Thread: No more 2cents worth in Canada

Our Canadian members will no longer be able to offer their 2 cents worth of opinion any more.. They will have to now only offer a nickels worth.

Phase-out of penny begins Monday (with video)

What will the US do with all of those pennies in circulation here. Maybe the US should offer to buy them from Canada for just pennies on the dollar.

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Our opinion is now worth more.

'2 cents worth' gets rounded down to zero. So what else is new?

What can we do with Canadian pennies? Drill holes in them. Cheaper than washers.

You'd think the copper would have value but they actually have a steel core, have had for many years. Now that they have no value, maybe I will work on melting the copper coating off, make washers from the steel blanks and sell the copper for scrap. Could never do that before because they have the Queen's image on them and it would be a capital offense to willfully damage that.

We used to lay pennies on the train tracks and turn them into egg shaped medallions. That was when the pennies were real copper and the tracks had a real train.

So? Sales tax??? Here we have 8% sales tax. Which way does that get rounded with our northern neighbors. Does it now become 10%?????

If there are no longer going to be pennies then what happens when you write a check for a bill. Say the bill with the monthly interest comes to $50.26

Do you still write the check out for $50.26 or $50.25 or round upwards instead of downwards? $50.30

If there are no pennies the entire banking system will have to change since if someone calls in a lone or if the bank has to pay out on a loan where the hell do all those pennies go.

Originally Posted by Ted Menelly

So? Sales tax??? Here we have 8% sales tax. Which way does that get rounded with our northern neighbors. Does it now become 10%?????

If there are no longer going to be pennies then what happens when you write a check for a bill. Say the bill with the monthly interest comes to $50.26

Do you still write the check out for $50.26 or $50.25 or round upwards instead of downwards? $50.30

If there are no pennies the entire banking system will have to change since if someone calls in a lone or if the bank has to pay out on a loan where the hell do all those pennies go.

Ted, virtual pennies still exist. So if you don't want 3 cents to be rounded up to 5 cents, you can always pull out your plastic and pay only 3 cents. If the bank wants to charge you for that 3 cent transaction, you might want to do the math first.

I know what you are thinking and you are right. It is a mess, but pennies are just tokens nowadays. If you don't have $20 in your pocket, you are broke.

Ted,
From what I read it is up to the merchant to decide what they will do with CASH sales. I think the Gov position is to round up or down. How the merchant deals with it in their book keeping and tax payments has to be an interesting book keeping question. Maybe just another entry page for the accountant.

Home depot and others will round down at the register. So $50.29 goes to $50.25. HD probably doing it now as a Pub Rel thing and will take a hit on the tax rather than have to listen to the customer about the 3 or 4 cent overpayment. Cash sales are now a minority especially for large sales.

Kevin,
You may be thinking the right direction.
If they can take your penny away now, what will they take away tomorrow? Nickels? Dimes? Guns? Sex?

It really is just a test marketing for more control over your life.

Originally Posted by John Kogel

Ted, virtual pennies still exist. So if you don't want 3 cents to be rounded up to 5 cents, you can always pull out your plastic and pay only 3 cents. If the bank wants to charge you for that 3 cent transaction, you might want to do the math first.

I know what you are thinking and you are right. It is a mess, but pennies are just tokens nowadays. If you don't have $20 in your pocket, you are broke.

Seriously. What about the stock market in the north. The rest of the world still has that interest or share that is always going to be in between the two nickles. They can't round down to pay you. That would be theft. They cannot round up if they pay a million or 5 million individual shares out. The company would lose money.

Like I said, the pennies are still there on paper. Bookkeepers don't have to round up or down, only cashiers handling cash will do that. And they can still do the penny thing if it suits them. We were in a little store the other day and the old lady has a bunch of pennies in a pot by the till. She's going to keep counting them until she retires, no doubt.

So if you cash in a million shares at 43 cents each, ask for cash and they will round up the last 3 or 4 cents of your total. Bonus!

In the US modern one-cent pieces are made with a ZINC, not a steel "core". This is why a Child swallowing a "penny" can and is considered a serious urgent/emergent medical condition. The old "all copper" pennies when swallowed, are/were not the hazard that the newer copper platted zinc blanks are. (When the zinc comes in contact with digestive "juices" it 'eats through' the stomach, small intestine, etc.). During the war, pennies were all steel, as copper was precious for the war supply.

Kevin

Women and their purses. Like you say they pull out their change purse to give the exact change. They are a pain in the neck. They always seem to wait to the cashier rings up all the items then decide to dig into the purse and pull the change purse. Meanwhile the line up is several yards long... must be a guy thing.

Originally Posted by Raymond Wand

Kevin

Women and their purses. Like you say they pull out their change purse to give the exact change. They are a pain in the neck. They always seem to wait to the cashier rings up all the items then decide to dig into the purse and pull the change purse. Meanwhile the line up is several yards long... must be a guy thing.

The che k book kills me. Wait until the cashier is looking for payment before they even pull it out.

I've thought for years that the U.S. penny should be eliminated. And when more inflation hits over time, just eliminate all coins, and round to the nearest dollar.

I paid $1.09 for a lousy Snickers bar the other day--I can (very clearly) remember when they were only a nickel.

And twice the size.

- - - Updated - - -

And twice the size.