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Bye bye penny

Posted by on Feb. 4, 2013 at 11:07 PM
  • 9 Replies

Today is the last day for the penny in Canda.  The government has decided to eliminate the because to help save on costs.  It costs 1.6 cents to make something that is worth 1 cent.

In the U.S., it costs 2 cents to make something that is only worht 1 cent.

Do you think the U.S. should eliminate the penny?

by on Feb. 4, 2013 at 11:07 PM
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Replies (1-9):
leaniece
by Platinum Member on Feb. 4, 2013 at 11:38 PM
1 mom liked this
Im probably alone in this but Heck yes! It would be bittersweet.... Losing money to make something of LESS value is not smart. Sadly I see us doing the same in the next 10 years. :(
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diaperstodating
by Silver Member on Feb. 4, 2013 at 11:59 PM
3 moms liked this
It doesn't matter to me either way.
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jasmom8883
by on Feb. 5, 2013 at 11:46 AM

I think it would make sense to stop making them. I mean, we can still have the already existing ones remain in circulation.

.Peaches.
by Le Chatte Noire on Feb. 5, 2013 at 4:13 PM

I don't see what good it would do us....the US Mint is still turning a profit on it, so I doubt they would eliminate it.

SunFlower700
by Gold Member on Feb. 5, 2013 at 5:51 PM

 Eventually the existing ones in 5 years won't be in circulation.  I have a jar of them and not sure if I'm going to turn them into the bank (the bank will take them just won't hand any out).  Everything will be rounded down from what I've been told to the nearest nickle.  But yesterday at the bank when someone was withdrawing money, the change came to 33 cents, the teller gave the man 35 cents (rounding up to nearest nickle) and he questioned it not knowing yesterday was the last day for penny. 


Quoting jasmom8883:

I think it would make sense to stop making them. I mean, we can still have the already existing ones remain in circulation.


 

SunFlower700
by Gold Member on Feb. 5, 2013 at 5:57 PM

The U.S. penny costs more to make than the Canadian penny, and both are worth more to produce than their face value.  I can't see how they could be turning a profit on it.  Saving $11 million dollars a year in Canada by not supplying them anymore.  Imagine how much tax payer dollars can be saved per year in the U.S. by eliminating the penny, since it costs more to make.


Quoting .Peaches.:

I don't see what good it would do us....the US Mint is still turning a profit on it, so I doubt they would eliminate it.


 

.Peaches.
by Le Chatte Noire on Feb. 5, 2013 at 6:03 PM


Quoting SunFlower700:

The U.S. penny costs more to make than the Canadian penny, and both are worth more to produce than their face value.  I can't see how they could be turning a profit on it.  Saving $11 million dollars a year in Canada by not supplying them anymore.  Imagine how much tax payer dollars can be saved per year in the U.S. by eliminating the penny, since it costs more to make.


Quoting .Peaches.:

I don't see what good it would do us....the US Mint is still turning a profit on it, so I doubt they would eliminate it.



I mis-read the post.

If they eliminated the penny, taxes would have to be re-figured, because you could no longer say "That' tomato is .83.", you'd have to round it off to .85 cents, then add either an additional 5 or 10 cents for food taxes. I think that would come out to be more expensive for consumers in the long run.

SunFlower700
by Gold Member on Feb. 5, 2013 at 6:17 PM

 I see what you are saying.  Here stores are supposed to round down to the nearest nickle.  For example a tomato that is 83 cents would be marked down to 80 cents (from what I've been told about the rounding down).  But at the bank if you withdrew money and the change was 83 cents, the bank would round it up to the nearest nickle so that you would get 85 cents.  It will be interesting to see how this goes here, and if those $7.99 type deals get rounded down to $7.95 or $8.00 .  No more From what I understand Australia has elminated the penny years ago.


Quoting .Peaches.:


Quoting SunFlower700:

The U.S. penny costs more to make than the Canadian penny, and both are worth more to produce than their face value.  I can't see how they could be turning a profit on it.  Saving $11 million dollars a year in Canada by not supplying them anymore.  Imagine how much tax payer dollars can be saved per year in the U.S. by eliminating the penny, since it costs more to make.

 

Quoting .Peaches.:

I don't see what good it would do us....the US Mint is still turning a profit on it, so I doubt they would eliminate it.

 

 

I mis-read the post.

If they eliminated the penny, taxes would have to be re-figured, because you could no longer say "That' tomato is .83.", you'd have to round it off to .85 cents, then add either an additional 5 or 10 cents for food taxes. I think that would come out to be more expensive for consumers in the long run.


 

.Peaches.
by Le Chatte Noire on Feb. 5, 2013 at 6:19 PM
1 mom liked this


Quoting SunFlower700:

 I see what you are saying.  Here stores are supposed to round down to the nearest nickle.  For example a tomato that is 83 cents would be marked down to 80 cents (from what I've been told about the rounding down).  But at the bank if you withdrew money and the change was 83 cents, the bank would round it up to the nearest nickle so that you would get 85 cents.  It will be interesting to see how this goes here, and if those $7.99 type deals get rounded down to $7.95 or $8.00 .  No more From what I understand Australia has elminated the penny years ago.


Quoting .Peaches.:


Quoting SunFlower700:

The U.S. penny costs more to make than the Canadian penny, and both are worth more to produce than their face value.  I can't see how they could be turning a profit on it.  Saving $11 million dollars a year in Canada by not supplying them anymore.  Imagine how much tax payer dollars can be saved per year in the U.S. by eliminating the penny, since it costs more to make.


Quoting .Peaches.:

I don't see what good it would do us....the US Mint is still turning a profit on it, so I doubt they would eliminate it.



I mis-read the post.

If they eliminated the penny, taxes would have to be re-figured, because you could no longer say "That' tomato is .83.", you'd have to round it off to .85 cents, then add either an additional 5 or 10 cents for food taxes. I think that would come out to be more expensive for consumers in the long run.



I guess if you did it slowly and gradually, people would have a chance to get used to it and there wouldn't be as much confusion.

It could save the US money, but I think that we need people who are better money managers to handle the finances, period. There should be a cap- you can't spend more than X amount on this, that, and the third, and no credit will be extended.

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