Canadian penny being discontinued

[grcorp]

I know there's quite a few of us Canadians here... that being said, I'm surprised to see that no mention has been made of the penny's retirement, which was made effective today by the Royal Canadian Mint.

http://www.huffingtonpost.ca/2013/02/04/canada-penny-elimination_n_2613216.html

To me, this stands to do no good. If we have to round transactions up or down (e.g. $1.02 becomes $1.00, $1.04 becomes $1.05), that will be an accounting nightmare, and can be devastating to "small change" businesses where pennies count.

Naturally, the increased usage of credit cards makes the "actual" use of coinage much less than it was 10 or 20 years ago... but I still don't see this as being a good idea.

To the non-Canadians on the forum... could you imagine having a denomination of coinage removed from circulation in your country?

 

[draggar]

They've talked about this in the USA for many years. I'm sure there are enough pennies in circulation now that there won't be a shortage for a while or you can be like many Americans and pass off non-Canadian pennies as Canadian pennies.

Also, when business is concerned, if you're paying, they will always round up.

 

[DomainsInc]

apparently they want to do away with the nickel next. seems stupid to me. 11 million saved per year..ok thats pretty small in comparison to many other millions being wasted on other things.

 

[dcristo]

The same thing happened in Australia with the 1 cent and 2 cent coin. What does that buy you now a days lol. Although it's still counted as legal tender.

 

[ianccc]

Question, so the "rounding up" is only for cash transactions? not digital payments?

 

[DomainsInc]

Question, so the "rounding up" is only for cash transactions? not digital payments?

yes

 

[TBC]

On a light note, back in the 80s, UK, I remember the half penny being terminated, all the half penny sweets were rounded up to 1 penny, a major issue! Especially as a kid, when the money I was making was from selling bunches of lavender from home to home. I believe, I moved on to selling Ghost and UFO Club membership to my peers

 

[stewie]

they can never remove the penny... too many memories

down to my last penny
penny for your thoughts
my 2cent worth
turning up like a bad penny
penny from high school ...(opps wrong penny got confused with saying above) ound:

and what about all those songs... "penny lane" - "pennies from heaven"...

and that country song "26 cents" I guess it's renamed "25cents"


thats my 2cents worth...

rounded down it's worth nothing

 

[DomainsInc]

an interesting article..

The MP for Winnipeg Centre plans to launch a private member’s motion by the end of the week to eliminate the five-cent coin and re-jig the rest of Canada’s currency. His “master plan” is to have a coin currency in multiples of 10s – 10, 20 and 50-cent coins, and $1, $2 and $5 coins.

http://news.nationalpost.com/2013/0...-off-ndp-mp-pat-martin-sets-sights-on-nickel/

 

[grcorp]

"When I was your age, there was this one-cent coin called the penny!"

 

[hugegrowth]

they can never remove the penny... too many memories

Don't forget the classic Lionel Richie song "Penny Lover"

Goodbye penny!!

 

[Jeroen]

My country removed the one and two eurocent coins from circulation as far as cash payments are concerned. Shops are still princing items down to cents but at the cashier its always rounded off.

 

[Theo]

We need the introduction of domainer dollars.

 

[hugegrowth]

Soon we'll all be using bitcoin.

 

[domainoid]

If we have to round transactions up or down (e.g. $1.02 becomes $1.00, $1.04 becomes $1.05), that will be an accounting nightmare, and can be devastating to "small change" businesses where pennies count.

- Who'll determine the rounding up? Central Bank of Canada? 1.01 and 1.02 will turn into 1.00.-
1.03 is closer to 1.05 than it is to 1.00.- And so forth.- Would be easier to make or keep a two cent coin if the penny goes out. That goes for any country thinking of this as the two cent round up up or down does add up.-


- When was the last time a penny bought an item in America or Canada? Costs more than one cent to make a penny. I think that's always been their thinking.- This might happen soon here too.I don't like this rounding up and would hate to see the penny go.

 

[amplify]

AAFES Post Exchange (the Walmart of the Military bases) started this a while back. They always round up to the nearest nickel, they don't understand the concept of rounding down.