Canada to stop making pennies - Kawasaki Versys Forum
Off Topic Discussions For all of your off topic talk and just general B.S. Jokes, funny stories, etc...

 
LinkBack Thread Tools Display Modes
post #1 of 14 (permalink) Old 03-31-2012, 05:34 PM Thread Starter
Member
 
Bones's Avatar
 
Join Date: Aug 2008
Location: western Massachusetts
Posts: 1,788
Mentioned: 0 Post(s)
Canada to stop making pennies

Canada will stop minting pennies this year. Each one costs 1.6 cents to make and managing them costs retailers more than they're worth. They'll still be legal tender but banks won't distribute them so they'll slowly go out use.

What happens without pennies? Most transactions are electronic and those continue to be paid to the penny. Cash transactions will round to the nearest 5 cents. That means you'll never be more than 2 cents ahead or behind and over time will break even.

What's keeping the US from getting rid of pennies? I'd wager it's money. Pennies are mostly zinc and mining interests don't want to lose government business.

I was on a US Air Force base (visiting a cousin) in Germany and there were no pennies on base. A colonel explained to me that it was because pennies were not worth the trouble. This was 1989. US military bases overseas haven't used pennies in decades.

If we're looking for ways to reduce wasteful government spending, how about we stop making obsolete coins. I'd love to see pennies slip into history.


To view links or images in signatures your post count must be 0 or greater. You currently have 0 posts.


[SIZE="1"]Ride. Good.


2003 ST1300ABS
2008 Versys
IBA 59868
Bones is offline  
Sponsored Links
Advertisement
 
post #2 of 14 (permalink) Old 04-01-2012, 07:14 AM
Super Moderator
 
kiwi 41's Avatar
 
Join Date: Mar 2010
Location: 44.24'S 171.15'E Timaru, NewZealand
Posts: 8,623
Mentioned: 2 Post(s)
Send a message via Skype™ to kiwi 41
NZ go rid of its 1, 2 and 5 cents coins with the 5 c being withdrawn1996 as well as we got rid of paper 1 and 2 doller notes and replaced them with 1 and 2 doller coins as the cost of printing and minting these old currencies was more than they were worth in relation to the coins.
kiwi 41 is offline  
post #3 of 14 (permalink) Old 04-01-2012, 08:53 AM
Member
 
rrichard's Avatar
 
Join Date: Jun 2011
Location: Wilmington, DE USA
Posts: 96
Mentioned: 0 Post(s)
I agree, Bones. I would like to see them go.
rrichard is offline  
post #4 of 14 (permalink) Old 04-01-2012, 11:39 AM
Member
 
Sprocket's Avatar
 
Join Date: Nov 2010
Posts: 770
Mentioned: 0 Post(s)
In Canada we got rid of the $1 and $2 bills a long while ago for the same reason. Bills have to be replaced, coins are more durable. We now have $1 and $2 coins instead. New bills starting with $100 bill are now made out of plastic instead of paper. $1 coin is call loonie (because it has a picture of loon engraved on it). $2 coin is called toonie (because $1 coin is call loonie). Personally I hardly ever carry cash anymore as I always use a debit card.
Sprocket is offline  
post #5 of 14 (permalink) Old 04-01-2012, 03:26 PM
Super Moderator
 
fasteddiecopeman's Avatar
 
Join Date: Jul 2008
Location: Kelowna, BC - summer; Florence, AZ - winter
Posts: 17,837
Mentioned: 29 Post(s)
Personally I don't care, one way or the other, about keeping the penny, but I find the fact that each costs 1.6cents to make is specious.

The bloody things last DECADES, and are used MILLIONS of times each.

So, what does that make them cost, PER USE?

Ed
To view links or images in signatures your post count must be 0 or greater. You currently have 0 posts.


'08 V AZ, '15 V650LT BC
Ride to D2D 2013, June '13

To view links or images in signatures your post count must be 0 or greater. You currently have 0 posts.


Ride to D2D 2015, June '15

To view links or images in signatures your post count must be 0 or greater. You currently have 0 posts.


Ride to D2D 2016, June '16

To view links or images in signatures your post count must be 0 or greater. You currently have 0 posts.
fasteddiecopeman is offline  
post #6 of 14 (permalink) Old 04-01-2012, 03:33 PM
Member
 
ATYC's Avatar
 
Join Date: Sep 2010
Location: London, ON, Canada
Posts: 1,346
Mentioned: 0 Post(s)
Garage
They may last for decades, but they don't get used. The estimated amount of pennies currently stored in jars and pails in people homes is far beyond the amount minted and stored in banks. People don't pick them up on the street, some folks even toss them in the garbage. Better off without them.

Always trust your cape.
ATYC is offline  
post #7 of 14 (permalink) Old 04-01-2012, 07:26 PM Thread Starter
Member
 
Bones's Avatar
 
Join Date: Aug 2008
Location: western Massachusetts
Posts: 1,788
Mentioned: 0 Post(s)
Quote:
Originally Posted by fasteddiecopeman View Post
Personally I don't care, one way or the other, about keeping the penny, but I find the fact that each costs 1.6cents to make is specious.

The bloody things last DECADES, and are used MILLIONS of times each.

So, what does that make them cost, PER USE?
I think a more relevant question is what does it cost to USE them per use? Consider that the US military decided that pennies were more trouble than they're worth decades ago. Australia ditched pennies years ago, and now Canada. What are we in the US waiting for?


