Anyone Sad To See That The Canadian Penny Has Been Discontinued?


wizard
#1
... i find the move to be tremendously worrisome ...

... it seems to me that the canadian government is actually bound by a lawful obligation to supply pennies to the canadian financial markets and has violated the law by discontinuing it ...

... any thoughts?
 
SLM
+3
#2
There are far, far fewer cash transactions taking place anymore. And it probably diminishes more each year, I would bet. I think eventually all physical currency will be redundant.
 
Goober
+5
#3  Top Rated Post
Quote: Originally Posted by wizardView Post

... i find the move to be tremendously worrisome ...

... it seems to me that the canadian government is actually bound by a lawful obligation to supply pennies to the canadian financial markets and has violated the law by discontinuing it ...

... any thoughts?

Well If I offered a penny for your thoughts I would be overpaying.
 
wizard
#4
Quote: Originally Posted by SLMView Post

There are far, far fewer cash transactions taking place anymore. And it probably diminishes more each year, I would bet. I think eventually all physical currency will be redundant.

... i hope you're not right about that ...

... i try to stay as far away from banks as possible and pay as much with cash as i can so i find it disturbing to hear that the government is creating obstacles for people paying with cash ...
 
L Gilbert
+2
#5
Oh, no! What will we ever weigh down our old coffee cans with if there are no more pennies?
Pain in the *** coins.

In Canada, the dumb coin costs more than it's worth to produce (kinda like politicians). In the States it's the same only even more expensive to produce:

http://www.snopes.com/business/money/pennycost.asp
 
SLM
+2
#6
Quote: Originally Posted by GooberView Post

Well If I offered a penny for your thoughts I would be overpaying.

Goobs, be nice and wait for the thread to go off the rails first, lol.

Quote: Originally Posted by wizardView Post

... i hope you're not right about that ...

... i try to stay as far away from banks as possible and pay as much with cash as i can so i find it disturbing to hear that the government is creating obstacles for people paying with cash ...

Why? Cash comes from the bank already, you must need to withdraw it at least. So why would loading up an electronic device be any different?
 
Goober
+2
#7
Quote: Originally Posted by SLMView Post

Goobs, be nice and wait for the thread to go off the rails first, lol.



Why? Cash comes from the bank already, you must need to withdraw it at least. So why would loading up an electronic device be any different?

Only for you and for a very very short time. is that fair?
 
wizard
#8
Quote: Originally Posted by SLMView Post

Goobs, be nice and wait for the thread to go off the rails first, lol.



Why? Cash comes from the bank already, you must need to withdraw it at least. So why would loading up an electronic device be any different?

... thanks for asking ...

... i prefer to administer my money myself, as opposed to having other parties (such as those operating an "electronic device") administer it. the less people involved the less chance of fraud and mistakes happening. been hit by bank and brokerage fraud too many times ...

... simple as that ...
 
#juan
#9
Quote: Originally Posted by SLMView Post

Goobs, be nice and wait for the thread to go off the rails first, lol.



Why? Cash comes from the bank already, you must need to withdraw it at least. So why would loading up an electronic device be any different?



Quote: Originally Posted by SLMView Post

Goobs, be nice and wait for the thread to go off the rails first, lol.


Is there anything out there you can buy for a penny? When I was a kid there were penny candies but I don't think they're
around any more. I once spent a dollar on jawbreakers....three for a penny....I was the most popular kid in our school for
a while.
 
Cliffy
#10
I don't have any mobile electronic devices and don't plan to get any. I prefer paying cash and not having to pay a transaction fee every time I buy something, so I lean in the Wizard's direction on this one. I guess the stores rounding up cash payments will amount to paying fees for transactions over time, but I don't feel like paying hundreds for a cell phone or other device and then paying for a user plan. Just doesn't make sense to me to join the mindless consumer crowd.
 
L Gilbert
#11
Quote: Originally Posted by wizardView Post

... thanks for asking ...

... i prefer to administer my money myself, as opposed to having other parties (such as those operating an "electronic device") administer it. the less people involved the less chance of fraud and mistakes happening. been hit by bank and brokerage fraud too many times ...

... simple as that ...

Well, it might have helped if you hadn't gotten that big "M" tattooed on your forehead.
 
SLM
#12
Quote: Originally Posted by GooberView Post

Only for you and for a very very short time. is that fair?



It won't take long, lol.
 
wizard
#13
Quote: Originally Posted by L GilbertView Post

Well, it might have helped if you hadn't got that big "M" tattooed on your forehead.

... what might have helped?
 
L Gilbert
#14
"been hit by bank and brokerage fraud too many times"
 
wizard
#15
Quote: Originally Posted by L GilbertView Post

Well, it might have helped if you hadn't gotten that big "M" tattooed on your forehead.

... explain. why is it okay for canadian banks to steal from me?
 
SLM
#16
Quote: Originally Posted by #juanView Post

Is there anything out there you can buy for a penny? When I was a kid there were penny candies but I don't think they're
around any more. I once spent a dollar on jawbreakers....three for a penny....I was the most popular kid in our school for
a while.

There is nothing! The only "usefulness" of the penny, in my opinion, is prevent the need from having to round up everything at the cash registers. But really, big deal.

