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-   -   Today is the last day of the Canadian penny (http://hfboards.hockeysfuture.com/showthread.php?t=1341509)

End on a Hinote 02-04-2013 02:59 PM

Today is the last day of the Canadian penny
 
RIP sweet, sweet clutter.

Quote:

Distribution of the Canadian penny ends Monday, but with about six billion of them in circulation itís not clear how long the little coins will stay in use.

The penny is being retired because it actually costs 1.6 cents to produce and the federal government believes it can save $11 million a year by getting rid of the coins.

http://www.theprovince.com/Canada+pe...#ixzz2JxyBe8Ts

Juzmo 02-04-2013 03:04 PM

Good. I hate the Canadian penny.

Shrimper 02-04-2013 03:05 PM

British penny > Canadian penny

seafoam 02-04-2013 03:06 PM

RIP Canadian Penny.

Zaide 02-04-2013 03:10 PM

RIP Penny. It was nice knowing you

Krishna 02-04-2013 03:10 PM

RIP canadian penny

Shrimper 02-04-2013 03:16 PM

http://4.bp.blogspot.com/-rEStGIACAY...nock-penny.jpg

Janks 02-04-2013 03:17 PM

Rip penny

bombers15 02-04-2013 03:28 PM

Good riddance.

PanthersPens62 02-04-2013 03:49 PM

RIP, wish they'd get rid of the US penny too.

jumptheshark 02-04-2013 04:13 PM

what happensto the .99cent stores

Oscar Acosta 02-04-2013 04:27 PM

Quote:

Originally Posted by jumptheshark (Post 59037099)
what happensto the .99cent stores

They die off in the 1980s?

Analyzer 02-04-2013 04:28 PM

Quote:

Originally Posted by jumptheshark (Post 59037099)
what happensto the .99cent stores

They're dollar stores.

Suppose to work like this from now on:

If your total is 1.01, or 1.02, store rounds down to a 1.00 1.03, or 1.04, it rounds up to 1.05

However, it's not the official end of the penny as many stores will be still using it until they have none left.

Zaide 02-04-2013 04:28 PM

Quote:

Originally Posted by jumptheshark (Post 59037099)
what happensto the .99cent stores

RIP 99 cent stores

No Fun Shogun 02-04-2013 04:32 PM

Quote:

Originally Posted by Analyzer (Post 59037781)
If your total is 1.01, or 1.02, store rounds down to a 1.00 1.03, or 1.04, it rounds up to 1.05

Yeah, I'll believe that when I see it. Stores will just change the price of everything except stuff that falls on exactly .00. Things that are .01, .02, .03, and .04 will all be rounded up to .05. It's not like companies are, as a whole, going to just say, "Sure, let's just take a tiny loss here and make up for it with a tiny gain here." They'll just take a tiny gain everywhere.

Main reason why I'm against getting rid of the American penny, actually. Sure, it costs more to make then its worth, but we're still talking about a comparatively tiny amount when put next to the overall federal budget and, dollars to rounded up nickles, I'd bet that the combined cost on consumers for everything they buy being rounded up, even if only by a cent or two each, will in the long-run end up increasing the cost of goods and services by more than the net loss of making pennies ever was.

LickTheEnvelope 02-04-2013 04:33 PM

Yeay.

BPR* 02-04-2013 04:35 PM

Quote:

Originally Posted by No Fun Shogun (Post 59037935)
Yeah, I'll believe that when I see it. Stores will just change the price of everything except stuff that falls on exactly .00. Things that are .01, .02, .03, and .04 will all be rounded up to .05.

Main reason why I'm against getting rid of the American penny, actually. Sure, it costs more to make then its worth, but we're still talking about a comparatively tiny amount when put next to the overall federal budget and, dollars to rounded up nickles, I'd bet that the combined cost on consumers for everything they buy being rounded up, even if only by a cent or two each, will in the long-run end up increasing the cost of goods and services by more than the net loss of making pennies ever was.

Would you support bringing back the half-cent piece so merchants stop rounding up?

NYRFANMANI 02-04-2013 04:39 PM

The penny is probably much more worth in its real form. :laugh:

As whatever alloy or metal it is. Is the Government going to collect the pennies somehow?

rfournier103 02-04-2013 04:39 PM

Quote:

Originally Posted by Analyzer (Post 59037781)
They're dollar stores.

Suppose to work like this from now on:

If your total is 1.01, or 1.02, store rounds down to a 1.00 1.03, or 1.04, it rounds up to 1.05

However, it's not the official end of the penny as many stores will be still using it until they have none left.

:laugh: Like ANYONE is going to round down... :laugh:

tony d 02-04-2013 04:50 PM

Long time overdue if you ask me. I think you're going to see the nickel eliminated within the next decade as well.

Fire Lindy 02-04-2013 05:02 PM

Hate the Canadian penny, always end up having them since so many Canucks come to Buffalo, and I have to make sure my pennies aren't Canadian when going through the drive-thru

Alex The Loyal 02-04-2013 05:14 PM

Quote:

Originally Posted by NYRFAN88 (Post 59038265)
As whatever alloy or metal it is. Is the Government going to collect the pennies somehow?

Well, we can still pay in pennies, so say if I buy a large double double at tims (1.79, or 1.80 now), I might be a dick and pay with a loonies, two quarters, two dimes and ten pennies. Stores will send the pennies they get to the banks, who will melt the pennies down or something. So eventually, the penny will cease to exist, but that's gonna be a loooong time considering that there is so many out there

Corey Perry* 02-04-2013 05:20 PM

Long hair, don't care.

unifiedtheory 02-04-2013 05:34 PM

Quote:

Originally Posted by NYRFAN88 (Post 59038265)
The penny is probably much more worth in its real form. :laugh:

As whatever alloy or metal it is. Is the Government going to collect the pennies somehow?

The copper pennies are worth more than one cent. They were between 95-98% copper up until 1996. There is actually a law forbidding recycle depots from accepting copper pennies to be melted into copper.

The "repatriating" of the penny will be a pretty nice little cash cow for the government, especially with copper being valued as it is now.

Getting rid of the penny was a long time coming. It costs more to make one than it's worth (1.6 cents per 1 cent), they are very expensive to distribute and in the end, they sit in change jars collecting dust.

I think the collection process will be as simple as the banks giving them to the government as they get them in exchange for usable currency. They will remain legal tender indefinitely but today was the last day for circulation.

I think the "rounding up/rounding down" thing is overblown. It will only be that way for cash purchases. All non cash financial transactions will still use the penny. I do think you will see some odd prices on things moving forward though. Since cash tills will need to have software updated to automatically do the "roundup/round down" for cash purchases you can bet your ass that companies will alter all their prices so it always gets rounded up on cash purchases. It could create a nice little profit stream for very large retailers.

Mike Emrick 02-04-2013 05:48 PM

RIP Penny


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