To view links or images in signatures your post count must be 0 or greater. You currently have 0 posts.


[SIZE="1"]Ride. Good.


2003 ST1300ABS
2008 Versys
IBA 59868
Bones is offline  
post #8 of 14 (permalink) Old 04-01-2012, 07:41 PM
Member
 
Tigerpawed's Avatar
 
Join Date: Jun 2010
Posts: 1,044
Mentioned: 0 Post(s)
To me the test of value is, if you saw it on the ground, would you stop to pick it up? When it comes to a penny, most people don't.

Someday is not a day of the week.
Tigerpawed is offline  
post #9 of 14 (permalink) Old 04-02-2012, 01:47 PM
Super Moderator
 
fasteddiecopeman's Avatar
 
Join Date: Jul 2008
Location: Kelowna, BC - summer; Florence, AZ - winter
Posts: 17,837
Mentioned: 29 Post(s)
Quote:
Originally Posted by Tigerpawed View Post
To me the test of value is, if you saw it on the ground, would you stop to pick it up? When it comes to a penny, most people don't.
I guess it comes down to age. Having been brought up by folks who lived through the Great Depression I tend to pick up pennies, but, maybe it's time to quit that.

Ed
To view links or images in signatures your post count must be 0 or greater. You currently have 0 posts.


'08 V AZ, '15 V650LT BC
Ride to D2D 2013, June '13

To view links or images in signatures your post count must be 0 or greater. You currently have 0 posts.


Ride to D2D 2015, June '15

To view links or images in signatures your post count must be 0 or greater. You currently have 0 posts.


Ride to D2D 2016, June '16

To view links or images in signatures your post count must be 0 or greater. You currently have 0 posts.
fasteddiecopeman is offline  
post #10 of 14 (permalink) Old 04-02-2012, 02:49 PM
Member
 
Tigerpawed's Avatar
 
Join Date: Jun 2010
Posts: 1,044
Mentioned: 0 Post(s)
I pick'm up, toss them in the cup, and when the cup is full of change it goes to the Coinstar machine that spits out a coupon for Amazon with no additional fees. I don't use cash much anymore so it takes a long time to fill that cup now.

Someday is not a day of the week.
Tigerpawed is offline  
post #11 of 14 (permalink) Old 04-21-2012, 10:48 AM
Member
 
Join Date: May 2011
Location: Bochum, Germany
Posts: 378
Mentioned: 0 Post(s)
Some Euro countries do not use 1ct and 2ct coins, e.g. Netherlands. They are legal, but not issued in those countries, and prices are rounded to the next 5ct. I think it's a pretty good idea - less bulk in your wallet to worry about.

2008 Kawasaki Versys
1994 Honda NTV 650
1999 Suzuki AN125
blahwas is offline  
post #12 of 14 (permalink) Old 04-21-2012, 02:41 PM
Member
 
DaveC's Avatar
 
Join Date: Jul 2009
Location: Ottawa, ON Canada
Posts: 918
Mentioned: 0 Post(s)
Quote:
Originally Posted by Tigerpawed View Post
I pick'm up, toss them in the cup, and when the cup is full of change it goes to the Coinstar machine that spits out a coupon for Amazon with no additional fees. I don't use cash much anymore so it takes a long time to fill that cup now.
I'd do that with mine, but the local Coin machines charge an 11% fee. So I just roll them by hand when I feel the urge.

Dave

Dave C
2008 Versys (Red)
DaveC is offline  
post #13 of 14 (permalink) Old 04-22-2012, 07:35 AM
Member
 
Doctor Shifty's Avatar
 
Join Date: Nov 2008
Location: Newcastle, Australia
Posts: 261
Mentioned: 0 Post(s)
We lived in the UK from 1985 to 1989. When we home to Oz I went for a trolley at the airport and it needed a coin. I had a $2 note in my wallet from before I left, so went to change it. The guy said, 'You must have been out of the country for a few years.' 'How can you tell?' I asked. 'We don't use the $2 note any more.'

So put it back in my wallet and it's still sitting at home somewhere as a relic.

I grew up in the days of the ha'penny and can remember its slow disappearance. Oz no longer uses any copper coins. We also pioneered the bright coloured plastic notes and the Oz mint prints them for many countries.

You can help make Clem a household name

To view links or images in signatures your post count must be 0 or greater. You currently have 0 posts.
Doctor Shifty is offline  
post #14 of 14 (permalink) Old 04-24-2012, 11:13 AM
Member
 
Join Date: Nov 2011
Location: Chicago
Posts: 98
Mentioned: 0 Post(s)
In the 90's, the IL tollway used to take pennies in the automated coin counters so I would just drive by and dump pennies in until the light turned green. But they took those out when they switched to electronic tolling.

Also, the US tried to move people to use the $1 coin with the golden dollar coin, but it never caught on. I read somewhere that we spend $3million per year storing unused dollar coins.

2008 Kawasaki Versys
filbert is offline  
Sponsored Links
Advertisement
 
Reply

Quick Reply
Message:
Options

Register Now



In order to be able to post messages on the Kawasaki Versys Forum forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.

User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.

Password:


Confirm Password:
Email Address
Please enter a valid email address for yourself.

Email Address:
OR

Log-in










Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page
Display Modes
Linear Mode Linear Mode



Posting Rules  
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On

 
For the best viewing experience please update your browser to Google Chrome