I used to work in a cash office at a store, counting money all day, lol. All cash is disgusting (dirty, bacteria ridden, yuck) but pennies are the absolute worst!!
 
taxslave
+3
#17
Quote: Originally Posted by wizardView Post

... thanks for asking ...

... i prefer to administer my money myself, as opposed to having other parties (such as those operating an "electronic device") administer it. the less people involved the less chance of fraud and mistakes happening. been hit by bank and brokerage fraud too many times ...

... simple as that ...

SO you admit that you got caught trying to defraud the bank?
 
Goober
+1
#18
Quote: Originally Posted by taxslaveView Post

SO you admit that you got caught trying to defraud the bank?

Not him - It is all a conspiracy -
 
SLM
#19
Quote: Originally Posted by GooberView Post

Not him - It is all a conspiracy -

See what I mean? Lol, it never takes very long does it?
 
taxslave
#20
Quote: Originally Posted by GooberView Post

Not him - It is all a conspiracy -

The penalty for conspiracy to commit fraud isn't much less than for committing the actual crime.
 
Ron in Regina
#21
Quote: Originally Posted by wizardView Post

... i find the move to be tremendously worrisome ...

... it seems to me that the canadian government is actually bound by a lawful obligation to supply pennies to the canadian financial markets and has violated the law by discontinuing it ...

... any thoughts?

So the penny is discontinued? I wonder just how many are still in circulation?
Anyone want to take a guess at this one? (I've no idea what the answer is)

I'm doubting there'll be any shortage in the foreseeable future, & this might
be an incentive for everyone to empty out their jars and coin baskets and
coffee cans and the lint tray in their dryers and so on and so forth to
reintroduce several million more pennies back into the system.
 
Goober
+2
#22
Quote: Originally Posted by Ron in ReginaView Post

So the penny is discontinued? I wonder just how many are still in circulation?
Anyone want to take a guess at this one? (I've no idea what the answer is)

I'm doubting there'll be any shortage in the foreseeable future, & this might
be an incentive for everyone to empty out their jars and coin baskets and
coffee cans and the lint tray in their dryers and so on and so forth to
reintroduce several million more pennies back into the system.

Lots of charities are asking people to drop off their pennies - that is a good use.
 
Praxius
#23
Quote: Originally Posted by wizardView Post

... i find the move to be tremendously worrisome ...

... it seems to me that the canadian government is actually bound by a lawful obligation to supply pennies to the canadian financial markets and has violated the law by discontinuing it ...

... any thoughts?

Last I heard, it costs more to make a penny than the penny's actual worth...... and when that happens, where's the logic in continuing to make them?

Especially since nobody ever really used them.

If I remember correctly, there might have been 2-3 times in my life where I actually dug around to look for a couple of pennies when paying for something, where most times I'd just give them a dime or nickel & let them sort out the change.

Quote: Originally Posted by wizardView Post

... i hope you're not right about that ...

... i try to stay as far away from banks as possible and pay as much with cash as i can so i find it disturbing to hear that the government is creating obstacles for people paying with cash ...

They haven't had the 1 cent (and the 2 cent piece) here in Australia for quite some time now..... nobody misses either and nobody gives a damn.

If something is $9.97, or $10.02.... they round it to the nearest 5 cents. If you're worried you're going to get continually ripped off of 2-3 cents, I dunno, life can't be that hard for you..... and if one thing rounds up by making you pay an extra 2-3 cents, the next thing you buy will most likely safe you 2-3 cents, so it all balances out in the long run.
 
Spade
+4
#24
ADVERTISEMENT
Spade will buy your old pennies. $0.50 for every 100.
Act soon before the price goes down!
 
taxslave
+2
#25
Quote: Originally Posted by SpadeView Post

ADVERTISEMENT
Spade will buy your old pennies. $0.50 for every 100.
Act soon before the price goes down!

Less f they are pre 1970 cause then they are just pure copper.
 
Retired_Can_Soldier
+5
#26
What will I put on the eyes of my victims?
 
The Old Medic
+1
#27
If the money had not been debased so badly by inflation over the years, the Penny would still be a coin that was worth something.

Virtually every currency on earth has been debased horribly. In the USA, a current dollar is worth less than 5 cents in 1950 buying power.

Canada is essentially the same in this respect.
 
IdRatherBeSkiing
#28
Quote: Originally Posted by Retired_Can_SoldierView Post

What will I put on the eyes of my victims?

It will cost 5 times as much now since you will have to use nickels.

I rarely do cash. Only a couple of places I go don't do credit. Once pennies stop becoming available as change, I will likely use credit or debit for even the smallest of transactions and no longer feel embarrassed for doing it.

From what I have heard pennies will still be legal tender just no longer made and eventually they will run out of supply in circulation.
 
gerryh
#29
Quote: Originally Posted by wizardView Post

... thanks for asking ...

... i prefer to administer my money myself, as opposed to having other parties (such as those operating an "electronic device") administer it. the less people involved the less chance of fraud and mistakes happening. been hit by bank and brokerage fraud too many times ...

... simple as that ...


Bullshyte.
 
talloola
+1
#30
good riddance to the penny, its a pain in the butt. Now I won't have to start up another jar

to get rid of them from my purse, there are jars all over the place here.

I can't be bothered rolling them, not worth it.
 

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