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The Canadian Penny ( 1858-2012 )

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I don't really care much about the penny. What i found more controversial was the increase on duty free goods. As of June 1, travellers coming back after 24 hours away will be able to bring in $200 worth of goods free of duty or taxes, an increase from just $50. More than 48 hours will be allowed $800 in duty-free goods, double the present $400 allowance. So Conservatives idea of increasing jobs in Canada is giving Canadians a incentive to buy American?
 
Regarding the elimination of the penny, who is supposed to take the hit at the cash register during a cash payment, the vendor or the purchaser?
 
I don't really care much about the penny. What i found more controversial was the increase on duty free goods. As of June 1, travellers coming back after 24 hours away will be able to bring in $200 worth of goods free of duty or taxes, an increase from just $50. More than 48 hours will be allowed $800 in duty-free goods, double the present $400 allowance. So Conservatives idea of increasing jobs in Canada is giving Canadians a incentive to buy American?

I agree, I was stunned about that. Also, the cuts in funding to the CBC which I'm furious about, although not surprised as cuts were expected.
I remember my grandfather used to refer to pennies as "coppers". It's time for them to go.
 
One of the most controversial subjects in Canadian history: the penny. Ok, its not that "controversial". Recently, Finance Minister Jim Flaherty announced during 2012 budget on Thursday that the penny will be retired from circulation in 2012 due to cost cutting measures. I won't miss the penny to be frank.

www.theglobeandmail.com/news/politics/budget/ottawa-gives-up-on-nuisance-penny/article2386120/

CM: I just found out about this subject about Canada eliminating production of the Penny...

Again Canada does something monetarily that the US is reluctant to do...

I have heard that there are people in the US that are hoarding pennies from 1982 and before that are copper for the metal value...
Are Canadians doing the same thing with their older copper pennies?

Another thought: If Canada discontinues minting the Penny will people continue to use them if they are not purged from circulation
noting the large mintage numbers from the past 15 years or will people hoard them instead because they are a discontinued coin?

I feel that there is a use for US pennies noting the odd sales tax rates in some states but I do understand the cost to mint them...

I have heard the same argument concerning how merchants would increase prices to round off by the nickel...

The US Mint should be watching this subject...but noting how reluctant that the US is to "change" (no pun intended) I mention
the US $1 Bill/Dollar Coin debacle as a great example of the US monetary mentality...

Thoughts from Long Island Mike
 
Will the penny be slowly taken out of circulationby the banks as merchants bring in rolls? Or will there simply be less pennies to go around as more are stashed away in jars and thrown into fountains or lost in cushions.
 
Well, it should speed up cash transactions a bit, not having to dispense and count pennies.
If the amount at the register still shows $10.73 instead of $10.75, I'm going to be giving out pennies for a decade or two. I've got container after container of pennies I've accumulated in the last 20 years, so if I still give them out in half the transactions I do, I figure I've got enough to last 40 years.

Now if they are sensible, and simply round everything to the nearest 5 cents for all transactions and/or stop the penny being official tender, then I wouldn't do that. But all indications are that they will do neither; simply stop supplying the things.
 
A new meaning of "spending a penny" :->

500532_T_600px_EPS_JPG.jpg


A package of 8 wedges can cost $3.19 + HST. A penny costs us a 1¢. Helps to stop the toilet from rocking.
 
So Conservatives idea of increasing jobs in Canada is giving Canadians a incentive to buy American?
I hardly consider buying a Chinese made product in Niagara Falls, ON as buying Canadian, or in Niagara Falls, NY as buying American. Either way, I'm buying Chinese. Yes, a portion of my spending in Niagara Falls, ON may go to the local economy, but then you're shopping Canadian, not buying Canadian.
 

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