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-   -   no more pennies (http://www.diychatroom.com/f39/no-more-pennies-171034/)

creeper 02-04-2013 07:13 PM

no more pennies
 
Its going to be weird at first. Today is the day the penny is no longer accepted at the stores. :huh: They will round your purchase either up or down.

Its going to cause a lot of confusion at the registers

joed 02-04-2013 10:51 PM

I am betting they will still be used for some time since pennies are still around. They just stopped making the,. I don't think they are recalling the existing ones.

creeper 02-05-2013 04:56 AM

Actually, Jim Flaherty announced last fall that they have stopped minting them. Sunday was the final day for the stores to give you any copper change. You can still pay with them but they are slowly being pulled from circulation.

If you pay by cheque, credit or debit card you will still be charged by the cent, but at store level it will be rounded.

It cost the mint 1.6 cents to produce them. I can't imagine the States are far behind with this trend as it cost their mint 2.4 cents to produce that currency.

Time to donate that jar full on everybodys dressers to your favourite charity

CoconutPete 02-05-2013 07:59 AM

Great idea. Now let's talk about the size of the freaking nickel!

paintdrying 02-05-2013 09:39 AM

That will hurt charities the most. There is also talk of getting rid of the paper dollar. Think what that would do to the adult entertainment industry.

JackDidley 02-05-2013 09:43 AM

Should have done that here years ago. Should probably do away with nickels too.

creeper 02-05-2013 10:15 AM

Quote:

Originally Posted by paintdrying (Post 1110066)
That will hurt charities the most. There is also talk of getting rid of the paper dollar. Think what that would do to the adult entertainment industry.

Got rid of the dollar and two dollar bills here years ago.

I'm sure the dancers appreciate the larger notes instead of a cheapskate single

TheBobmanNH 02-05-2013 11:00 AM

Quote:

Originally Posted by paintdrying (Post 1110066)
That will hurt charities the most. There is also talk of getting rid of the paper dollar. Think what that would do to the adult entertainment industry.

This happened in Canada. The US is still (inexplicably) producing and accepting pennies. I see no way it will affect charities...

concretemasonry 02-05-2013 11:13 AM

I was in Belarus (part of the old USSR) in to 1990's and inflation was rampant after the USSR was dissolved.

The public pay phones took coins only. When you got $100 American changed into local money, you got a white plastic bag of Belorussian rubles in bundles that would not go far. They had stopped minting coins, so the cheapest thing to do was to make the public phones free to maintain communication.

The loss of the U.S. dollar has reduced the real purchasing value, so the smaller denominations of coins will ultimately cause them to be eliminated and small denominations of our money are not far behind. The use of plastic and computers are hastening the changes daily. I now write out only about 2 or 3 checks a month and have a bank that accepts small coins free (minimum) and credits your account with the value.

Internationally, things have big effects and change quickly. I remember when Japanese items were cheap because of the low labor cost and they copied/knocked off a few German cameras to sell cheap to the U.S. Today, Japan probably has the one of the highest labor costs in the world and the cheap cameras from there are the high quality Canons and Nikons, two of the industry leaders. - Look around, ahead and do not live in a little island, like the U.S.

Even China makes as many cars as the U.S., but they do not export any because of their domestic demand and growth. That is why Ford and Buick are expanding there to get a foot in the door. China's top 2 imports are Mercedes and BMW and very little from Japan or Korea.

Dick

r0ckstarr 02-06-2013 05:42 AM

Quote:

Originally Posted by paintdrying (Post 1110066)
There is also talk of getting rid of the paper dollar. Think what that would do to the adult entertainment industry.

Where do I swipe the credit card? :laughing:

creeper 02-06-2013 05:49 AM

Quote:

Originally Posted by r0ckstarr (Post 1110702)
Where do I swipe the credit card? :laughing:

Same place you do every Thursday night

paintdrying 02-06-2013 07:24 AM

One of my hobbies is coin collecting. I have a book that shows the number of pennies minted and the number of pennies in circulation for every given year. Some years almost no pennies made it in to circulation. Basically what that means is that someone, or group bought up a massive amount of pennies and scrapped them. Sometime before 1982, which is when pennies were no longer full copper. May of the survival sites I visit tell everyone to save those nickels. Because in a financial collapse nickels are worth more than 5 cents for the nickel content. Image if they put silver back into our coins, you would never even see anything bigger than a nickel

hyunelan2 02-06-2013 12:14 PM

The U.S. had a half-cent until 1857. The copper (97.5% zinc) penny will probably follow. It probably is not an immediate certainty though. The U.S. Treasury only lost about $58m on making pennies in 2012 - which is a very small amount for the federal government to care about, versus the cost for the economy to retool and round everything to $0.05 increments.


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