Getting rid of the Canadian penny

[gjnl]

Read an article a couple of days ago (http://articles.marketwatch.com/2012...-canadian-mint) about the Canadian government's plans to stop making and circulating the Canadian penny this summer.

To our Canadian members, how do you feel about this decision? How do you see it working? Prices rounded up or down?

Since it currently takes 1.6 Canadian cents to produce the Canadian penny and about 2 US cents to produce the American penny, I can see a time when the penny will stop being produced and circulated in the US too. The idea has been kicked around for years.

All the best,
GJ

[tooley]

round up, I don't care, good riddance. I hated them as an AB and so much more as a knuckle-dragging quad.

[christopher]

Ditto. Inflation has rendered them useless.

[swimcrankpush]

Its about time just a waist of money.

They are going to round up or down so 1.01,1.02 end up 1 and 1.03,1.04 end up 1.05

This will only happen on cash sales.
Debit, visa, gift cards etc will still be to the penny.

[lynnifer]

I will be happy not to see $14.99 anymore ... let's just call it what it is ... fifteen bucks!

Smart move by our government which they talked about for too many years.

[Obieone]

Ditto ....... and I'm sure retailers will be glad to rid their counters of the little candy dishes holding spare pennies used for people to dip into when they needed one .... we're so damn generous and polite . Now all we have to do is make marijuana legal and life will be just about perfect here on the tundra. So close ........

Obieone

[ZEN12many]

I'm from the USA and we would never be able to consider something so bold BUT here is how I think it would work. In a store if you are writing a check or paying by credit card, you would still pay the amount like always. If you pay in cash, then it would be rounded to the nearest five cents.

In the USA, my suggestion is we get rid of the penny, create a coin dollar about the size of the old penny (and stop making them the size of the quarter), stop making the dollar bill, and put more two dollar bills into circulation. And all at the same time.

[lynnifer]

You know that in Canada, we have a dollar coin (the loonie) and a $2 coin (the toonie) also, right? Makes for a lot of change already so goodbye penny!

I know someone once spoke of changing the $5 bill into a coin as well, but I'm not sure I'll see that in my lifetime.

[ZEN12many]

lynnifer - I knew that Canada had the loonie and toonie. Are they used in general circulation? If I remember right, they are relatively large (meaning larger than a USA quarter). If that large, I would guess they are not used in general circulation.

Here in the USA, they keep on trying to make a dollar coin but it always fails because it is confusingly almost the same size as a quarter and they never dare stop making the dollar bill. Once, wanting to give my grandkids coin dollars as part of their presents, I went to a branch of my bank to get some coin dollars. They had to search the bank and could come up with five. Another reason the coin dollar fails. Not even the banks distribute them.

I digress; the subject is the loss of the penny. Has Canada considered all of the "sayings" that will be lost (in time).

"Find a penny, pick it up, all day long, you'll have good luck"
"Put in your two-cents worth"
"Penny for your thoughts"

[christopher]

lynnifer - I knew that Canada had the loonie and toonie. Are they used in general circulation?

Yes, we don't have $1 or $2 bills at all.

[lynnifer]

What Chris said. Tim Hortons (a popular coffee shop in Canada) is filled with loonies and toonies. Always have some in my wallet - most parking meters, vending machines, etc accommodate the larger coins, though it was awkward at first.

On second thought regarding the penny, I'm feeling tricked. HST was lowered to 13% in Ontario so now that will be rounded up because of the feds and their 'penny deal' ... And the little guy loses again!

[canuck]

Can't wait until the penny is gone, hate change because of the issues it causes with my poor fine motor coordination.

[JohnW4]

Can't wait until the penny is gone, hate change because of the issues it causes with my poor fine motor coordination.

I just paid a $1.50 toll with a bag of pennies in the car. Go pennies!

[lynnifer]

Just when we got all the vending and parking machines in order, Canada has to go and ruin it all again!

http://www.windsorstar.com/loonies+t...507/story.html