Canada moves closer to eliminating the penny

This could be done easily. Just announce that there will be no more dollar bills printed after a certain date, and increase the minting of a dollar coin. You currently are minting Sacajawea and President Dollar coins; just increase the mintages-- surely with three mints on the go, this could be done.

A common complaint around here is that dumping the $1 bill in favor of a coin will result in a pocket full of metal.

I’ve never understood that logic. If coins are such a problem, why not mint paper demoninations of them all? Surely a one-cent note would be cheaper to produce than the one-cent coin. Methinks people are just irrational about any change to the current system.

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Which way is the exodus, again?

I’m having a hard time wrapping my mind around this.

Do you mean to tell me that, in your country, the central bank and mint can just decide to make changes to the currency based on what a rational person thinks works best at current price levels–and the millions who make up the shrieking classes have nothing to say about it?

We’ll have pennies here until the end of time, even if they have to start making them out of plastic. They switched from copper to copper-plated zinc when copper became too expensive, and now copper-plated zinc is becoming too expensive as well.

These two statements seem to be at odds with each other. On the one hand, we have a dislike of a pocket full of metal. On the other, we have a dislike of a policy created in order to avoid a pocket full of metal. Of course, these statements were made by two different posters, who may approach and reason the issue in different ways, but still–they do seem at odds with each other.

By the way, to the best of my knowledge, any changes can be proposed by the Bank/Mint, but the ultimate decision will be made by our Parliament. We shrieking classes can voice our concerns to our elected Members of Parliament, should we wish to do so.

That’s easy to solve; just require all retailers to post tax-inclusive prices. Yes, with multiple provinces with their own tax rates the would create more work for national chains, but it’s hardly a hardship.

Members of Parliament who are free to ignore them. :wink:

Paper pennies? My wallet’s fat enough as it is!

Perhaps it will help the people who don’t like coins if we don’t call them that.

For example, just a few days ago I bought a hundred laundry tokens. They come wrapped up in packages of fifty that cost $10 each. And, just as a point of interest, I learned this last time that two of these packages are supposed to weigh exactly one pound. So there you go, laundry tokens are available at $20 the pound. Most grocery stores sell them, as do many banks for the convenience of the public.

When I first bought these strange discs, many years ago, I thought that a pound of them would last me a couple of months or so. It seemed natural to expect that the mechanism of the dryers and washers would be such that a single token would be enough for one operation of the machine. Surprisingly, however, that’s not the case, and I find that a half pound of tokens is enough for only about eight runs.

Sometimes I think the US adversion to getting rid of 1c pieces is related to a concern that if the 1c pieces go, then the 5c and 10c pieces will be next, and then it won’t be long before the quarter is gone, and then their currency will end up like one of those worthless Foreign Currencies where it takes 17,000 ForeignMoney to buy a can of soft drink etc.

Well, you can forget that objection. It has been done in several countries, it does happen, merchants do round down, the government doesn’t look the other way - why would they? - and in fact it is mandated by law.

Personally I think it’s because they have all those cute names for their coins. I can imagine getting nostalgic about a “penny” or a dime".

Boring old 2c coin, on the other hand? Junk the bugger!

I use my change all the time; I normally only have a small amount in my change purse. I guess it wouldn’t make difference if the penny disappeared, but I still use them regularly. Come on, old farts - it’s fun to make the young whippersnapper running the till astonished when you get an even five dollar bill back with all the change you gave them! :slight_smile:

So they roll the price up…you’re still talking pennies. If you then feel the rolled-up price is too high at Merchant A, go to Merchant B instead. Wal-Mart isn’t going to stop competing on price. Shoppers will stop buying products when the price is set too high; then the merchants will have to roll them back down. It’s not like we would have rampant inflation because the penny is gone. They’re more nuisance than they’re worth.

Well, “dime” is after all an official currency unit. I’ve long wondered if the originators of our currency had expected that people would quote prices for small purchases in dimes, like the British used to do with shillings–especially considering that a few dimes in those days was worth something.

Is it?

Well there you go. Fighting ignorance even in MPSIMS :cool:

It was originally “disme”, from decimus. I’ve long suspected that in 1783, when the dollar, dime, cent and mill were set forth as official moneys of account in this country–and a few dimes would have been worth a lot more than they are today–it was expected that we would enumerate smaller amounts of money in dimes, much as the British used to do with shillings, but as far as I know that’s never happened.

In China, the smallest coin in circulation is the jiao, which is worth about 1.5 cents USD. However, there is a smaller denomination, called the fen, which is worth 1/10th of a jiao or .0015 cents USD. You only see these in the bank when you pay a bill or withdrawing all of your money. Usually there is a slot for a charity which is where the fen usually end up. I have actually thrown them away in the bin. (because they are so worthless.) Beggars wont pick them up either.

China is also weird in that they have both coins and bills for their small denominations There is a 1 RMB coin and a 1 RMB bill. Both worth about 15 cents. Why they do this is unknown to me.

I like Thailand money because there is no breakage. A pice of candy costs 1 Bhat, a car costs 10 million baht (or whatever.) There isn’t a lot of coins, nothing is .99 cents or crap like that.

When Vietnam’s money gets devalued, they just print up a bigger denomination. Their money is called “Dong” and when I was there, it was all paper with 100, 500, 1000, 2000, 5000, 10,000, 20,000, 50,000, 100,000 Dong denominations, all with widely different colored paper with Ho Chi Minh’s face on it.

When I went to Laos, the largest denomination they had was 20,000 kip, which was about $2 USD. Two bucks. Since my last vacation there, they made a 50,000 kip note, worth about $6 dollars. Going there was interesting. Bowl of fried rice…28,500 KIP. Lovely country though.

I love money and your sister too.