Canada- bye, bye penny

[banquo's_bumble_puppy]

My country has finally decided to get rid of the penny beginning this fall. This will be a boon for charity. Something tells me that this coin will continue to show up in the proof and specimen sets though. Gotta love the RCM for the junk that they produce these days. Ps. this was part of our Nation's budget yesterday.

[banquo's_bumble_puppy]

I know that I've made several posts on this subject before and tried searching them so as not create another one...couldn't find them...but as soon as I posted "this" thread...bam there they are...penny for you thoughts?

[TheOncomingStorm]

I'll miss the penny, I have rolled many pennies over the years.

[Solfe]

I am not sure how I feel about that. I live in Buffalo, NY and it is very common to have Canadian pennies. No one seems to distinguish between US and Canadian pennies, perhaps this is common in all border towns?

One time I took a trip to Florida and tried to use a Canadian penny. The cashier gave me a very nasty look and passed 3 Canadian pennies back to me with the words "We don't accept FOREIGN currency". I gave her a nickel and tried to make light of it but she was actually very angry, as if she thought I was a con-artist or something.

[DonM435]

Getting rid of the penny makes excellent sense. Pennies are just clutter and debris: they aren't worth picking up. (Their "greatest" value may be as weights or shims or such, but that's probably illegal.)

I'd also replace the $5 and $1 with coins, and just maintain 50c and 10c pieces.

[Nowhere Man]

I am not sure how I feel about that. I live in Buffalo, NY and it is very common to have Canadian pennies. No one seems to distinguish between US and Canadian pennies, perhaps this is common in all border towns?

Same thing here in SE Michigan. Not only pennies, but the occasional nickel, dime, and quarter. I always sort them out.

Fred

[Chuck]

The new saying will be "A nickel for five of your thoughts."

[Trebuchet]

Good for Canada, where they also got rid of $1 and $2 bills some years ago. Here in the US, we're in the throes of yet another failed attempt to replace the dollar bill with a coin. Failure was inevitable, of course, because they keep printing the bills.

[Buttercup]

Good for Canada, where they also got rid of $1 and $2 bills some years ago. Here in the US, we're in the throes of yet another failed attempt to replace the dollar bill with a coin. Failure was inevitable, of course, because they keep printing the bills.

But coins are so heavy. And that weight adds up. And besides, the newest coin dollars look too much, at quick glance, like a quarter; they're not golden-colored enough. Remember the BIG dollar coins? Those stood out. But again -- heavy.

[TheOncomingStorm]

Almost eveyone one else one Earth uses a coin for 1 and 2 dollars or 1 or 2 euros, why do americans whine so much about the weight of the coin. It is not like the rest of use are super strong or something.

[TheOncomingStorm]

Ok whine might be too strong of a word but it is not that much weight.

[Buttercup]

There's a difference between carrying a handful of coins in one's back pocket (men) versus a handful of coins within a purse carried over one's shoulder (women).

Trust me, the weight on the shoulder gets felt -- especially over the course of a day.

[Moose]

I am not sure how I feel about that. I live in Buffalo, NY and it is very common to have Canadian pennies. No one seems to distinguish between US and Canadian pennies, perhaps this is common in all border towns?

Same with nickels, dimes, and quarters (unless there's a lot of them). Generally, they're treated at par in border towns. Border town stores (particularly restaurants) usually accept the other's currency, and they'll often post the day's exchange rate on little placards next to the register. Sometimes they'll exchange at par, even if the exchange is slightly unfavorable. Foreign business is business.

[Buttercup]

...and we Americans also don't like the metric system.

[Moose]

Heh. I've played the "metric time / 20 hour clock" prank on some of my US friends.

[ToSeek]

Getting rid of the penny makes excellent sense. Pennies are just clutter and debris: they aren't worth picking up. (Their "greatest" value may be as weights or shims or such, but that's probably illegal.)

I'd also replace the $5 and $1 with coins, and just maintain 50c and 10c pieces.

I was in Portugal earlier this month using Euros, which took some getting used to because the smallest paper bill is E5 - the E1 and E2 are both coins. It took me a while to realize that it was not at all unreasonable to pay an E4.50 museum admission fee entirely in change - in fact, sometimes they all but insisted on it.

[Jim]

Almost eveyone one else one Earth uses a coin for 1 and 2 dollars or 1 or 2 euros, why do americans whine so much about the weight of the coin. It is not like the rest of use are super strong or something.

Well, no, but Americans are super rich. Which means we carry way more dollar bills than you do dollar coins. After a while, even all those light weight bills can get heavy.

(Add link to Subway "fat wallet" commercial here.)

[NEOWatcher]

There's a difference between carrying a handful of coins in one's back pocket (men) versus a handful of coins within a purse carried over one's shoulder (women).

Trust me, the weight on the shoulder gets felt -- especially over the course of a day.

And what is the total weight now, and how much is in there that doesn't need to be, and how long are you normally carrying it?
Some women are careful with thier purses, many aren't. Some have heavy purses even if they are empty.

Not to propogate the war of the sexes, but there are differences in how you handle it. I think we might have equal but different issues. I've had way too many coins in my pockets and it's not that pleasant. Not from the weight necessarily, but the way it moves around and "bulges" your pocket.

Right now I have...
2.5x5 = 5g
5.0x3 = 15g
2.27x4 = 9.1g
5.67x5 = 28.35g
67.45g... 2.4 ounces.
of coin in my pocket.
If I convert my dollar bills to coin I would have another...
(8.1-0.6)x2 = 7.5g (.26 ounces)

Compare that to the weight of a purse. Is it really that different?

