NationStates Jolt Archive

In Ontario Canada, there are some thoughts that the Canadian Mint will stop minting the Canadian penny (1 cent) mainly due to its nuisance of having to be carried around and the cost of minting them for such a miniscule amount.

In reality, you cannot buy penny candies from the store anymore, and its a nuisance to count for fundraising events. The grocery store I work at doesnt bother putting pennies in the cash register and most people don't even want them.

So why not instead stores round up their prices to the nickle (5 cents)? New Zealand has already stopped the circulation of its penny currency...

Anyways, What are your ideas on this? I personally think we should stop the minting of the penny mainly because I hate getting them thus I prefer my debit card (No change =D)

What kind of pros or cons to you think there is to this idea?

The Bank of Canada is considering to stop the circulation of the Canadian penny (1 cent). It will both save the Canadian Royal Mint from the costs of minting them AND stop the nuisance of getting them through change. They are proposing that stores would round their prices to the nickel (5 cents).

I would agree with this decision. I personally find it annoying to get back change in pennies so instead I use my debit card (NO CHANGE! YAY). Also the grocery store I work at doesnt bother putting them in the cash register and I don't blame them! And New Zealand has already abolished the penny from circulation, its only time until we follow suit.

What do you guys think? Do you think we should keep the penny or not. And why!?


(Also, I already posted this with a poll but nuthing appeared so I'm sorry moderators if the first post I created appears as well... =| Sorry...)

we have'nt had 1 or 2 cent peices in australia for more then 10 years, all i can say is good riddance, thought that dose'nt stop places charging 99c for stuff, they just round it up

Just double the value of your currency, then your pennies will be worth tuppence, your tuppence wort fourpence and so on...

Seriously, I wouldn't want pennies abolished. I enjoy hoarding them. To spend months and months collecting your pennies before heading off to the bank with a huge sack of them and handing them in with a look of pride on your face... well, that's just one of life's simple little pleasures :).

Lol... That might be why everyone hates pennies... BECAUSE OF YOU!! *points finger blantly* Lol just kidding buddy...

I found an article that might be of some interest if anyone wants to read...

http://www.thestar.com/News/article/182798

As a cashier at a store? Yes. Get rid of the penny. In fact, lets get rid of dimes and nickels too (American speaking here). Just make all change increments 25, and round for tax. Nothing really costs less than 25 cents anymore...

Apparently the metal content in a (US) penny is worth more than the currency value of the penny itself.

Most places if you try to pay with pennies - I mean, pay with more than, say, 5 pennies, not just the whole thing in pennies - they might accept it, but they'll hate you if they do. More likely they'll just tell you to GTFO.

I don't think we need pennies anymore. And the crummy thing is it's illegal to melt them down and sell the metal, too, meaning they're absolutely worthless in all practical terms.

I may not be Canadian, but in the US we have pennies as well. It makes me angry that the money supply has been so debased and depreciated, reflected in the fact that you could once buy some neat stuff with a penny but now can't buy lint with it. I say stop the legal tender monopoly money and get back to a hard, sound currency. Then we'll never need to have another debate like this again.

I say stop the legal tender monopoly money and get back to a hard, sound currency. Then we'll never need to have another debate like this again.

Hear hear!

If I plan on purchasing anything I will go to the bank and exchange the flimsy paper for some of those dollar coins. Even if they aren't really made of valuable metal...it just seems more solid.

I wouldn't mind getting rid of the US penny, as it now costs more than a penny to make. I'd also like to get rid of the paper one dollar bill.

A double-OP?
Surely this isnt yet ANOTHER server error we'll be seeing more of?

coppers are so annoying, i have jars and bags and mugs overflowing with them. really would not be sorry to see an end to 1 an 2 pence pieces.

A colleague in the office paid her $2 entry into an office pool with pennies. Needless to say the organizers hated her. Fortunately she won and will now get her pennies back :)

If we get rid of the penny, I'll have to keep change on hand if I buy scratch-off lottery tickets. That's no good.

FACT: the penny is the ugliest coin.

I'd also like to get rid of the paper one dollar bill.

Why?

I wouldn't mind getting rid of the US penny, as it now costs more than a penny to make. I'd also like to get rid of the paper one dollar bill.

I understand the penny, but why the dollar? I like dollars. I use dollars. Dollar coins are as bad as any other change. Of course, I don't like any change in my pocket. It's just heavier, louder, bulkier, and just all around more of a pain than it's worth. Give me nice, simple, folding bills.

Or better yet just a debit card.

Just double the value of your currency, then your pennies will be worth tuppence, your tuppence wort fourpence and so on...

Seriously, I wouldn't want pennies abolished. I enjoy hoarding them. To spend months and months collecting your pennies before heading off to the bank with a huge sack of them and handing them in with a look of pride on your face... well, that's just one of life's simple little pleasures :).

Haha! I like your thought process!

If you get rid of the penny, what will I fill the sock I have under my bed with? That's roughly 59.2% of my home security system right there, and you want to abolish it?
Well, Sexy Porkchops, you can have my pennies when you pry them from my cold, dead hands.

I hate pennies. I never keep them. I always usually tell the cashier to keep them.

But then again..if pennies are taken away..I probably wouldn't be so generous with them anymore. I'd get pissed that I was receiving less back than I should. I like to be generous when I want to be-not when I have to.

I'd also like to get rid of the paper one dollar bill.

That actually might happen some time in the future. Government is now going to try and circulate a dollar coin again.

So why not instead stores round up their prices to the nickle (5 cents)? New Zealand has already stopped the circulation of its penny currency...




