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Canada Kills the Penny


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#1    Hasina

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Posted 04 February 2013 - 01:12 PM

Canada Kills the Penny

It's the end of the line for the Canadian penny in retail purchases. On Feb. 4 the Canadian Mint, which stopped producing pennies last spring, will stop circulating the coins to financial institutions and will encourage them to send back any pennies they have on hand. And the majority of retailers will follow the government's proposal to round the prices of all cash transactions.
It's billed as a cost-savings move.
"The penny is a currency without any currency in Canada, and it costs us 1.5 cents to produce a penny," said Canadian Finance Minister Jim Flaherty. While there may be some nostalgic souls north of the U.S. border who lament the passing of the iconic twin-maple-leaf coin, Flaherty said that when the Canadian senate committee held hearings on axing the penny last year, not one witness came forward to say it should be preserved.

Source: http://www.livescien...ny-retired.html

Thoughts?

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#2    A rather obscure Bassoon

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Posted 04 February 2013 - 01:20 PM

Nobody uses them anyway,I just changed 63 Dollars worth at the Bank.Most people I know have jars and containers full of pennies all over the house.

Good move I say.  :tu:

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#3    Frank Merton

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Posted 04 February 2013 - 01:20 PM

Get rid of all coins.  They make holes your pockets, are expensive to mint, easy to lose, and a damn nuisance to count.  Nowadays machines can handle well-made "paper" (really plasticy-like stuff) quite well.

Vietnam did this some time ago after a failed experiment at introducing them.  You have no idea how nice it is to not have to deal with coins.


#4    and then

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Posted 04 February 2013 - 01:24 PM

Digital money is on the way.  When the ability to transact business can be monitored completely by the government I suspect cash will be missed :(  For me it's as much an issue of freedom and privacy as it is convenience.  But the logic is irrefutable that a penny has outlived it's usefulness.

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#5    A rather obscure Bassoon

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Posted 04 February 2013 - 01:31 PM

View Postand then, on 04 February 2013 - 01:24 PM, said:

Digital money is on the way.  When the ability to transact business can be monitored completely by the government I suspect cash will be missed :(  For me it's as much an issue of freedom and privacy as it is convenience.  But the logic is irrefutable that a penny has outlived it's usefulness.

I now very rarely hand cash over when purchasing anything,my Debit Card gets well used.

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#6    Ealdwita

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Posted 04 February 2013 - 01:38 PM

Oh for the days when the horny-handed sons of the soil queued at the Wages Department window and touched their caps as they were handed their wage-packets. (And then surreptitiously slid all the coins out before handing the packet to the missus!)

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#7    Frank Merton

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Posted 04 February 2013 - 01:41 PM

View Postand then, on 04 February 2013 - 01:24 PM, said:

Digital money is on the way.  When the ability to transact business can be monitored completely by the government I suspect cash will be missed :(  For me it's as much an issue of freedom and privacy as it is convenience.  But the logic is irrefutable that a penny has outlived it's usefulness.
I hadn't thought of that, but you are right -- tax evasion and money laundering and illegal purchases are going to become much more easily tracked.

Here in Vietnam we are still a pretty much cash society.  Even things like homes are bought by exchanging gold bars.  It does make tax collection iffy, so the government mainly depends on import duties that are fairly easy to enforce (but which the WTO doesn't like) so now a VAT is becoming more and more important, although that is still avoided in smaller stores (or not passed on to the government).

The banks are now pushing people to use debit cards, and some stores even offer a discount, but banks are not much trusted so that people who get their pay with an automatic deposit typically line up each week at an ATM and withdraw it.  At least ATMs now are ubiquitous so the tourists are happy.


#8    Frank Merton

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Posted 04 February 2013 - 01:44 PM

Thinking about it, the time may come when your wealth is in your identity, not even in any card you carry but in your presence, determined by fingerprint or eye-scan or no doubt even more subtle methods that you aren't even aware of.  Sheesh!  Every time I walk into a dealership or store, the management knows what I can afford and what I can't.  Some sort of laws about that will definitely be needed.


#9    wolfknight

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Posted 04 February 2013 - 01:51 PM

So instead of have a 7cents sales tax you now had a 10 cents sales tax. You taxes just jumped 3 cents think about that. You are paying more for the same product.


#10    Thanato

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Posted 04 February 2013 - 02:54 PM

Good thing i pay with debit most of the time. No price change! lol

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#11    A rather obscure Bassoon

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Posted 04 February 2013 - 02:55 PM

View Postwolfknight, on 04 February 2013 - 01:51 PM, said:

So instead of have a 7cents sales tax you now had a 10 cents sales tax. You taxes just jumped 3 cents think about that. You are paying more for the same product.
Tax is a part of life and they are going to screw you one way or another.Let's face it the problems in the Middle East have certainly been a big Tax earner as far as fuel prices go.

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#12    acidhead

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Posted 05 February 2013 - 04:26 AM

This is another central banking scam.

GOV intervention screwing with the free market by fixing the price of goods.  It also encourages a cashless society.  

I'm Canadian.  Today, the official day the round-up-the-purchase scam began I was ripped off paying cash for an item 1 cent.  It was stolen from me because I only engage in cash transactions.

I've never owned a credit card in my life.  I don't need a debit card. The bank is useless to me.

This new formed GOV intervention is a strike against liberty.



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#13    CrimsonKing

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Posted 05 February 2013 - 05:07 AM

View Postand then, on 04 February 2013 - 01:24 PM, said:

Digital money is on the way.  When the ability to transact business can be monitored completely by the government I suspect cash will be missed :(  For me it's as much an issue of freedom and privacy as it is convenience.  But the logic is irrefutable that a penny has outlived it's usefulness.

I for one cannot stand debit cards.I have one but standing behind someone in line at a store with my 5 or 10 items and they have 50 or 60 then its time to pull out the ol debit card while looking over their shoulder to make sure im not looking at them put in their pin #.Next thing you know it fails to go through about 5 times so i wind up spending 30 min in line because some jacka** couldnt use cash haha

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#14    CrimsonKing

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Posted 05 February 2013 - 05:14 AM

View Postacidhead, on 05 February 2013 - 04:26 AM, said:

This is another central banking scam.

GOV intervention screwing with the free market by fixing the price of goods.  It also encourages a cashless society.  

I'm Canadian.  Today, the official day the round-up-the-purchase scam began I was ripped off paying cash for an item 1 cent.  It was stolen from me because I only engage in cash transactions.

I've never owned a credit card in my life.  I don't need a debit card. The bank is useless to me.

This new formed GOV intervention is a strike against liberty.

I have a debit and credit card i only use my debit if ordering something,and my credit i never use if i cant pay cash for it i dont need it!I only have it in case of absolute emergency.I prefer to not owe anyone a damn thing especially banks!

"If it is not advantageous,do not move.If objectives can not be attained,do not employ the army.Unless endangered do not engage in warfare.The ruler cannot mobilize the army out of personal anger.The general can not engage in battle because of personal frustration.When it is advantageous,move;when not advantageous,stop.Anger can revert to happiness,annoyance can revert to joy,but a vanquished state cannot be revived,the dead cannot be brought back to life." Sun-Tzu

#15    acidhead

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Posted 05 February 2013 - 05:29 AM

View PostCrimsonKing, on 05 February 2013 - 05:07 AM, said:

I for one cannot stand debit cards.I have one but standing behind someone in line at a store with my 5 or 10 items and they have 50 or 60 then its time to pull out the ol debit card while looking over their shoulder to make sure im not looking at them put in their pin #.Next thing you know it fails to go through about 5 times so i wind up spending 30 min in line because some jacka** couldnt use cash haha

A month and a half ago I went into busy gas station to pay with cash. There was a malfunction with the computer.  The power was fine.  I fueled up and purchased a chocolate bar. Everybody but me was freaking out because their plastic cards weren't working.

Edited by acidhead, 05 February 2013 - 05:29 AM.



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