O Gawd, the Penny's Tail has been Salted.


Spade
#1
Budget: Penny pinch (external - login to view)

Quote:

OTTAWA — This year's federal budget is going to cost Canadians a pretty penny.


Search the couch cushions, roll all those lucky pennies and take them to the bank, because the government has announced it will phase out the copper coins beginning this fall.


The decision, announced in Thursday's federal budget, came down to dollars and cents.
Due to inflation, "the penny's burden to the economy has grown relative to its value as a means of payment," according to budget documents.


"The penny is a currency without any currency," said Finance Minister Jim Flaherty. "Free your pennies from their prisons at home and donate them to charity."


@CDN_PENNY (external - login to view), a Twitter account created soon after the budget came down, wrote, in the voice of the scorned Canadian penny, "'Currency without any currency?' Hey Flaherty. Say it to my face, you clown!"

What to do? What to do?
Last edited by Andem; Mar 30th, 2012 at 04:09 AM..Reason: Added excerpt
 
Tonington
+2
#2
Quote: Originally Posted by SpadeView Post

Budget: Penny pinch (external - login to view)

What to do? What to do?

Pay income tax with pennies.
 
Spade
#3
Obviously, the penny will become a collectors' item.

OFFER TO CC MEMBERS ONLY
For a limited time, I wll ship 50 pennies to the first 10 000 to respond to this offer for $5.00 plus shipping and handling. Be first on your block to cash in on this once-in-a-lifetime opportunity. First come, first served.
Spade
c/o General Delivery,
Aether Island
 
Goober
+1
#4
Quote: Originally Posted by SpadeView Post

Budget: Penny pinch (external - login to view)
What to do? What to do?

What about those people that can rub 2 pennies together and make a nickel.
What about those penurious types.
 
Spade
#5
Where will I buy penny candies?
 
Goober
#6
Quote: Originally Posted by SpadeView Post

Where will I buy penny candies?

They will be available but 2 for 5 cents - inflation will rise.
 
petros
#7
Flatulence says: it costs 1.5 cents to manufacture each penny.

Is that a copper penny or today's steel penny?

What he doesn't tell you and what won't show up on the books is a scrap value of the penny and how much they made from scrap copper.
 
Goober
#8
Quote: Originally Posted by petrosView Post

Flatulence says: it costs 1.5 cents to manufacture each penny.
What he doesn't tell you and what won't show up on the books is a scrap value of the penny and how much they made from scrap.

What about a penny saved is a penny earned. What about that now. What will we use
 
SLM
+2
#9
Quote: Originally Posted by GooberView Post

What about a penny saved is a penny earned. What about that now. What will we use

Who's saving these days? I thought everyone was in hock to Visa.
 
Goober
#10
Quote: Originally Posted by SLMView Post

Who's saving these days? I thought everyone was in hock to Visa.

How many times have you walked by a penny on the ground
 
SLM
#11
Quote: Originally Posted by GooberView Post

How many times have you walked by a penny on the ground

Me personally? Frequently. But I ain't in hock to Visa anyway, so it all evens out.
 
petros
+2
#12
Quote: Originally Posted by GooberView Post

What about a penny saved is a penny earned. What about that now. What will we use

Dollars thanks to inflation.

Quote: Originally Posted by GooberView Post

How many times have you walked by a penny on the ground

Never.
 
L Gilbert
#13
We collect them and drop them off at the bank when we are there. Not a big deal.
 
Tonington
+4
#14  Top Rated Post
The price of a thought has just gone up 400%. How can the government say they're investing in innovation, they're pricing thought out!
 
SLM
+3
#15
Quote: Originally Posted by ToningtonView Post

The price of a thought has just gone up 400%. How can the government say they're investing in innovation, they're pricing thought out!

The price will drop. They'll be selling it 2for1 before long.

Not many seem to want them.

Not a lot of thinking going on out there. LOL.
 
damngrumpy
+1
#16
What to do no more pennies? I protest, we should take to the streets.
For the poor they are being threatened no penny for their thoughts as
mentioned but it puts strain on the rest of the community. By that I
mean, right now they don't have two nickles to rub together If there is
no pennies in circulation, it will cause a shortage of nickels and that
means the bar is raised, to not having two dimes or quarters to rub
together and that is very serious indeed.
 
Spade
+1
#17
Quote: Originally Posted by ToningtonView Post

The price of a thought has just gone up 400%. How can the government say they're investing in innovation, they're pricing thought out!

I knew it; another thoughtless move. Still willing to sell mine- 10 for a dollar, or deeply discounted for volume, a roll for $5.00.

Quote: Originally Posted by damngrumpyView Post

What to do no more pennies? I protest, we should take to the streets.
For the poor they are being threatened no penny for their thoughts as
mentioned but it puts strain on the rest of the community. By that I
mean, right now they don't have two nickles to rub together If there is
no pennies in circulation, it will cause a shortage of nickels and that
means the bar is raised, to not having two dimes or quarters to rub
together and that is very serious indeed.


What will I use for tips?
 
Cannuck
+1
#18
Quote: Originally Posted by SpadeView Post

Obviously, the penny will become a collectors' item.

OFFER TO CC MEMBERS ONLY
For a limited time, I wll ship 50 pennies to the first 10 000 to respond to this offer for $5.00 plus shipping and handling. Be first on your block to cash in on this once-in-a-lifetime opportunity. First come, first served.
Spade
c/o General Delivery,
Aether Island

That seems a bit steep. How about $3.99. You can round it up or down.
 
Spade
+1
#19
Quote: Originally Posted by CannuckView Post

That seems a bit steep. How about $3.99. You can round it up or down.


I take Visa. No rounding necessary.
 
taxslave
+2
#20
Quote: Originally Posted by GooberView Post

How many times have you walked by a penny on the ground

Never. I go through all the wrecked vehicles we crush and all change goes into a can for Sally Ann.
 
Spade
#21
Just think of all the money saved if neither coins nor bills were minted.
 
Cannuck
+1
#22
Quote: Originally Posted by SpadeView Post

Just think of all the money saved if neither coins nor bills were minted.

...and think of how much money the government would make by eliminating the underground economy.
 
JLM
+1
#23
I wish they'd get rid of the nickel too while they are about it. They are not even good for parking meters anymore!
 
IdRatherBeSkiing
+1
#24
So will they round to the nickel only for cash transactions or will they do it for visa as well? And by rounding I mean increase to the next highest nickel since I am sure most merchants will rig it to be just so.
 
JLM
+1
#25
Quote: Originally Posted by IdRatherBeSkiingView Post

So will they round to the nickel only for cash transactions or will they do it for visa as well? And by rounding I mean increase to the next highest nickel since I am sure most merchants will rig it to be just so.

I'm betting a lot of merchants will round it down to attract more customers! Perception means a lot if it doesn't cost much!
 
petros
+1
#26
Instead of gasoline going up a couple pennies it will have to be nickels now. Hooray!
 
Ron in Regina
+1
#27
I've no idea as to just how many pennies are currently in circulation in
Canada, but we'e been making them for over 150 years. If we stopped
minting them right now (other than in news storys), would we even
notice? If so....how long would it take?

Who doesn't have at least a couple of hundred of these things in your
home somewhere (in a jar, or a basket on your dresser, etc...) that you
couldn't be bothered to even put in your pockets?

Just 'cuz they're not making more new pennies, doesn't mean that they no
longer exist.
 
Tonington
+1
#28
Quote: Originally Posted by IdRatherBeSkiingView Post

So will they round to the nickel only for cash transactions or will they do it for visa as well? And by rounding I mean increase to the next highest nickel since I am sure most merchants will rig it to be just so.

Just for cash, you'll pay every cent with debit and credit cards.
 
Cannuck
+2
#29
Quote: Originally Posted by Ron in ReginaView Post

I've no idea as to just how many pennies are currently in circulation in
Canada, but we'e been making them for over 150 years. If we stopped
minting them right now (other than in news storys), would we even
notice? If so....how long would it take?
Who doesn't have at least a couple of hundred of these things in your
home somewhere (in a jar, or a basket on your dresser, etc...) that you
couldn't be bothered to even put in your pockets?
Just 'cuz they're not making more new pennies, doesn't mean that they no

Quote has been trimmed, See full post: View Post
That was my first thought as well. Near as I can figure there are far too many pennies in circulation now. I don't understand the reason for taking them out of circulation. Just stop making them. It would be years before they would become scarce.
 
petros
+1
#30
Quote: Originally Posted by CannuckView Post

That was my first thought as well. Near as I can figure there are far too many pennies in circulation now. I don't understand the reason for taking them out of circulation. Just stop making them. It would be years before they would become scarce.

They will start pulling them ASAP and you'll be given a period of time to cash them in before they are no longer accepted.
 

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