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NiBullionCu
Penny Pincher Member
USA
168 Posts |
 Posted - 08/17/2007 : 14:00:44
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"We argue that the loss is much greater now because of rising costs
of production and salaries, and raw materials," Martin said.
Based on average production levels, he estimates that
the RCM is losing about $30 million (Canadian) per year on minting
the 1-cent coins. "We think it is time to put the penny to rest,"
he added.
Our North of the Border Hoarders may want to accelerate their efforts
while the gettin' is still good!
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horgad
1000+ Penny Miser Member
USA
1641 Posts |
 Posted - 08/17/2007 : 14:44:41
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According to that it costs 6 cents to make and distribute a steel penny in Canada! It just goes to show you that the metal content is only a small part of the cost of making and distributing pennies. Steel pennies will not stop the bleeding here in the US only slow it down.
Heck if those numbers are correct, they would have to eliminate the penny and start making nickels out of dog pooh just to get to break-even. |
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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
Posted - 08/17/2007 : 17:07:42
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Abolish the Canadian Penny?
If a coin is abolished is there a law against melting or selling as scrap an abolished coin?
Will there be a market for abolished coins among coin collectors?
More questions than answers I guess.
I should have chosen "Cut-n-Paste" as a forum name, since that is what I do, mostly. |
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n/a
deleted
42 Posts |
Posted - 08/18/2007 : 00:15:13
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quote:
Originally posted by NiBullionCu
You must be logged in to see this link.
"We argue that the loss is much greater now because of rising costs
of production and salaries, and raw materials," Martin said.
Based on average production levels, he estimates that
the RCM is losing about $30 million (Canadian) per year on minting
the 1-cent coins. "We think it is time to put the penny to rest,"
he added.
Our North of the Border Hoarders may want to accelerate their efforts
while the gettin' is still good!
sh!t, what's wrong with their dollar and economy? Don't they have a perfect health care system? Did their president send troops to Iraq? Don't they less people than California (also abbreviated CA)? Oh wait, who cares, the Amero is coming! |
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Cody8404
Penny Hoarding Member
USA
602 Posts |
Posted - 08/28/2007 : 13:41:04
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| I'm sorry, but ending the penny just shows that the dollar, es the US and Canadian Dollar are about on par, is just becoming worthless. |
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 08/28/2007 : 14:54:47
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quote:
Originally posted by horgad
According to that it costs 6 cents to make and distribute a steel penny in Canada! It just goes to show you that the metal content is only a small part of the cost of making and distributing pennies. Steel pennies will not stop the bleeding here in the US only slow it down.
Heck if those numbers are correct, they would have to eliminate the penny and start making nickels out of dog pooh just to get to break-even.
It also goes to show me that a zinc cent doesn't won't be around for long and that they just might be worth holding too.
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Fanaticism is doubling one's efforts, yet forgetting one's purpose.
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Canada cent may be ELIMINATED
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