Penny Wise or Senate Foolish?

[petros]

How many Canadian Pennies are in circulation?

"There are about 20 billion pennies in circulation across the country and about 600 pennies for each Canadian, said Senator Richard R. Neufeld, deputy chairman of the committee"​

Give all the pennies to charity .Let them turn them into dollars, before the bank scraps them .​

600 x 3.3gr =1980gr or 2kg x 2.2 = 4.4lb x $4.20 per lb = $18.48 from $6.05 in pennies.

$2,000,000 in circulation Removing and scrapping would bring $34,000,000 in profit that will get blown on nickle candies and moon pies by the feds because thy don't have to show it on the books.

 

[FiveParadox]

What is interesting about that proposal is that, 12 months after the penny is phased out, it ceases to become legal tender. Which is a new twist, because even our $1 and $2 bills are still legal tender today.

It is interesting indeed, TenPenny. However, I suppose it would be a necessary part of phasing out the penny; otherwise, it would cause problems for retailers, since their cash registers would then be programmed to round up or down, as the case may be. Retailers would be unable to dispense single cents of change for cash, and they would be unable to accept pennies for purchases without taking unrecordable variances in cash received. It would be an administrative nightmare.

 

[TenPenny]

What it means, though, is after the 12 months are up, you will no longer be able to take your pennies to the bank to cash in.

 

[FiveParadox]

I don't think that three hundred sixty five days is an unreasonable timeframe for cashing them in.

 

[Spade]

600 x 3.3gr =1980gr or 2kg x 2.2 = 4.4lb x $4.20 per lb = $18.48 from $6.05 in pennies.

$2,000,000 in circulation Removing and scrapping would bring $34,000,000 in profit that will get blown on nickle candies and moon pies by the feds because thy don't have to show it on the books.

20 000 000 000 pennies = $200 000 000


20 000 000 000 x 3.3 g x 0.001 kg/g x 2.2 lb/kg x $4.20/lb = $609 840 000

Difference is approximately $410 000 000.

Cousin Spade

 

[petros]

20 000 000 000 pennies = $200 000 000


20 000 000 000 x 3.3 g x 0.001 kg/g x 2.2 lb/kg x $4.20/lb = $609 840 000

Difference is approximately $410 000 000.

Cousin Spade

That makes more sense. I did mine on a pennies to person ratio.