World Canada Gov't scraps penny, a 'currency without currency'

[The Helper]

OTTAWA — It's the end of the line for Canada's humble penny.

The government has decided our lowest denomination coin is more trouble than it's worth, so the Royal Canadian Mint will stop distributing the penny this fall.

"It's a currency without currency," Finance Minister Jim Flaherty said Thursday.

In his budget speech, he said the only surprise is that the penny survived for so long.

"Pennies take up too much space on our dressers at home. They take up far too much time for small businesses trying to grow and create jobs," he said in prepared remarks.

"It costs taxpayers a penny-and-a-half every time we make one. We will, therefore, stop making them."

Cash transactions will soon be rounded to the nearest five-cent increment. So if a coffee costs $1.27, it will be rounded down to $1.25. If it's $1.28, the final cost will be bumped up to $1.30.

Read more here.

 

[FireCat]

Probably a pretty smart move, isn't it?

 

[Slapshot136]

Probably a pretty smart move, isn't it?

it's about time it happened, and I can't wait for it to happen in the U.S. either - I can't even put pennies in parking meters because they won't accept them!

back when the penny was created, it actually had value, i.e. people worked a lot for a penny, now it takes less than 2 seconds worth of work - which is more work then what it takes to dig a penny out of a coin purse (3600 seconds in an hour divided by $20.90, average U.S. hourly wage = 1.72 seconds of work)

 

[Ninja_sheep]

Good news I guess.

"It costs taxpayers a penny-and-a-half every time we make one. We will, therefore, stop making them."

This comparison makes no sense.
The government doesn't create pennies so it can spend them, it creates them so there is a currency that can be traded hundreds of times.

 

[thewrongvine]

I use pennies for Penny Wars to win competitions for class,


But besides that..

 

[Accname]

Me appreciates.

 

[Slayer4000X2008]

What do I do with all my pennies now. I have like 13 years worth in my old piggy bank (all pennies I made sure of it).

 

[Slapshot136]

What do I do with all my pennies now. I have like 13 years worth in my old piggy bank (all pennies I made sure of it).

turn them in for scrap metal, copper is somewhat valuable - you will get what they used to be worth

 

[Accname]

As far as i understood they just stop producing them, i guess you can still use them to pay something with.

 

[xPass]

And kudos to those who keep pennies as keepsakes

 

[camelCase]

And kudos to those who keep pennies as keepsakes

1) At first, it'll be cool to keep pennies.
2) Then, people will start to lose them.
3) Years later, some will find their lost pennies and a temporary excitement will ensue.
4) Wait another few months, go to step one.

 

[DM Cross]

What do I do with all my pennies now. I have like 13 years worth in my old piggy bank (all pennies I made sure of it).

Keep them until you're old and crusty. Imagine, Pennies will be lost or destroyed over time. Eventually, they won't be common and will actually be rare coins to be collected, since they're not manufactured anymore.

Imagine selling a penny for a dollar amount.

We do live in a crazy world, my friends. Insanity.