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[R.I.P.] Canadian penny, 1858-2013

Harry Guerrilla said:
About time.
Your damn Canuck pennies make it all the way down here and get mixed up for US pennies all that time. :2razz:
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We have trouble getting rid of all those American coins up here now that the Canadian dollar is on a par or higher valued. In addition, the damn things are slightly thicker than Canadian coins so they screw things up when you try to roll coins.

But we still love you guys up here!
 
CanadaJohn said:
We have trouble getting rid of all those American coins up here now that the Canadian dollar is on a par or higher valued. In addition, the damn things are slightly thicker than Canadian coins so they screw things up when you try to roll coins.

But we still love you guys up here!
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Well, if you're going to taint our money supply, at least have the nerve to do so with $C.
I want some of those nifty bills. :)
 
CanadaJohn said:
I don't know what American mint costs are but the Canadian penny cost .016 to make a .01 face value coin.
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Here is an article I found that says

"For the fiscal year ending September 30, 2012, the unit cost for the Mint to produce and distribute the cent was 2.00 cents and the unit cost for the nickel was 10.09 cents. This compares to costs from the prior fiscal year of 2.41 cents and 11.18 cents, respectively."

Cost to Make Penny and Nickel Declines But Still Double Face Value | Coin Update

It costs double to mint the coins then they are worth.

Hardly seems worth the effort.
 
Juiposa said:
Barely a fraction of a cent difference last time I checked. Our dollars are almost exactly equal.
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That would be correct. XE - The World's Favorite Currency and Foreign Exchange Site

I used to travel to Calgary quite frequently. I especially enjoyed going there when the Loonie was $.65 of a Greenback, yet the prices in Calgary were similar to Denver... meaning it was like living in a 35% off sale (circa 1999-2001).... Then, over time, Calgary became a pricey city and the Loonie became worth the Greenback and suddenly I had I to watch where I went in Calgary lest my wallet be drained.
 
You can't buy anything for 1 cent anymore so what's the point of having this coin around? It just clutters everything up. I say good riddance, and good job Canada!
 
I'll be interested to see how this affects prices, if at all. my theory has always been that most will round up.
 
It really doesn't make sense to have any coins under $1. Consider the fact that for years the IRS requires you to round up or down to a whole dollar amount when you figure taxes.
 
Middleground said:
I can't help but be a little centimental about this. :2razz:
I'd like others to add their 2 cents and give your thoughts on this. Also,do you think the US going to be doing the same in the near future?


Obituary: Canadian penny, 1858-2013 - Canada - CBC News
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It's a good idea considering no one wants pennies and a penny costs more than a penny to make and distribute. Hell, coins and small denominations of paper money (dollar bill) general cost more to manufacture than what their denomination value is. I know in the US it costs 13 cents to manufacture a nickel.
 
Death to pennies!
 
Green Balls said:
It really doesn't make sense to have any coins under $1. Consider the fact that for years the IRS requires you to round up or down to a whole dollar amount when you figure taxes.
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Oh it matters. I'm an accountant (I don't work as one now but I'm qualified).

You just cant round money..... You ever see Office Space? What happened when they tried to round? Now imagine that on a wide scale? If the US did that we would have epic inflation.

I like the idea but it would take creative reform for it to work and be solvent.

Round 1,543.51 a thousand times, then do the same for 1,543.36, one would either lose a penny or make 4 on every transaction. Now what is 4 cents x 1000? 4 bucks?

Then people bitch about ATM fees.
 
Mr.Nick said:
Oh it matters. I'm an accountant (I don't work as one now but I'm qualified).

You just cant round money..... You ever see Office Space? What happened when they tried to round? Now imagine that on a wide scale? If the US did that we would have epic inflation.

I like the idea but it would take creative reform for it to work and be solvent.

Round 1,543.51 a thousand times, then do the same for 1,543.36, one would either lose a penny or make 4 on every transaction. Now what is 4 cents x 1000? 4 bucks?

Then people bitch about ATM fees.
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Ahhhh, I dunno. I need to see the TPS report on that. :2razz:
 
I heard this news from a friend of mine about the discontinue of Canadian penny re-sparks debate in U.S. He told me that the penny stopped being produced back in early 2012. The only thing that happened on Feb 4th was the Canadian Mint stopped distributing it. It is still being used and accepted as legal tender. The Canadian cent has formally ceased circulating in the country to the north. That move has rekindled a discussion locally that has been going on for decades.
 
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