No More Pennies

[Ironhead]

I just heard on the radio that the penny has been officially scrapped.
I did not hear when the last penny will be produced. It apparently costs 1.5 cents to make a penny so the writing was on the wall.
You knew it was going to happen, it just a matter of when the official word would come.

So ...
penny for your thoughts.
give your two cents.

 

[Hangman]

http://www.thestar.com/news/canada/...ttee-report-recommends-killing-the-penny?bn=1

Not scrapped yet. More like "They're ready to recommend the idea." So it hasn't even been officially proposed.

Probably not a bad idea. The ones that remain in circulation will be more than enough until the economy actually reacts and all retail pricing rounds to a 5 cent mark. Since people do non-cash transactions more and more these days, I bet nobody even notices.

They should do a campaign to encourage people to get their existing jars of pennies out of the closet and back into circulation so the mint can recover them throug hthe banks!

 

[Anynym]

It's currently only being recommended by the Senate.

I don't know why.

The Penny's who I know are all pretty cute, or hot. Certainly not worth getting rid of any of them.

 

[blackrock13]

So how do we play penny-anti-poker on Fridays?

 

[BigBlueBobby]

So if we keep our pennes, until they are declared as no longer legal tender we can legally scrap them without penalty of law. The scrap or smelting value of the copper will exceed the value of the currency itself.

 

[hinz]

*sigh* it's about time to quit counting pennies as a hobby.

 

[LoneSearcher]

Maybe the copper (remember when pennies were called "coppers"?) and nickel and zinc in the little coins are now more valuable as just metal?I hope they don't scrap it.

 

[hinz]

Maybe the copper (remember when pennies were called "coppers"?) and nickel and zinc in the little coins are now more valuable as just metal?I hope they don't scrap it.

Does that mean a contra indicator to be bearish, even short those commodities?

 

[OddSox]

They should get rid of the nickels and dimes while they're at it. They say the penny has lost 95% of it's value - which means that quarters are the new penny! (0.25 x 5% = .0125)

On the other hand, maybe it would be more efficient just to devalue the dollar at 10:1 - then pennies would actually be worth something again.

 

[dj1470]

Scrap it.
Pennies are obsolete.

 

[capncrunch]

The article names a couple countries - specifically Australia and New Zealand - that have done away with the penny without incident.

Makes sense here too.

Now just have retailers advertise the total price, including taxes, in their stores/catalogs/etc. The tax amount can still be printed on the receipt, but the customer pays what the price tag says. Why do we not do this??

 

[Greekstar]

No more Penny's??????

 

[PurpleMonkey]

So how do we play penny-anti-poker on Fridays?

Split the nickels in 5's.

 

[OddSox]

Now just have retailers advertise the total price, including taxes, in their stores/catalogs/etc. The tax amount can still be printed on the receipt, but the customer pays what the price tag says. Why do we not do this??

It's the same reason most grocery stores still list prices by the pound - it's the way most people want it. Personally, I'd like to see two prices (at least on the signs) - one before tax and the full price after tax. As soon as we start hiding taxes in the retail price, the taxes will start going up, little by little. Before the GST was introduced, there was a hidden federal 'manufacturers tax' of as much as 17% and most people didn't even know it.

 

[A Quarter Inch Fall]

Leave the penny. Removing it it is only another scam to round up.

 

[Cassini]

As soon as we start hiding taxes in the retail price, the taxes will start going up, little by little. Before the GST was introduced, there was a hidden federal 'manufacturers tax' of as much as 17% and most people didn't even know it.

Biggest mistake Mulroney ever made: making the GST obvious. I think it cost him the election. If taxes are hidden, people forget about them. If you remind customers about the sales tax every time they shop, then they hate the tax. People hate the GST because they know it is there.

 

[fuji]

"A nickel ain't worth a dime anymore."

 

[fuji]

Getting rid of the penny is a total scam to increase the price of everything - f!k gas will go up in 5c increments?

No. It will go up by a cent just like now and the amount you pay will be the total rounded off to the nearest nickel. You might pay as much as 3 whole scents more on a full tank, yipee.

 

[Big Sleazy]

Let's see....... we're fighting a War in Afghanistan, our deficit is at an all time high, the World is looking at us as the beach of the US, we have an MP saying the US should assinate Julian Assange....and we're having a conversation about pennies ???

BS

 

[blackrock13]

Leave the penny. Removing it it is only another scam to round up.

Holy F**k! How do you make it through the week? First snow tires are a scam and now eliminating the penny is the same. Anything else on your hit list.