Orion
Pacific South West
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Joined: 10/21/2002
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Well not for Canada anyway! It was announced in our federal budget yesterday that they would be phased out this year. Afterwards all cash prices, including the tax, will either be rounded up or down. The main reason is that it is costing more than a penny to produce them and it will save time at the cash register.
I heard on our local news this morning, that this may spur the US to do the same thing as there are groups in the US ( I guess there are 'clubs' for everything these days!) that are pushing for the same thing. I do not know how successful that will be though, as the US, unlike most developed countries in the world, is still using a one dollar bill.
It will be interesting to see what happens down there!
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msmith1199
Central, CA
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Joined: 10/07/2001
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Better start collecting them then. Someday if you keep enough they may be worth a penny again. Then again you can probably recycle them for their copper value and make more than a penny on them.
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Old-Biscuit
Across the USA
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Joined: 06/20/2009
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No more pennies........
Hope this doesn't catch on here in States.
The only thing I let GF collect as way of souvenirs is 'pressed pennies'
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Doug4.7
Hartselle, AL, USA
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Joined: 10/02/2003
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The penny has been almost worthless for a while. We (here in the US) should get rid of the penny and the $1 bill. Replace the $1 with a coin. In most other developed countries, they've already deleted bills up to the $5 level. I don't see how it would destroy our economy either. The only countries with paper money with as small a value as ours are third-world countries.
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Dutch_12078
Great Sacandaga Lake, NY
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Doug4.7 wrote:The penny has been almost worthless for a while. We (here in the US) should get rid of the penny and the $1 bill. Replace the $1 with a coin. In most other developed countries, they've already deleted bills up to the $5 level. I don't see how it would destroy our economy either. The only countries with paper money with as small a value as ours are third-world countries.
There are currently a bit over 1 billion one dollar US coins stored at the Federal Reserve Bank's Baltimore branch. Congress decreed that they be manufactured each year since 2007, with 20% of them bearing the image of Sacajawea. Each coin costs about 30 cents to make, versus the 9.6 cents a paper dollar bill costs. On the plus side, a coin lasts on average about 30 years, while paper bills only last about 4 years.
On a personal note, I've traveled extensively in Canada and other countries, and I really can't say I found any significant advantage to a dollar coin over a paper bill. I do like the designs on the Looney though... 
Dutch
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Old-Biscuit
Across the USA
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Dutch_12078 wrote:Doug4.7 wrote:The penny has been almost worthless for a while. We (here in the US) should get rid of the penny and the $1 bill. Replace the $1 with a coin. In most other developed countries, they've already deleted bills up to the $5 level. I don't see how it would destroy our economy either. The only countries with paper money with as small a value as ours are third-world countries.
There are currently a bit over 1 billion one dollar US coins stored at the Federal Reserve Bank's Baltimore branch. Congress decreed that they be manufactured each year since 2007, with 20% of them bearing the image of Sacajawea. Each coin costs about 30 cents to make, versus the 9.6 cents a paper dollar bill costs. On the plus side, a coin lasts on average about 30 years, while paper bills only last about 4 years on average.
On a personal note, I've traveled extensively in Canada and other countries, and I really can't say I found any significant advantage to a dollar coin over a paper bill. I do like the designs on the Looney though...
Can anyone say 'Susan B. Anthony'?
They didn't go over very well. Nobody wants to lug around have $1 coins in their pockets.
And if they do away with small bills......pockets will get real heavy with the change.
I hate carrying around change as it t now. I'm always dumping coins for $1 bills.
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downtheroad
Pacific Northwest
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Joined: 02/18/2003
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Old-Biscuit wrote:No more pennies........
Hope this doesn't catch on here in States.
The only thing I let GF collect as way of souvenirs is 'pressed pennies'
Come on Biscuit...You mean you don't collect 100's of Furbys....
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Jim Shoe
Amelia, OH
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Joined: 02/06/2004
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Doug4.7 wrote:The penny has been almost worthless for a while. We (here in the US) should get rid of the penny and the $1 bill. Replace the $1 with a coin. In most other developed countries, they've already deleted bills up to the $5 level. I don't see how it would destroy our economy either. The only countries with paper money with as small a value as ours are third-world countries.
Canada has it right. A $1 and a $2 coin (Loonies and Toonies). But I think our government is more comfortable making us a third world country. With our National Debt, we're only a half step away, now.
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bpounds
Whittier CA
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Without pennies, how will we tip the waitress?
But seriously, without dollar bills, how will we tip the waitress?
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OkSixpack
Oklahoma
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Joined: 09/27/2010
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I would much rather carry ten one dollar bills than ten one dollar coins. Make them both, then evryone can do as they please. As for pennies, I save all my change, and turn it in about Christmas time every year, including pennies.
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