HFBoards

Go Back   HFBoards > Non-Sports > The Lounge
Mobile Hockey's Future Become a Sponsor Site Rules Support Forum vBookie Page 2
The Lounge "...Where the parking lot of the Igloo meets the concourse of the Nassau County Coliseum and the bathroom line of the Skyreach..." - Wickedbsfan

Today is the last day of the Canadian penny

Reply
 
Thread Tools
Old
02-04-2013, 03:59 PM
  #1
End on a Hinote
Registered Abuser
 
End on a Hinote's Avatar
 
Join Date: Aug 2011
Location: British Columbia
Country: Canada
Posts: 1,264
vCash: 500
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 it’s 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

End on a Hinote is offline   Reply With Quote
Old
02-04-2013, 04:04 PM
  #2
Juzmo
dont google me
 
Juzmo's Avatar
 
Join Date: Nov 2009
Location: here
Country: Finland
Posts: 37,527
vCash: 690
Good. I hate the Canadian penny.

Juzmo is offline   Reply With Quote
Old
02-04-2013, 04:05 PM
  #3
Shrimper
Trick or ruddy treat
 
Shrimper's Avatar
 
Join Date: Feb 2010
Location: Essex
Country: United Kingdom
Posts: 71,183
vCash: 500
British penny > Canadian penny

Shrimper is offline   Reply With Quote
Old
02-04-2013, 04:06 PM
  #4
seafoam
 
seafoam's Avatar
 
Join Date: May 2011
Location: Connecticut
Posts: 36,332
vCash: 446
RIP Canadian Penny.

seafoam is offline   Reply With Quote
Old
02-04-2013, 04:10 PM
  #5
Zaide
I'm a renegade
 
Zaide's Avatar
 
Join Date: Aug 2009
Location: Montréal
Country: uriname
Posts: 65,485
vCash: 500
RIP Penny. It was nice knowing you

Zaide is offline   Reply With Quote
Old
02-04-2013, 04:10 PM
  #6
Krishna
Registered User
 
Krishna's Avatar
 
Join Date: Jun 2010
Location: Philadelphia
Country: Canada
Posts: 82,085
vCash: 500
RIP canadian penny

Krishna is offline   Reply With Quote
Old
02-04-2013, 04:16 PM
  #7
Shrimper
Trick or ruddy treat
 
Shrimper's Avatar
 
Join Date: Feb 2010
Location: Essex
Country: United Kingdom
Posts: 71,183
vCash: 500

Shrimper is offline   Reply With Quote
Old
02-04-2013, 04:17 PM
  #8
Janks
Pope Janks
 
Janks's Avatar
 
Join Date: Jan 2010
Location: Calgary
Country: Canada
Posts: 5,311
vCash: 114
Rip penny

Janks is offline   Reply With Quote
Old
02-04-2013, 04:28 PM
  #9
bombers15
Registered User
 
bombers15's Avatar
 
Join Date: Mar 2008
Country: Canada
Posts: 5,001
vCash: 500
Good riddance.

bombers15 is offline   Reply With Quote
Old
02-04-2013, 04:49 PM
  #10
PanthersPens62
$325 Million Man
 
PanthersPens62's Avatar
 
Join Date: Mar 2009
Location: LoriaLand
Country: United States
Posts: 7,258
vCash: 500
RIP, wish they'd get rid of the US penny too.

PanthersPens62 is offline   Reply With Quote
Old
02-04-2013, 05:13 PM
  #11
jumptheshark
the burn out
 
jumptheshark's Avatar
 
Join Date: Oct 2003
Location: hf retirement home
Country: United Nations
Posts: 54,277
vCash: 96
what happensto the .99cent stores

__________________
not sure how--but the fish just jumped in the boat and put the hook in it's mouth
52299/14814
The twenty year rebuild is on!!! Embrace the suck
Heaven wont take me and hell is afraid I'd take 0ver
jumptheshark is offline   Reply With Quote
Old
02-04-2013, 05:27 PM
  #12
Oscar Acosta
Bat Country
 
Oscar Acosta's Avatar
 
Join Date: Mar 2011
Country: United States
Posts: 4,298
vCash: 500
Quote:
Originally Posted by jumptheshark View Post
what happensto the .99cent stores
They die off in the 1980s?

Oscar Acosta is offline   Reply With Quote
Old
02-04-2013, 05:28 PM
  #13
Analyzer
#WeAreBoston
 
Analyzer's Avatar
 
Join Date: Jan 2008
Location: Renfrew, ON.
Country: Canada
Posts: 42,300
vCash: 500
Quote:
Originally Posted by jumptheshark View Post
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.

