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View Full Version : Canada eliminates penny



360 to z
03-29-2012, 03:09 PM
Suspending account.

eduff999
03-29-2012, 05:58 PM
link please...
only a matter of time before usa follows suit

Passing a budget or eliminating the penny? Better chance eliminating the penny.

torpedoman
03-29-2012, 07:49 PM
now the minimum sales tax is 5 cents and if it is at 6 cents they get a raise of 4% without voter approval to 10 %-12% equal 15% yea quiet a deal of the government.

yellowsnow
03-29-2012, 08:11 PM
http://www.canada.com/business/Budget+Penny+pinch+Canada+phase+copper+coin/6381984/story.html

journalists still refer them as copper pennies:rolleyes:

Bruce7Trader
03-29-2012, 09:14 PM
Every time i listen to Business reports on radio i wonder who is able to think?


Search the couch cushions, roll all those lucky pennies and take them to the bank, because the government has announced it will phase out the copper coins beginning this fall.


B7T:cool:

TedNugget
03-30-2012, 06:45 AM
On when inflation takes out the nickel.

Make it a copper pot.

Carpenter
03-30-2012, 08:11 AM
A journey begins with a single step.

Yes, the nickel is next.
Before or after the penny is gone from circulation?

Chump Change
03-30-2012, 08:17 AM
now the minimum sales tax is 5 cents and if it is at 6 cents they get a raise of 4% without voter approval to 10 %-12% equal 15% yea quiet a deal of the government.

Yep.

That darn penny has saved consumers millions of dollars, per year.

Bruce7Trader
03-30-2012, 08:19 AM
A journey begins with a single step.

Yes, the nickel is next.
Before or after the penny is gone from circulation?

Any word on the US Nickel? Will the US nickel soon be as the canadian nickel has become......... plated steel?

B7T

silvercanuck
03-30-2012, 08:27 AM
Better start hoarding those pre-97 copper pennies now.

Once they hit a bank they will be gone forever.

Carpenter
03-30-2012, 08:29 AM
Any word on the US Nickel? Will the US nickel soon be as the canadian nickel has become......... plated steel?

B7T
Funny you should ask,.....

Yesterday:


Geithner, in written testimony prepared for the House Committee on Appropriations, said a good portion of next year’s savings at Treasury will come from changing the composition of U.S. coins to more cost-effective materials.


http://blogs.wsj.com/economics/2012/03/28/treasury-to-cut-costs-by-remaking-coins-replacing-paper/

argentine
03-30-2012, 08:49 AM
Carpenter,

That right there should really tell us how much trouble we are in.

Trillions of dollars in debt, Trillions of dollars added to the money supply -

And the savings is going to come from changing the composition of the nickel and the possible elimination of the penny because it has become literally worthless in comparison to its representation.

We have fallen from the Gold, Silver, Copper and now Zinc standard!

If that does not say it all, I don't know what will.

Argentine

Carpenter
03-30-2012, 09:22 AM
Argentine,

Consider the cost savings, and total control, once they take us digital.

argentine
03-30-2012, 10:07 AM
Argentine,

Consider the cost savings, and total control, once they take us digital.


Yes, I know. It's about the control. :(
The savings are laugable.
There would be no savings or need to change our money if the money supply was dictated by the best intrests of the Republic instead of a banking Cartel.

I see far too much media about taking us to a cashless society.
But to bring up the idea of a Republic where our liberties are outlined by a Constitution is so outdated right? I mean how could the Constitution possibly be relevant to the composition of our cash - or even if we have cash?

Think again.

I am glad you have thought it through Carpenter.
I think we are in a very select minority.
And this is what frightens me the most. Will our Republic wake up?
May God help us and long live the penny. Or in the States - the one cent piece!

A.

zostar
03-30-2012, 10:24 AM
Indeed, so the blackhand has cast the shadow over
Canada, this is sad.

The country has been captured, usurped by the darkside,
it is plain as day now to see. Just like what has happened to U.S.
This is a disease that is out of control. We are witnessing "The "Matrix" in
living color here.

This has absolutely nothing to do with saving money. Canada could have sold
a few more cords of LUMBER to make up the difference.
It is a pre cursor,
to some bad, bad, things; cause of a few small men
thinking they are Gods.

Boldbill67
03-30-2012, 10:49 AM
What if I buy some penny candy? Will that be rounded down to free? Oh wait...I guess they don't have penny candy anymore!

Chump Change
03-30-2012, 10:50 AM
Indeed, so the blackhand has cast the shadow over
Canada, this is sad.

The country has been captured, usurped by the darkside,
it is plain as day now to see. Just like what has happened to U.S.
This is a disease that is out of control. We are witnessing "The "Matrix" in
living color here.

This has absolutely nothing to do with saving money. Canada could have sold
a few more cords of LUMBER to make up the difference.
It is a pre cursor,
to some bad, bad, things; cause of a few small men
thinking they are Gods.

Just wait for their request to genuflect to them at their feet!

Just the beginning...now, where did I put my popcorn:confused:

Carpenter
03-30-2012, 10:52 AM
What if I buy some penny candy? Will that be rounded down to free? Oh wait...I guess they don't have penny candy anymore!

Sure they do... they're two for a nickel. ;)

dpwozney
03-30-2012, 03:41 PM
Indeed, so the blackhand has cast the shadow over Canada, this is sad.

The country has been captured, usurped by the darkside,
it is plain as day now to see. Just like what has happened to U.S.
This is a disease that is out of control. We are witnessing "The "Matrix" in
living color here.

This has absolutely nothing to do with saving money. Canada could have sold a few more cords of LUMBER to make up the difference.
It is a pre cursor, to some bad, bad, things; cause of a few small men
thinking they are Gods.
The dollar can’t be devalued much more with the penny still currently being made and in mass circulation.

Now, when the penny is no longer made and no longer in mass circulation, the dollar can be devalued much more.

With no penny, and with the cost of making the nickel currently about 2.5 cents, the dollar can be devalued to about half it’s present value, before the nickel costs the RCM money to mint.

Chump Change
03-30-2012, 05:08 PM
What if I buy some penny candy? Will that be rounded down to free? Oh wait...I guess they don't have penny candy anymore!

Don't worry about candy, you will get that for change:D

See Argentina

golditiki
03-30-2012, 05:26 PM
Carpenter,

That right there should really tell us how much trouble we are in.

Trillions of dollars in debt, Trillions of dollars added to the money supply -

And the savings is going to come from changing the composition of the nickel and the possible elimination of the penny because it has become literally worthless in comparison to its representation.

We have fallen from the Gold, Silver, Copper and now Zinc standard!

If that does not say it all, I don't know what will.

Argentine

NO, the potatoe chip standard.

Itead of " penny for yr thought", it will be "a chip for yr thought ".

Instead of saying "time is money", we will start saying "time is debt". and the Abba song Money Money will be retitled ŕ la AlbyVa, "debt debt".

just wonder what we will call debt in the future...
Inverse money ?

LETS have a contest and dole out a Money=Debt award ;)

The bigger yr debt the more money you have

or was it owe?

Golditiki +++

anodos
03-30-2012, 05:52 PM
"A 2005 study by the Bank of Canada concluded that doing away with the penny wouldn't lead to any inflation. And Ottawa says similar systems implemented in Norway, Australia, New Zealand and elsewhere didn't lead to systemic price increases."


And yet once again twisting the facts strikes the public.:mad: OK, a show of hands...who here thinks that rising prices or devaluation of goods leads to inflation? :cool:

yellowsnow
03-31-2012, 12:10 AM
Why the U.S. Penny Won't Die Like Canada's Just Did


By Karen Weise on March 30, 2012

Poor little guy. Starting in the fall, Canada’s government will stop producing the lowly Canadian penny. The fact that pennies are expensive to make and are virtually worthless in today’s economy led them to fall victim to Ottawa’s budget cuts. The government says the measure will save around $11 million a year because each new penny costs 1.6 Canadian cents to produce. (One Canadian dollar is essentially equal to $1 in the U.S.) And a Canadian penny buys you only about 1/20th of what it could when it was introduced in 1858: A penny that could hypothetically buy a whole loaf of bread then would only buy a few bites of bread now.

Canadian consumers will be able to use the 1˘ coins indefinitely, but the government is encouraging businesses to start rounding to the nearest nickel. Lest people forget their arithmetic lessons, the government has put out a fact sheet on proper rounding techniques.

The Canadian move, which cites costs and inflation, follows the long-held logic trumpeted by many economists to get rid of 1˘ pieces in the U.S. Economist Stephen Dubner alone has nearly 20 entries on his Freakonomics blog begging for a U.S. penny death. “Can we please be next?” he wrote this morning after learning of Canada’s move.

A 2008 New Yorker article lays out the counterarguments that have prevented the penny’s seemingly inevitable extinction. There are objections to rounding, which one economist estimated could cost U.S. consumers as much as $1.5 billion over five years. Also, cutting out the penny may just put more reliance on the nickel—which is even more expensive to produce. In the U.S. loses 1.4˘ on each penny it makes and 6.2˘ on each nickel, according to Coin Update, an industry news source. Plus, plenty of Americans like pennies and their Honest Abe heritage. Those enthusiasts, along with industry lobbies, have rallied to support the coins when there has been movement to kill them.

President Obama’s 2013 budget proposal includes plans to let the U.S. Mint change the composition of coins (page 173) so it can use less-expensive metals. It has changed materials before; pennies now are almost entirely made from zinc, not copper. But tinkering with metals isn’t so easy. Just check out the description in the budget:

“Such factors may include physical, chemical, metallurgical, and technical characteristics; material, fabrication, minting, and distribution costs; materials availability and sources of raw materials; durability; effects on sorting, handling, packaging and vending machines; and resistance to counterfeiting.”

If changes to the Mint, including the metal switcheroos, make it through the inevitable budget revisions, the savings could be more than $75 million in the 2013 U.S. fiscal year. It took a Canadian budget battle to kill that country’s 1˘ coin, but even in these economic times, don’t hold your breath for Congress to take down the penny soon.-----------------------------------------------------------------------
so far, Canada's conversion to $1, $2 coins, metric system have paid off while US still uses paper $1 and stuck with an antiquity british measurement with fahrenheit to boot.

dpwozney
03-31-2012, 11:13 AM
John Ward, Canadian Press, wrote, in this article (http://thechronicleherald.ca/canada/79645-penny-passes-154): “But it was inflation that really killed the little fellow. Like some numismatic cancer, it ate away at the penny’s value to the point where 95 per cent of its worth was gone”.

It was metal composition changes, not only of the penny but other coins as well, that “ate away at the penny’s value to the point where 95 per cent of its worth was gone”. Metal composition changes of coins, that debase coins, is what allows for inflation to occur.

Also, according to the article (http://thechronicleherald.ca/canada/79645-penny-passes-154): “Rising metal prices, however, pushed the mint to substitute zinc for most of the copper between 1997 and 1999 and then to use steel and a copper plating for the rest of the penny’s life”.

According to this chart (http://upload.wikimedia.org/wikipedia/commons/7/7d/Copper_Price_History_USD.png), the price of copper in USD was actually declining from 1995 to 2002.

silvercanuck
03-31-2012, 12:03 PM
the price of copper in USD was actually declining from 1995 to 2002.

And the C$-US$ exchange rate was falling during that exact same time.

yellowsnow
03-31-2012, 02:59 PM
John Ward, Canadian Press, wrote, in this article (http://thechronicleherald.ca/canada/79645-penny-passes-154): “But it was inflation that really killed the little fellow. Like some numismatic cancer, it ate away at the penny’s value to the point where 95 per cent of its worth was gone”.

