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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.
 

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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.
 

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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.
 

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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. :type:

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

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

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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.
 

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Discussion Starter #7
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. :type:

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

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

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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.
 

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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.
 

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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.
 

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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.
 

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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
 

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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.
 

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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.
 
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