Analyzer is offline   Reply With Quote
Old
02-04-2013, 05:28 PM
  #14
Zaide
I'm a renegade
 
Zaide's Avatar
 
Join Date: Aug 2009
Location: Montréal
Country: uriname
Posts: 65,485
vCash: 500
Quote:
Originally Posted by jumptheshark View Post
what happensto the .99cent stores
RIP 99 cent stores

__________________
Zaide is offline   Reply With Quote
Old
02-04-2013, 05:32 PM
  #15
No Fun Shogun
Global Moderator
34-38-61-10-13
 
No Fun Shogun's Avatar
 
Join Date: May 2011
Location: Shogunate of Nofunia
Country: Fiji
Posts: 27,830
vCash: 1
Quote:
Originally Posted by Analyzer View Post
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.

No Fun Shogun is offline   Reply With Quote
Old
02-04-2013, 05:33 PM
  #16
LickTheEnvelope
6th Overall Blows
 
LickTheEnvelope's Avatar
 
Join Date: Dec 2008
Location: Vancouver
Posts: 28,133
vCash: 500
Yeay.

LickTheEnvelope is offline   Reply With Quote
Old
02-04-2013, 05:35 PM
  #17
BPR*
 
Join Date: Jan 2009
Location: Portugal
Posts: 26,375
vCash: 500
Quote:
Originally Posted by No Fun Shogun View Post
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?

BPR* is offline   Reply With Quote
Old
02-04-2013, 05:39 PM
  #18
NYRFANMANI
beyond good and evil
 
NYRFANMANI's Avatar
 
Join Date: Apr 2007
Location: Ye Old Saarbrücken
Country: Germany
Posts: 5,629
vCash: 500
The penny is probably much more worth in its real form.

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

NYRFANMANI is offline   Reply With Quote
Old
02-04-2013, 05:39 PM
  #19
rfournier103
Registered User
 
rfournier103's Avatar
 
Join Date: Dec 2011
Location: Massachusetts
Country: United States
Posts: 359
vCash: 500
Quote:
Originally Posted by Analyzer View Post
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.
Like ANYONE is going to round down...

rfournier103 is offline   Reply With Quote
Old
02-04-2013, 05:50 PM
  #20
tony d
The Future
 
tony d's Avatar
 
Join Date: Jun 2007
Location: Behind A Tree
Country: Canada
Posts: 36,548
vCash: 500
Long time overdue if you ask me. I think you're going to see the nickel eliminated within the next decade as well.

__________________
tony d is offline   Reply With Quote
Old
02-04-2013, 06:02 PM
  #21
Fire Lindy
Trust the System
 
Fire Lindy's Avatar
 
Join Date: Jan 2011
Posts: 3,842
vCash: 500
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

Fire Lindy is offline   Reply With Quote
Old
02-04-2013, 06:14 PM
  #22
Alex The Loyal
Grimace Returns
 
Alex The Loyal's Avatar
 
Join Date: Dec 2010
Location: McWhatever
Country: Canada
Posts: 4,792
vCash: 500
Quote:
Originally Posted by NYRFAN88 View Post
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

Alex The Loyal is offline   Reply With Quote
Old
02-04-2013, 06:20 PM
  #23
Corey Perry*
 
Join Date: Aug 2010
Location: Long Beach, Ca
Country: Ireland
Posts: 3,531
vCash: 500
Long hair, don't care.

Corey Perry* is offline   Reply With Quote
Old
02-04-2013, 06:34 PM
  #24
unifiedtheory
Twitter: @ut_pez
 
unifiedtheory's Avatar
 
Join Date: Jun 2007
Location: Burnaby, B.C.
Country: Canada
Posts: 10,220
vCash: 500
Quote:
Originally Posted by NYRFAN88 View Post
The penny is probably much more worth in its real form.

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.

unifiedtheory is offline   Reply With Quote
Old
02-04-2013, 06:48 PM
  #25
Francesa
Moderator
(╯°□°)╯︵ SƖ ןɥu ɐǝ
 
Francesa's Avatar
 
Join Date: Sep 2008
Country: United Kingdom
Posts: 188,937
vCash: 500
RIP Penny

Francesa is offline   Reply With Quote
Reply

Forum Jump


Bookmarks

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off



All times are GMT -5. The time now is 07:05 AM.

monitoring_string = "e4251c93e2ba248d29da988d93bf5144"
Contact Us - HFBoards - Archive - Privacy Statement - Terms of Use - Advertise - Top - AdChoices

vBulletin Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
HFBoards.com is a property of CraveOnline Media, LLC, an Evolve Media, LLC company. ©2014 All Rights Reserved.