Neanderpundit

Monday 22 Jul 2013

Canada is dumping the penny.

8 comments Og | Uncategorized

8 Responses to “Canada is dumping the penny.”

1. on 22 Jul 2013 at 7:54 pm   Nathan
   
   

   Well…they got rid of the dollar bill, too, something we haven’t managed yet.

   Canadians are too nice to protest their gummint getting rid of pennies, even if it will end up costing them more (because prices will always be rounded up, not down) in the long run.

   Americans — well, until 2008 I would have said “not so much”. Jury’s out on that till next year.

2. on 22 Jul 2013 at 7:58 pm   Og
   
   

   They replaced the dollar bill with a dollar coin. The penny just disapears.

3. on 22 Jul 2013 at 8:21 pm   Jenny
   
   

   Across America there are people with buckets of pennies — BIG-ASS buckets of pennies — waiting for that day.

   (I mean like warehouses of pennies. Mostly old ones.)

   Here’s a take on the subject by, um, someone I know. :)

   http://www.straightdope.com/columns/read/1285/does-it-make-sense-to-keep-minting-pennies

   Jenny

4. on 22 Jul 2013 at 8:21 pm   Jenny
   
   

   Penny for your thoughts!

   Jenny

5. on 22 Jul 2013 at 8:44 pm   Paul b
   
   

   Well a true penny is worth 3 cents, so maybe a nickel for my thoughts.

   Not that I have any that are very percious, but hey, at 3 cents we round up, right?

6. on 22 Jul 2013 at 9:07 pm   Og
   
   

   Rather than drop the penny how about making it worth a dime again?

7. on 23 Jul 2013 at 3:24 pm   Steve
   
   

   Your Kilted Kanadian friend here, Og. We have dumped the penny, but prices are rounded down according to the gubmint.

   “Text version:

   Amounts ending in 1 cent and 2 cents are rounded down to the nearest 10 cents;
   Amounts ending in 3 cents and 4 cents are rounded up to the nearest 5 cents;
   Amounts ending in 6 cents and 7 cents are rounded down to the nearest 5 cents;
   Amounts ending in 8 cents and 9 cents are rounded up to the nearest 10 cents;
   Amounts ending in 0 cent and 5 cents remain unchanged.

   only cash transactions require rounding. Cheques and transactions using electronic payments—debit, credit and payments cards—do not need to be rounded, because they can be settled electronically to the exact amount.”

   from: http://www.cra-arc.gc.ca/gncy/lmntnpnny/menu-eng.html

   I deal with a few retailers who started pricing goods months before the penny was dropped to reflect whole dollar totals. I will admit, I am probably losing out on a few cents there!

   Steve

8. on 23 Jul 2013 at 9:33 pm   mts1
   
   

   In the US Army in Europe, prices were rounded up or down to the nickel. Sometimes you win, sometimes you lose. No bigee. As long as we keep letting the gas stations get away with the 9/10ths bulls***, rounding pennies? Meh.

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