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Today is the last day of the Canadian penny

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Old
02-05-2013, 09:49 PM
  #51
HajdukSplit
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Not Canadian but hope they do this in the US as well, for me at least as I never use pennies and I hate carrying around a lot of change.

Thats a reason why I'm sure against having potentially a $1, $2 coin like they have in most countries in Europe, would hate carrying so many coins

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02-06-2013, 12:33 AM
  #52
No Fun Shogun
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Quote:
Originally Posted by Bobby Ryan Getzlaf View Post
Problem with your theory is, it doesn't exactly work like that. They can't just raise the price on a certain good and get it so it's in the round up column, different combinations will always add up different, and then you factor in taxes. Stores might increase the prices a bit to try and make up for any potential loss, but prices do go up(and it wouldn't be substantial) and there's not much else they can do otherwise.

Plus, obviously, this doesn't affect debit purchases whatsoever, which I would imagine are the majority now. All in all, this is probably pretty likely a non-factor.
Sure they can. Something costs $3.58? Now it costs $3.60. $10.51? $10.55.

They just do that for every single product. With taxes, it'd merely mean that the final price of everything you purchase might, by law, get rounded to the nearest nickle up or down, but the cost of everything could easily be just pushed up. Net gain all around. Especially if you go grocery shopping, could easily be talking about another .50 to dollar to your bill.

Not like it's going to break the bank, but neither is keeping the penny. And, as I said, I wouldn't be surprised if the cost to consumers well outweighs the money saved on removing the penny.

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02-06-2013, 01:05 AM
  #53
VaporTrail
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filthy little pennies

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02-06-2013, 02:53 AM
  #54
Le Tricolore
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Quote:
Originally Posted by No Fun Shogun View Post
Sure they can. Something costs $3.58? Now it costs $3.60. $10.51? $10.55.

They just do that for every single product. With taxes, it'd merely mean that the final price of everything you purchase might, by law, get rounded to the nearest nickle up or down, but the cost of everything could easily be just pushed up. Net gain all around. Especially if you go grocery shopping, could easily be talking about another .50 to dollar to your bill.

Not like it's going to break the bank, but neither is keeping the penny. And, as I said, I wouldn't be surprised if the cost to consumers well outweighs the money saved on removing the penny.
It'd be the final bill that is rounded up or down, not each individual item.

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02-06-2013, 06:55 AM
  #55
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Quote:
Originally Posted by HajdukSplit View Post
Not Canadian but hope they do this in the US as well, for me at least as I never use pennies and I hate carrying around a lot of change.

Thats a reason why I'm sure against having potentially a $1, $2 coin like they have in most countries in Europe, would hate carrying so many coins
When I first moved to Europe I thought having 1 and 2 Euro denominations in coins would be annoying, but I just quickly got used to using change a lot. Granted, I do have a decent pile of 1 and 2 Euro cent coins sitting in my apartment, but for all other denominations I never have a lot simply because spend it regularly. When you're already grabbing change out of your pocket (or coin pouch as seems popular in Europe) for 1s and 2s, it feels more natural to simply use the rest of it as well, in contrast to going into your pocket for change when you could just use the $1 bill in your wallet. I kind of like the 1 and 2 Euro coins now.

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02-06-2013, 10:24 AM
  #56
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Goodbye penny.

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02-06-2013, 11:47 AM
  #57
No Fun Shogun
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Quote:
Originally Posted by Le Tricolore View Post
It'd be the final bill that is rounded up or down, not each individual item.
I know that, but you can still buy each and every item individually. There'd be no point to have stuff not cost exactly a nickle, and which way do you think stores would round? Immediate gain made by stores on every item, and they only need to worry about rounding down on the final bill for about half of the final bills.

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02-06-2013, 03:17 PM
  #58
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02-06-2013, 03:23 PM
  #59
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Old
02-06-2013, 04:24 PM
  #60
Stealth JD
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The US is too stupid and too bogged down in red-tape to be able to pull this off. If they were smart they'd have already replaced the $1 bill with a $1 coin too, since the life of coins is exponentially longer than that of paper/cloth money. But alas, we must again look to our good neighbors to the North to provide the ways of the future. Just like with poutine, flannel clothing, health-care, ice-road trucking and riding polar bears to and from work.

The student has indeed become the master.

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02-06-2013, 05:19 PM
  #61
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Quote:
Originally Posted by No Fun Shogun View Post
Not like it's going to break the bank, but neither is keeping the penny. And, as I said, I wouldn't be surprised if the cost to consumers well outweighs the money saved on removing the penny.
It's not about the money spent making them, it is about the transaction costs of handling pennies. I worked as a cashier many places, and nothing sucks more than having to give someone .24 in change. Every time we use a penny we waste time, it adds up when we're talking about billions of transactions a year. When you live in a world with inflation, you have to accept that at some point the value of using a coin in a transaction is outweighed by the hassle. Personally I think the penny passed that point long long ago.

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Old
02-06-2013, 05:41 PM
  #62
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I'll blow $50 on a night I don't remember without batting an eye, but dare someone try to round the **** up...

...right. Nice try.

Good riddance. Been throwing those things out for years. I'll really miss that $20 it amounted to.

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Old
02-06-2013, 07:33 PM
  #63
MainDotC
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When I worked at the gas station I used to give people **** if they tried to slip me a canadian penny

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