New Zealand got rid of 1 and 2 cent coins in 1990, and last year got rid of 5 cent coins while making 10s, 20s and 50s smaller.

I understand the penny, but why the dollar? I like dollars. I use dollars. Dollar coins are as bad as any other change. Of course, I don't like any change in my pocket. It's just heavier, louder, bulkier, and just all around more of a pain than it's worth. Give me nice, simple, folding bills.

Or better yet just a debit card.

But see, paper money is just an IOU. It's not actually worth anything - that's why the more of it they print the more values go down, which has been the case in recent years especially because to keep up with our growing population's demand for cash (by the way, cash originally meant 'coins' - funny, isn't it?) to spend. So I can sort of understand why Nazz would want to abolish the dollar bill. Though if that happens, we'd probably have to invent 1/10-cent coins. If you know what I mean.

So Nazz could choose, abolish the penny to keep with decreasing values of currency, or abolish the dollar but keep the penny, and maybe invent even smaller currency to be passed around. Or use a debit card.

Just my two cents.

In America I think it costs something like 6 cents to make one penny, so I think it would be a good idea to do away with them.

In America I think it costs something like 6 cents to make one penny, so I think it would be a good idea to do away with them.

I'm actually really interested in what the seigniorage is on the penny; if it were as big as a $0.05 loss, we'd be losing something like $200 to $400 million a year on that mintage of cents. That's a ton of money, literally and figuratively.

FACT: the penny is the ugliest coin.

What did you expect for a penny?

What did you expect for a penny?

Personally, I think the dime is worse.

Why?

I understand the penny, but why the dollar? I like dollars. I use dollars. Dollar coins are as bad as any other change. Of course, I don't like any change in my pocket. It's just heavier, louder, bulkier, and just all around more of a pain than it's worth. Give me nice, simple, folding bills.

Or better yet just a debit card.

The dollar bill is ugly, and it doesn't last. The coins are handy and durable, especially if you're talking about only using the coins as singles.

And while I use a debit card, screw that becoming the only form of currency. I like the fact that there are purchases that can't be traced definitively back to me, just to hold onto what little privacy I have left.

In America I think it costs something like 6 cents to make one penny, so I think it would be a good idea to do away with them.

It's more like 1.06 cents to make a penny.

Personally, I think the dime is worse.

Well, it's not like you can get excellent design for a dime either.

I'm actually really interested in what the seigniorage is on the penny; if it were as big as a $0.05 loss, we'd be losing something like $200 to $400 million a year on that mintage of cents. That's a ton of money, literally and figuratively.

Hmm. According to here (http://www.retirethepenny.org/) its a loss of 100 million per year.

No surprise that zinc manufacturers are lobbying to keep the penny in circulation. I would too.

My main thinking on this is the penny was introduced at a time when it WAS real money. But, times have changed, the purchasing power of US currency units is much less and pennies have just about no real use. I think their end is assured sooner or later.

But like the Nazz, I also enjoy that currency exists... I wouldn't want to go to an all-credit system where my every purchase is monitored by some Department of Homeland Security computer program to see whether I might become a terrorist or some shit like that.

The dollar bill is ugly, and it doesn't last. The coins are handy and durable, especially if you're talking about only using the coins as singles.

But at the same time, it's easier and cheaper to produce paper currency; the comparative cost per dollar is a lot less, and the actual fabric the bills are made of is pretty durable (relatively speaking), cutting down on losses due to wear.

And while I use a debit card, screw that becoming the only form of currency. I like the fact that there are purchases that can't be traced definitively back to me, just to hold onto what little privacy I have left.

If it's less than $10, I'll use cash.

We (my daughter and I) call pennies "cockroach coins" because they're usually brown, they gather together in dark corners and reproduce like crazy and you can't get rid of them. If they stopped making them, they might, suddenly be worth something. Otherwise, they're not good for much.

Abolish the penny.
Turn the dollar note to a coin.
Switch to metric.

But at the same time, it's easier and cheaper to produce paper currency; the comparative cost per dollar is a lot less, and the actual fabric the bills are made of is pretty durable (relatively speaking), cutting down on losses due to wear.

They're worth nothing except as an IOU. That's partly why the value of the dollar goes down, because we print more dollars.

No, let's not abolish the penny, Abe Lincoln is on our coin, to get rid of it is un-american. And the dollar note, don't get me started, that is even more un-american. I like to call it the freedom note. Changing it to a coin is un-american. I will spit on any one dollar coin that comes out, but the canadian penny...meh. How about we start getting rid of some french currency as this is all an obvious ploy by our good friend Mr Chirac to destroy america. HAIL AMERICA, HAIL ABE, HAIL THE PENNY, HAIL THE DOLLAR BILL!

But what will small children swallow and poop and to the amusement of all...?

But what will small children swallow and poop and to the amusement of all...?

:confused: Nickels?

If you get rid of the penny, what will I fill the sock I have under my bed with? That's roughly 59.2% of my home security system right there, and you want to abolish it?
Well, Sexy Porkchops, you can have my pennies when you pry them from my cold, dead hands.

Lol. But the thing is I don't want pennies! lol So, you can keep your pennies with you in your grave...

Also, we would be saving a few cents if we got rid of the penny. $x.99 would have to be rounded up to $x.00 or down to $x.95... Most companies would opt for the round up for that extra cent profit. HOWEVER! Due to competition, companies would be forced to round down to $x.95 so that consumers will purchase the $x.95 Product A from Store A, instead of the $x.00 of Product A from Store B.