[SeanF]

There's a difference between carrying a handful of coins in one's back pocket (men) versus a handful of coins within a purse carried over one's shoulder (women).

Trust me, the weight on the shoulder gets felt -- especially over the course of a day.

Men carry coins in their back pockets? Who knew?

The problem with carrying coins for men is not so much the weight as the bulk. A few coins takes up much more pocket space than does the same number of bills.

Same with nickels, dimes, and quarters (unless there's a lot of them). Generally, they're treated at par in border towns. Border town stores (particularly restaurants) usually accept the other's currency, and they'll often post the day's exchange rate on little placards next to the register. Sometimes they'll exchange at par, even if the exchange is slightly unfavorable. Foreign business is business.

Doesn't even have to be a border town. I'm not even in a border state, and we get Canadian coins here occasionally. I've never had a store refuse to accept even a Canadian quarter. However, I've never had the opportunity to try with anything larger.

Well, no, but Americans are super rich. Which means we carry way more dollar bills than you do dollar coins. After a while, even all those light weight bills can get heavy.

Ha!

[Buttercup]

NEOWatcher, I keep my purse as lightweight as possible; no more than maybe 10 ounces at any given time. That's particularly why I don't like a ton of coins in purse and get rid of them ASAP (which is another nuisance). Frankly I wish we had only bills to deal with.

[NEOWatcher]

NEOWatcher, I keep my purse as lightweight as possible; no more than maybe 10 ounces at any given time.

Good for you. I've not met many women with that kind of self-control.

[Chuck]

So I guess penny candy won't be making a comeback anytime soon.

[NEOWatcher]

If penny candy costs 1c, then why are penny loafers so expensive?

[Gillianren]

This will be a boon for charity.

How?

I am in favour of $1 coins and opposed to getting rid of the penny. It's a move that hits the poor hardest in a lot of ways that never seem to get considered when the subject is up for discussion. (And I carry a ton of stuff around--books, writing paper, craft projects--and don't object a few more ounces. In part because I seldom have enough money to make a difference!) It's worth noting that the current legislation under proposal in the US would solve the problem of the previous ones; it would eliminate the dollar bill from printing.

[NEOWatcher]

Speaking of Canadian coins and penny candy. I just ran across this story.
Crash sends millions of Canadian coins, candy onto highway

I thought this was rather clever...

Crews used a crane with a giant magnet to pick up all the coins.

I didn't know loonies and toonies were attracted to magnets.

[Trebuchet]

I wouldn't have thought they'd be magnetic either.

I'm in a border state and haven't been seeing much, if any, Canadian change. The exchange rate makes a huge difference. Right now, the Canadian and US dollars are pretty much at par. If they're not, people's attitudes will be very different. Some years ago when the Canadian dollar was only worth about 75 cents us we started seeing a lot of Canadian change. Merchants started refusing to accept it. Many of the same merchants were, of course, buying Canadian change at a discount and passing it off to their customers at face values. Eventually the banks cracked down.

Replacing the paper dollar makes good economic sense -- as long as you quit printing the paper. Dollar bills last only about six months, on average. Coin cost a little more to make but last ever so much longer. Unfortunately the US Congress lacks the courage to do what's needed.

[NEOWatcher]

...Unfortunately the US Congress lacks the courage to do what's needed.

The Bureau of Engraving and Printing can always say "ooops, our printing plates broke".
Or the Federal Reserve can say "oops, I forgot to place this year's order".

On a related note of retiring bills, I've always wondered why old notes are kept so long in circulation. They add all these new security features, yet someone can just counterfeit the older ones and spend them.

[Fazor]

Almost eveyone one else one Earth uses a coin for 1 and 2 dollars or 1 or 2 euros, why do americans whine so much about the weight of the coin. It is not like the rest of use are super strong or something.

I don't carry coins on me. Ever. Get change from something? If I am handed coin change it's either thrown in the tray in my car, or in my desk at work, or given to Tara. I have too much crap in my pockets as it is, and coins don't work in a traditional flat wallet.

That's why I oppose the dollar coin. Sure, I'd adjust. I'd just quit paying cash altogether. :-P

[Solfe]

Speaking of Canadian coins and penny candy. I just ran across this story.
Crash sends millions of Canadian coins, candy onto highway

I thought this was rather clever...

I didn't know loonies and toonies were attracted to magnets.

That's weird, they are magnetic. I had no idea.

[Ara Pacis]

On a related note of retiring bills, I've always wondered why old notes are kept so long in circulation. They add all these new security features, yet someone can just counterfeit the older ones and spend them.

Maybe they're in circulation because they never stopped being in circulation. Certain banks send old/worn-out money to be destroyed (or laundered) when they get ahold of it, but it's possible that some bills never get to that exit point.

If the US gets rid of the penny, Illinois will secede from the union. Okay, maybe not, but getting rid of the coin that celebrates the "Land of Lincoln" has been less likely to go through while the Speaker of the House from (1999-2007) was an Illinoisan and then the next President (2009-) was also considered to be from Illinois. In other words, Penny-lovers have had effective veto power over the idea for 12 of the last 13 years.

As for singles ($1), people often carry enough of those to be caused inconvenience by a large coin, and a not smaller coin might be confused for a quarter or ye olde half-dollar. It's not just about the weight, it's about the size. I don't know if most guys put coins in their back pocket, I put it in my front pocket, and it can make sitting uncomfortable. Not to mention there's a strong Gentleman's Club lobby. And cash registers will need to be made larger to carry the same number of 1$ units of currency if x coins take up more space than x dollar bills.