The Future Of The Penny?

[lynnmm]

I HEARD A RUMOUR THAT THE CANADIAN MINT IS GOING TO STOP MAKING THE PENNY THIS YEAR BECAUSE IT COST MORE THAN A PENNY TO MAKE A PENNY. ANYONE KNOW ABOUT THIS?

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[Destiny]

I didn't see anything on their website.. so I emailed them asking if it's true... I'll let you know what I hear...

[Shandon00]

http://tinyurl.com/4c7rzs

Here is a relevant story......

[lynnmm]

Winnipeg MP who thinks the penny is a nuisance and too expensive to ship around the country is expected to introduce a private member's bill on Monday to take it out of circulation.

New Democrat Pat Martin says while the Royal Canadian Mint contends it costs only 0.7 cents to make a penny, Library of Parliament research suggests the real cost is as much as four cents per penny.

The biggest expense comes from getting the one-cent coins from the mint to banks, he says. After that, many end up in jars or under couch cushions, because people don't want to carry them around.

Martin's legislation would require retailers on cash transactions to round final totals up or down to the nearest five- or 10-cent mark. Debit and credit card transactions would not be rounded.

The legislation wouldn't prevent a store from setting whatever price it wants for a product, Martin says.

The most recent public opinion study by the Mint, released last fall, suggests 63 per cent of small retailers and 42 per cent of consumers favour getting rid of the penny.

Nineteen per cent of small retailers and 33 per cent of consumers are against it, while the remainder are indifferent.

One third of consumers who were against the idea were worried about higher prices from retailers opting to round up prices to the nearest five-cent mark.

New Zealand and Australia have both abolished the penny.

Martin says studies of these countries showed getting rid of pennies didn't cost consumers or retailers anything extra.

[liljj07]

Ya I think they are considering it cause its been on the news quite a bit latly....

[lynnmm]

wow are we ever going to get screwed

[tracyh]

stores arent going to round down

[liljj07]

I was talking about it the other day cause if you need say 11 cents change you won't get 11 cents change.... or if you need 14 cents I think its messed up...

[ignite]

Originally Posted by lynnmm

Winnipeg MP who thinks the penny is a nuisance and too expensive to ship around the country is expected to introduce a private member's bill on Monday to take it out of circulation.

New Democrat Pat Martin says while the Royal Canadian Mint contends it costs only 0.7 cents to make a penny, Library of Parliament research suggests the real cost is as much as four cents per penny.

The biggest expense comes from getting the one-cent coins from the mint to banks, he says. After that, many end up in jars or under couch cushions, because people don't want to carry them around.

Martin's legislation would require retailers on cash transactions to round final totals up or down to the nearest five- or 10-cent mark. Debit and credit card transactions would not be rounded.

The legislation wouldn't prevent a store from setting whatever price it wants for a product, Martin says.

The most recent public opinion study by the Mint, released last fall, suggests 63 per cent of small retailers and 42 per cent of consumers favour getting rid of the penny.

Nineteen per cent of small retailers and 33 per cent of consumers are against it, while the remainder are indifferent.

One third of consumers who were against the idea were worried about higher prices from retailers opting to round up prices to the nearest five-cent mark.

New Zealand and Australia have both abolished the penny.

Martin says studies of these countries showed getting rid of pennies didn't cost consumers or retailers anything extra.

I've lived in both countries, and i much preferred life without pennies. They're ANNOYING. I don't know anyone that bothers carrying them around, honestly. most of the stores actually round down.

[liljj07]

I was just talking to my dad about this and apperently if its something like 11 cents they round down just like math... so 1-4 is down 5-9 is up i guess... I personally think its going to be weird without pennys

[crackercrumb]

Originally Posted by lynnmm

I HEARD A RUMOUR THAT THE CANADIAN MINT IS GOING TO STOP MAKING THE PENNY THIS YEAR BECAUSE IT COST MORE THAN A PENNY TO MAKE A PENNY. ANYONE KNOW ABOUT THIS?

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Since the price of metal flucuates, so does the price of making a penny. Sometimes it's under 1cent sometimes it's over 1cent.

A friend of mine in Australia said they do fine without pennies. Personally, I like pennies. & I know they have talked about stopping making them here in Canada for a while.

[amdrocks]

Great I am tired of pennies but who gains the round ups on the cost of goods.

[truebluetara]

you know pennies are a nuisance but it is the one coin i find i can stick in a jar and not spend.. Its not like we are being forced to carry them stick them in a jar let them add up for years and either spend the money or do what my grandfather did.. he saved all of his pennys from the time i was born to the time I was 17 and gave them too me I had 700 that i wouldnt have had if he didnt do that.. its amazing how you can save them and eventurally they do add up.. i used it to buy baby things that i needed.. its not millions but could help your kid buy iteams for their first apartment or a grandkid a first car or anything really.. i guess my point is getting rid of the penny seems like such a shame..