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Canada Kills The Penny
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Jim_Higgins
Mar 30, 2012, 12:31:31 PM3/30/12
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I wish we would get rid of the nation's most useless coin. Withdrawing
the paper dollar in favor of the dollar coin and creation of a $2 and $5
coin would be nice too.
Canada Kills The Penny
http://www.npr.org/blogs/money/2012/03/30/149682907/canada-kills-the-penny
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the paper dollar in favor of the dollar coin and creation of a $2 and $5
coin would be nice too.
Canada Kills The Penny
http://www.npr.org/blogs/money/2012/03/30/149682907/canada-kills-the-penny
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Service Guarantees Citizenship
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Duh_OZ
Mar 30, 2012, 2:13:00 PM3/30/12
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On Mar 30, 11:31 am, Jim_Higgins <gordian...@hotmail.com> wrote:
> I wish we would get rid of the nation's most useless coin. Withdrawing
> the paper dollar in favor of the dollar coin and creation of a $2 and $5
> coin would be nice too.
>
> Canada Kills The Pennyhttp://www.npr.org/blogs/money/2012/03/30/149682907/canada-kills-the-...
> I wish we would get rid of the nation's most useless coin. Withdrawing
> the paper dollar in favor of the dollar coin and creation of a $2 and $5
> coin would be nice too.
>
>
> --
> Service Guarantees Citizenship
> Would You Like To Know More?
I assume the cents will then be legal to melt? Could cost a pretty
> --
> Service Guarantees Citizenship
> Would You Like To Know More?
penny to send thousands of cents to a smelter though :-)
Paul Ciszek
Mar 30, 2012, 6:13:37 PM3/30/12
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In article <jl4n53$mhu$2...@dont-email.me>,
Jim_Higgins <gordi...@hotmail.com> wrote:
>I wish we would get rid of the nation's most useless coin. Withdrawing
>the paper dollar in favor of the dollar coin and creation of a $2 and $5
>coin would be nice too.
In the case of the penny, there is nothing new to make or introduce.
>I wish we would get rid of the nation's most useless coin. Withdrawing
>the paper dollar in favor of the dollar coin and creation of a $2 and $5
>coin would be nice too.
Just stop making the penny. No ambiguity, either--any transaction
that would have ended in 1 or 2 gets rounded down to 0 in the last
place, any ending in 3, 4, 5, 6, or 7 gets rounded to 5 in the last
place, and any ending in 8 or 9 gets rounded up to the next multiple
of ten cents. Nothing gets caught exactly in the middle.
How much was the half cent worth when it was finally abolished?
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pciszek at panix dot com | command no worship, we mandate no belief, nor
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Bremick
Mar 30, 2012, 8:09:17 PM3/30/12
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"Paul Ciszek" <nos...@nospam.com> wrote in message
news:jl5b6h$h71$7...@reader1.panix.com...
>
> In article <jl4n53$mhu$2...@dont-email.me>,
> Jim_Higgins <gordi...@hotmail.com> wrote:
>>I wish we would get rid of the nation's most useless coin. Withdrawing
>>the paper dollar in favor of the dollar coin and creation of a $2 and $5
>>coin would be nice too.
>
> In the case of the penny, there is nothing new to make or introduce.
> Just stop making the penny. No ambiguity, either--any transaction
> that would have ended in 1 or 2 gets rounded down to 0 in the last
> place, any ending in 3, 4, 5, 6, or 7 gets rounded to 5 in the last
> place, and any ending in 8 or 9 gets rounded up to the next multiple
> of ten cents. Nothing gets caught exactly in the middle.
Angst over rounding might have been an valid issue 50 or 60 years ago when
> In article <jl4n53$mhu$2...@dont-email.me>,
> Jim_Higgins <gordi...@hotmail.com> wrote:
>>I wish we would get rid of the nation's most useless coin. Withdrawing
>>the paper dollar in favor of the dollar coin and creation of a $2 and $5
>>coin would be nice too.
>
> In the case of the penny, there is nothing new to make or introduce.
> Just stop making the penny. No ambiguity, either--any transaction
> that would have ended in 1 or 2 gets rounded down to 0 in the last
> place, any ending in 3, 4, 5, 6, or 7 gets rounded to 5 in the last
> place, and any ending in 8 or 9 gets rounded up to the next multiple
> of ten cents. Nothing gets caught exactly in the middle.
buying three cents worth of penny candy would have ended up costing you a
nickel. But then buying two cents worth should have been free, no? Today,
though, it's hard to justify complaining about a $138.93 grocery bill being
rounded to $138.95.
Duh_OZ
May 4, 2012, 4:41:30 PM5/4/12
to
It is official.
Snip:
Date: Fri. May. 4 2012 12:36 PM ET
The last penny minted in Canada since its introduction in 1858 is on
its way to the country's currency museum in Ottawa.
Finance Minister Jim Flaherty pushed the button just after 11 a.m.
local time (noon ET) at the Royal Canadian Mint in Winnipeg.
After about a minute or so, the final coin dropped into a clear
container from the side of the bright yellow press.
Flaherty picked up the penny wearing white gloves and held it up for a
flurry of flashing cameras and television crews.
"It was very cool," he said when asked how it felt to push the button.
"This is the coin that was not working very well in business," he said
after the official ceremony.
Flaherty said the penny has a long history in Canada since it was
first domestically produced in 1908 to mark the opening of a British
Royal Mint branch in Ottawa.
Full read: http://www.ctv.ca/CTVNews/TopStories/20120504/penny-last-winnipeg-flaherty-120504/
Snip:
Date: Fri. May. 4 2012 12:36 PM ET
The last penny minted in Canada since its introduction in 1858 is on
its way to the country's currency museum in Ottawa.
Finance Minister Jim Flaherty pushed the button just after 11 a.m.
local time (noon ET) at the Royal Canadian Mint in Winnipeg.
After about a minute or so, the final coin dropped into a clear
container from the side of the bright yellow press.
Flaherty picked up the penny wearing white gloves and held it up for a
flurry of flashing cameras and television crews.
"It was very cool," he said when asked how it felt to push the button.
"This is the coin that was not working very well in business," he said
after the official ceremony.
Flaherty said the penny has a long history in Canada since it was
first domestically produced in 1908 to mark the opening of a British
Royal Mint branch in Ottawa.
Full read: http://www.ctv.ca/CTVNews/TopStories/20120504/penny-last-winnipeg-flaherty-120504/
sgt23
May 6, 2012, 2:35:48 AM5/6/12
to
I wonder if the Canadian mint will still put the cent in mint and
proof sets? I haven't got a clean answer from anyone about this. I
shot the Canadian mint a email a couple of days ago and no reply as of
yet from them, if they even bother.
Farmer Al Falfa
May 6, 2012, 3:32:36 PM5/6/12
to
"sgt23" wrote in message
news:51bb0269-4383-4cf5...@v1g2000yqm.googlegroups.com...
Here's a copy of sgt's missive to the RCM
Deer mint
Me want know wy you no make anymore pennes.
Wil yu put pennes in pruf sets?
Daku
May 13, 2012, 9:32:17 AM5/13/12
to
You should not wish to replace the dollar bill with a
dollar note. Research in Europe over the past 30+ years
has shown that replacing bills with coins causes money
to become devalued, and causes price rises. People tend
to think more before breaking into a bill, even a low
value bill, than they do a coin. Drop two 50c. piece
onto the ground outside and you probably will not spend
much time - if any - looking for it.
Drop a dollar bill and you sure as hell will look for it.
Coins are viewed as "loose change", just stuff which
make your wallet and pockets heavy. Currency bills have
a subconsciously higher status.
Now that the penny is gone, there will be smaller price
rises. Shops previously showing prices as $19.99 will
raise the price to $20 or more likely to $20.49, think
of 20,000,000 shops and traders over the country all
raising their prices by at least one cent and the
average yearly food prices will rise.
OK, it probably cost more to make the penny than it is
worth - in fact my brother who has a mechanical
workshop uses pennies as washers, because washers of
that size, thickness and quality cost more than one penny.
Having said that, more and more iron is being used in
"copper" coins. Coins should not be magnetic, most of
todays copper coinage - especially in England and
Europe (Euro) IS magnetic. The exception is Swiss 1 and
2 Rappen coins which, although little used, is still
produced in very low numbers - they are still produced
with a good bronze content.
But beware of price rises - especially if the $1 is
ever replaced by a coin..
Just my penn'rth.
dollar note. Research in Europe over the past 30+ years
has shown that replacing bills with coins causes money
to become devalued, and causes price rises. People tend
to think more before breaking into a bill, even a low
value bill, than they do a coin. Drop two 50c. piece
onto the ground outside and you probably will not spend
much time - if any - looking for it.
Drop a dollar bill and you sure as hell will look for it.
Coins are viewed as "loose change", just stuff which
make your wallet and pockets heavy. Currency bills have
a subconsciously higher status.
Now that the penny is gone, there will be smaller price
rises. Shops previously showing prices as $19.99 will
raise the price to $20 or more likely to $20.49, think
of 20,000,000 shops and traders over the country all
raising their prices by at least one cent and the
average yearly food prices will rise.
OK, it probably cost more to make the penny than it is
worth - in fact my brother who has a mechanical
workshop uses pennies as washers, because washers of
that size, thickness and quality cost more than one penny.
Having said that, more and more iron is being used in
"copper" coins. Coins should not be magnetic, most of
todays copper coinage - especially in England and
Europe (Euro) IS magnetic. The exception is Swiss 1 and
2 Rappen coins which, although little used, is still
produced in very low numbers - they are still produced
with a good bronze content.
But beware of price rises - especially if the $1 is
ever replaced by a coin..
Just my penn'rth.
Farmer Al Falfa
May 13, 2012, 8:56:44 PM5/13/12
to
"sgt23" wrote in message
news:51bb0269-4383-4cf5...@v1g2000yqm.googlegroups.com...
>I wonder if the Canadian mint will still put the cent in mint and proof sets?
And I wonder if you've had multiple lobotomies!
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