help staff through the process.
     
  29. elka_sk8

    elka_sk8 Well-Known Member

    Joined:
    Oct 7, 2003
    Messages:
    1,079
    I grew up in western NY and intermixing of Canadian change was very common due to the proximity with the border. But at some point our school cafeteria decided they would no longer accept Canadian coins, lol. So now you had all these primary schoolers panicking if they were in line and realized they had a Canadian quarter!

    I wish the US would follow suit too, pennies are just annoying!
     
  30. DarrellH

    DarrellH New Member

    Joined:
    Mar 1, 2007
    Messages:
    4,763
    Soon, The Beatles song will be changed to "Nickle Lane"!:lol: