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Canada Kills the Penny

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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.livescience.com/26780-canada-penny-retired.html

Thoughts?

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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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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.

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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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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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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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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.

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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.

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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.

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

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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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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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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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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!

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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
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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.

LMAO yet all these digital lovers say we are smarter than the egyptians and other lost civilizations who built amazing things hahaha

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"Screw the bank and their easy credit"

It's been my moto since I signed up... it's so true today.

In order to protect an investment of any kind it's most important to protect the value currency transacted.

The demise of the penny is a strike against individual liberty and a straw in the hat for central banking and GOV.

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LMAO!Yet all these digital lover's think we are far more advanced than the ancient egyptians and other lost ancient civilizations that built amazing things hahaha

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Did not mean to post that twice said it didnt go through the first time,thats technology for ya hahaha

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There are member of UM who won't dare touch this topic because it interferes with their feel good interpretation of economics and social human development.

To those I say: Good luck with that.

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I hate the penny. I think the US should get rid of it.

All they do is clog my change drawer, my car ashtray, and I see them frequently on the ground.

Edited by pallidin

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There are member of UM who won't dare touch this topic because it interferes with their feel good interpretation of economics and social human development.

To those I say: Good luck with that.

Not many topics here i wont discuss with anyone,just dont start bringing up statistics and graphs.Sometimes its ok but if it says gov statistic's say- I will just ignore the conversation right there,any and all of their stats are almost all lies and to push agenda's.I will take and conversate ideas with any and all just make it the way you really think,your own thoughts not some thought that was put there by some agenda

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Crooks will try any way to game the system. Rounding off the penny gives a green light to corruption.

Rounding off the penny = the greater # of taxes collected.

It's a win-win for GOV.

The elimination of the penny is a scam.

It's like skimming off the top at a casino. Canadians are sooo gullible.

Edited by acidhead
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Sorry I'll gladly pay a few more cents just to make things a tad bit easier. That is the whole point of money, making life easier(Trying to barter with actual goods can be a pita). All digital money though is a tad bit too easy.

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Crooks will try any way to game the system. Rounding off the penny gives a green light to corruption.

Rounding off the penny = the greater # of taxes collected.

It's a win-win for GOV.

The elimination of the penny is a scam.

It's like skimming off the top at a casino. Canadians are sooo gullible.

About 1 year ago i read we are considering the same thing,so its not only the canadians lol

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