It was metal composition changes, not only of the penny but other coins as well, that “ate away at the penny’s value to the point where 95 per cent of its worth was gone”. Metal composition changes of coins, that debase coins, is what allows for inflation to occur.

Also, according to the article (http://thechronicleherald.ca/canada/79645-penny-passes-154): “Rising metal prices, however, pushed the mint to substitute zinc for most of the copper between 1997 and 1999 and then to use steel and a copper plating for the rest of the penny’s life”.

According to this chart (http://upload.wikimedia.org/wikipedia/commons/7/7d/Copper_Price_History_USD.png), the price of copper in USD was actually declining from 1995 to 2002.inflation is unavoidable side effect of world population growth. Copper is serve a better purpose in plumbing and electronics than in coins. I'm ok with that. It is the purchasing power decline that the penny represent worries me.

zostar
04-01-2012, 01:44 PM
Well ironically, you could say,
"Federal budget to leave Canadians penniless".

hmmmm.

cds1949
04-01-2012, 06:19 PM
http://www.canada.com/business/Budget+Penny+pinch+Canada+phase+copper+coin/6381984/story.html
journalists still refer them as copper pennies:rolleyes:

one wonder how much longer before the US changes the raw stock on the nickel?

motocat
04-01-2012, 10:41 PM
It's about time. The U.S. needs to eliminate the penny, nickel, and dime -- and retire the term "cents", just as Britain no longer uses the "farthing". The quarter dollar is the new penny -- no reason to have anything smaller. Bills used primarily as change ($1, $5, and even the $10) need to be coins, and worthless coins retired.

Bruce7Trader
04-01-2012, 10:57 PM
one wonder how much longer before the US changes the raw stock on the nickel?

I have 8,000 dollars face in Canadian Nickels pre 1981 stacked them in my garage under the work table and have my nails of sizes on top.

I believe this will be a great bank to tap in the next 30 years.

No idea only thought is no plan to sell.

B7T

TedNugget
04-02-2012, 08:52 AM
Well ironically, you could say,
"Federal budget to leave Canadians penniless".

hmmmm.

You used to write for Johnny Carson, right?

TedNugget
04-02-2012, 08:57 AM
It's about time. The U.S. needs to eliminate the penny, nickel, and dime -- and retire the term "cents", just as Britain no longer uses the "farthing". The quarter dollar is the new penny -- no reason to have anything smaller. Bills used primarily as change ($1, $5, and even the $10) need to be coins, and worthless coins retired.

No, too fast then too slow.

Penny this year.
Nickel next.
Dime at the end of 2013.
Quarter - 5 dollar the first month of 2014.
Everything else by mid-February.

Bruce7Trader
04-02-2012, 09:46 AM
No, too fast then too slow.

Penny this year.
Nickel next.
Dime at the end of 2013.
Quarter - 5 dollar the first month of 2014.
Everything else by mid-February.

Ted this is why i have a 7.3 Ford Diesel I can load Nickels back haul.

Wonderful i have a bank that gives me huge supply of Nickels.

B7T

Best could be better even better yes compare to Silver:eek:

pairunoyd
04-04-2012, 09:01 AM
Well ironically, you could say,
"Federal budget to leave Canadians penniless".

hmmmm.
haha brilliant

pairunoyd
04-04-2012, 09:16 AM
I have 8,000 dollars face in Canadian Nickels
man im so jealous!!! I dont know the face but i have about 100# of canadian/french nickel. I dont live there so I also had to pay a premium. grrr. Do you know the weight of your 8k face?

Bruce7Trader
04-04-2012, 09:40 AM
man im so jealous!!! I dont know the face but i have about 100# of canadian/french nickel. I dont live there so I also had to pay a premium. grrr. Do you know the weight of your 8k face?

I sorted them took me one winter i would say about 7 to 8 months in total sorting. I stop when the Banks started to give me a hard time as i did the sorting hard core.

One day i remember i was getting nickels thursday to friday and i made a problem for my city the nickels were gone city wide haha i picked up 4,500 in nickels in just one day was like a full time job.

B7T:cool: