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Bye bye Penny?
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| jester |
| quote: | The Senate’s finance committee is to introduce its recommendation on Tuesday on whether the country should abandon the penny, with media reports suggesting the one-cent coin will be discarded.
In April, the committee was charged with investigating the penny’s usefulness, with the coin characterized by some as no longer necessary to the modern economy because the cost to produce it exceeds its financial value.
During hearings held in October, representatives from the Bank of Canada, a number of industries, consumer groups, and charities all told the committee that they wouldn’t miss the penny if it were discontinued.
A Canadian Press report, attributed to unnamed sources, said the committee was set to recommend just that, citing evidence that over time, inflation has rendered the penny needless.
New Zealand and Australia have ditched their pennies, and New Zealand has even abandoned its five-cent piece. Neither country experienced much in the way of economic fallout afterward. |
(Courtesy of The Montreal Gazette) |
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| ChemEnhanced |
| about f'n time |
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| VDub |
Ok I don't understand something and maybe I'm a little slow but what's going to happen to the totals in between nickels??
What if something costs $2.63???
Will totals just be rounded??? |
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| ChemEnhanced |
| quote: | Originally posted by VDub
Ok I don't understand something and maybe I'm a little slow but what's going to happen to the totals in between nickels??
What if something costs $2.63???
Will totals just be rounded??? |
I'm sure they will just round everything up and the government takes the extra money. |
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| jester |
| quote: | Originally posted by ChemEnhanced
I'm sure they will just round everything up and the government takes the extra money. |
Guess instead of a PS3 being $299.99... its going to be $300 :haha:
They should get rid of the nickel and dime also. True, stuff would be more expensive (to a certain percentage) At least we wouldn't have to carry so much change :whip:
Everyone should start melting down their change and trying to get what valuable metal that there is left in these small little coins.
Penny -- 94% steel, 1.5% nickel, 4.5% copper (billions in circulation) weighs 2.8 grams
Nickel -- 94.5% steel, 3.5 % copper, 2% nickel plating (billions in circulation)
Dime --
You need around 23 pennies to get around 2.9 grams of copper. Current copper prices is US$4.16 per pound ;) |
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| Summerlover |
| Yes! I hope they get rid of the penny. There are other countries around the world that don't have 1cent coins and it works great! I hope this happens! :gsmile: |
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| Jayx1 |
how about we keep the penny and get our $2 note back? The real burden of change is not so much pennies but the damn loonies and twonies.
i put EVERYTHING on charge as a loath getting a pocket full of coins back when i break a note. |
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| NuERA |
| it was like this in Australia and was much better...yes the totals just got rounded up or down |
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| LiveTime |
| Well this is certainly going to piss off homeless people when they have a bunch of pennies...i guess beggars have to be choosers when asking for legal tender |
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| VDub |
| quote: | Originally posted by Jayx1
how about we keep the penny and get our $2 note back? The real burden of change is not so much pennies but the damn loonies and twonies.
i put EVERYTHING on charge as a loath getting a pocket full of coins back when i break a note. |
No way dude..
We take any and all coins and put them in our jar...
Come December, 700 - 800 in Christmas money..
Best thing I've ever done with my change... |
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