It will become, here's my 5 cents worth. Inflation should have changed that one years ago.
Finally: we're getting rid of the penny!!!
- Thread starter wetnose
- Start date
Only the actual penny will be eliminated, I don't think they plan on removing the digit. Your pay would only be affected if you get paid in cash.
Same if you buy items using your debit card, I think you'll still get figures like $61.54 which won't be rounded up unless an actual penny was involved.
I could be wrong, but this would make cents to me. :wink:
Pennies we don't want to see go:
From "the Big Bang Theory"
Seth, Fred's going to be ticked with you posting pics of his girlfriend.
Why is it a penny for your thoughts but you have to put your 2 cents in? Somebody's making a penny.
- Steven Wright
- Steven Wright
I always figured Fred to be more of a "Sheldon" than a "Leonard", but if he can score a babe like Penny, :thumb:
You do understand that the cost to produce a penny being more than a penny's worth isn't a major consideration in and of itself, right?
I mean, yes, it does matter what it costs to produce a penny, but the fact that it's more than $0.01 isn't what's at issue. For the government, the value is in the circulation of the penny. It costs more than US $1 to produce a US $1 bill. Back when you guys had them, it cost more than CAD $1 to produce a CAD $1 bill. The decision to switch to the loonie wasn't because the CAD $1 cost more than CAD $1, it was because a coin would be more durable and could circulate more before being replaced. What's important to an economy is how much the money circulates. It's important to keep the overall cost of producing coinage/paper money down only because the actual coinage/paper money in and of itself doesn't have intrinsic value. It's only important to grease the wheels to allow an economy to move better.
Scrapping the penny is a very small thing, but if your government feels like doing it bully for them.
The problem is that pennies DON'T circulate. People just dump them in a jar and leave them there for years. Most of the pennies that have been produced are being hoarded this way--people don't bother trying to roll them or cash them in because it's a lot of work for what winds up being pocket change.
For the matter nickels are being hoarded as well. I have a big jar full of nickels. When I empty out my pocket change at the end of the day, I toss the pennies and nickels in a jar. I keep the dimes and quarters and will pay for small items with them, but the nickels and pennies are too much weight for too little value.
For the matter nickels are being hoarded as well. I have a big jar full of nickels. When I empty out my pocket change at the end of the day, I toss the pennies and nickels in a jar. I keep the dimes and quarters and will pay for small items with them, but the nickels and pennies are too much weight for too little value.
I get that. I'm just saying that the $0.015 cost of producing a $0.01 denomination coin stat doesn't matter, in and of itself.
