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Canada ditches the penny

  • gorocks99
    http://news.nationalpost.com/2013/02/04/canadian-penny-last-day/

    They estimate they'll be out of circulation in 3-4 years, and they're asking stores to start rounding cash transactions to the nearest $0.05
  • OSH
    Smart move.

    In America, we sit on our butts and don't worry about smart political moves that make sense.
  • Raw Dawgin' it
    Why even have coins?
  • gorocks99
    Raw Dawgin' it;1383746 wrote:Why even have coins?
    Longer circulation life than bills, I'd guess.
  • dlazz
    gorocks99;1383749 wrote:Longer circulation life than bills, I'd guess.

    Correct.
  • TedSheckler
    But they still have the Loonie and the Toonie.

    Nothing sucks worse than walking around Toronto with a shit load of them in your pocket. Give me $1 bills any day.
  • WebFire
    OSH;1383744 wrote:Smart move.

    In America, we sit on our butts and don't worry about smart political moves that make sense.
    Yep. We should follow. But we won't.
  • Tiger2003
    Who needs pennies eh?
  • Apple
    WebFire;1383786 wrote:Yep. We should follow. But we won't.
    Modus operandi these days is to lead from behind so maybe this idea originated in the States.

    ..then again I could be wrong, maybe what I heard was that we lead with Michelle's behind.
  • Laley23
    Doesnt it cost more to make a penny, than 1 cent??
  • Ironman92
    I think it cost like 3 1/2 cents
  • bases_loaded
    How much does a $100 bill cost?
  • gorocks99
    Laley23;1384131 wrote:Doesnt it cost more to make a penny, than 1 cent??
    According to the article it costs Canada 1.6 cents per penny.
  • Laley23
    Ironman92;1384159 wrote:I think it cost like 3 1/2 cents
    gorocks99;1384292 wrote:According to the article it costs Canada 1.6 cents per penny.
    Ridiculous we havent found a solution to this yet.
  • FatHobbit
    Laley23;1384131 wrote:Doesnt it cost more to make a penny, than 1 cent??
    gorocks99;1384292 wrote:According to the article it costs Canada 1.6 cents per penny.
    It costs the US 2 cents to make a penny and 10.09 cents to make a nickel

    http://news.coinupdate.com/cost-to-make-penny-and-nickel-declines-but-still-double-face-value-1751/
  • ernest_t_bass
    FatHobbit;1384350 wrote:It costs the US 2 cents to make a penny and 10.09 cents to make a nickel

    http://news.coinupdate.com/cost-to-make-penny-and-nickel-declines-but-still-double-face-value-1751/
    That's ridiculous. They should start making nickels out of the materials they used to make the pennies. Derpina.
  • dlazz
    ernest_t_bass;1384354 wrote:That's ridiculous. They should start making nickels out of the materials they used to make the pennies. Derpina.
    It's ridiculous, but they aren't losing money. The article says that they re-coup the difference on larger denomination coins.
  • Laley23
    dlazz;1384358 wrote:It's ridiculous, but they aren't losing money. The article says that they re-coup the difference on larger denomination coins.
    Kind of. But if they were more efficient they would recoup MORE. Overall, not losing money. But still wasting more money then they need to.
  • dlazz
    Laley23;1384365 wrote:Kind of. But if they were more efficient they would recoup MORE. Overall, not losing money. But still wasting more money then they need to.
    You mean a government agency is wasting more money than they need to?
  • FatHobbit
    ernest_t_bass;1384354 wrote:That's ridiculous. They should start making nickels out of the materials they used to make the pennies. Derpina.
    Lol. Maybe they should redesign all the coins so they are smaller while they are at it.
  • sleeper
    Make them out of plastic. Problem solved.
  • OSH
    sleeper;1384528 wrote:Make them out of plastic. Problem solved.
    And move the bills to polymer. Yet another thing Canada has over the US...