| Author |
 Topic  |
|
hobo finds
Penny Hoarding Member
838 Posts |
|
|
johnsonjohn2441
Penny Pincher Member
USA
102 Posts |
 Posted - 04/28/2010 : 15:47:08
|
| silly canadians |
 |
|
|
highroller4321
1000+ Penny Miser Member
USA
2648 Posts |
Posted - 04/28/2010 : 16:38:14
|
| I believe they will get rid of it. The alloy recovery program has been a huge sucessfull for the rest of the coins, and it is simply not feasable to do with the cents since steel cents cost more than a cent to make! |
Copper Penny Investing
www.portlandmint.com |
|
|
|
Nickelless
Administrator
USA
5580 Posts |
|
|
highroller4321
1000+ Penny Miser Member
USA
2648 Posts |
Posted - 04/28/2010 : 16:46:10
|
Many other countries have done this with little effect.
Plus the CAD is almost par with the USD so they can afford to give a little up to inflation haha ;) |
Copper Penny Investing
www.portlandmint.com |
|
|
|
Mike
Penny Sorter Member
USA
65 Posts |
Posted - 04/28/2010 : 18:14:25
|
| How much does it really matter if the Mint loses money on every penny made, when they make out like bandits on the dime and quarter? |
|
|
|
dakota1955
1000+ Penny Miser Member
2212 Posts |
Posted - 04/28/2010 : 18:25:35
|
| Wwe will have to just wait to see if they really do it and then wait to see if we will follow. |
|
|
|
hobo finds
Penny Hoarding Member
838 Posts |
Posted - 04/28/2010 : 18:30:17
|
quote:
Originally posted by dakota1955
Wwe will have to just wait to see if they really do it and then wait to see if we will follow.
If they do it I am sure we will follow! |
|
|
|
frugalcanuck
Penny Pincher Member
Canada
103 Posts |
Posted - 04/28/2010 : 18:56:55
|
| The real question... is the mint supposed to be profitable? |
One box of Nickels
11.65% .999 Ni |
|
|
|
Nickelless
Administrator
USA
5580 Posts |
|
|
fasTTcar
Penny Hoarding Member
Canada
573 Posts |
Posted - 04/28/2010 : 19:50:53
|
quote:
Originally posted by frugalcanuck
The real question... is the mint supposed to be profitable?
Actually, the mint has a mandate to be profitable and is very.
|
www.londongoldbuyer.com |
|
|
|
Wulfgang
New Member
USA
4 Posts |
Posted - 04/28/2010 : 20:44:21
|
| I've argued in the past that the penny/cent is not a single use item. It doesn't matter that it cost more than once cent to create. The penny is a tool for transactions, its used over multiple transactions. You cannot consider it to cost more than once cent to create and only worth one cent in value. Other tools values aren't considered for a single task, you don't say it cost the entire price of a hammer to drive a single nail into a board. |
|
|
|
beauanderos
1000+ Penny Miser Member
USA
2408 Posts |
Posted - 04/28/2010 : 20:57:57
|
even if Canada did outlaw the penny, they could still complete transactions just the same by using ours. I'm sure a high percentage of Canadian cents are Lincolns, and I doubt that they mind receiving them. We consider theirs interchangeable down here, why not the same there  |
Hoard now and hold on!
http://coppermillions.blogspot.com/
http://wherewillyoubein2012.blogspot.com/ |
|
|
|
uthminsta
1000+ Penny Miser Member
USA
1872 Posts |
Posted - 04/28/2010 : 21:23:30
|
Just thinking out loud here, but if they cease production, that doesn't mean it's no longer legal tender, right? There's plenty available to continue using them for years, while the people get used to the idea of not having them around over time. And I've also heard that the "rounding up" argument is not really a barrier, since the average consumer would lose less than $3 a year.
Wulfgang, you have a very interesting point there. That thought had never occurred to me. |
Come to the new and improved realcent: http://realcent.org
|
|
|
|
fasTTcar
Penny Hoarding Member
Canada
573 Posts |
Posted - 04/28/2010 : 21:48:28
|
Agree with Wulfgang, and appreciate the input. BTW, welcome to RealCent.
Uthminsta - I think the panacea for the penny folks here is demonetization. The penny "ceases to be currency" means that you can melt them for copper and sell them your local scrap yard.
I will become a larger buyer of them at that time.
|
www.londongoldbuyer.com |
|
|
|
El Dee
Penny Hoarding Member
USA
547 Posts |
Posted - 04/29/2010 : 14:41:27
|
I agree with Wulfgang, and everybody at the US Mint, too.
So at the Home Depot today I bought a hammer for $20. The one next to it was only $10, but I justified it because after all, it will last twice as long, and being a $20 hammer it will impart twice as much usefulness per nail driven as the $10 hammer.
|
Trust the government? Ask an Indian. |
|
|
|
Nickelless
Administrator
USA
5580 Posts |
|
|
coppertone
Penny Sorter Member
Canada
63 Posts |
Posted - 04/29/2010 : 20:28:35
|
quote:
Originally posted by beauanderos
even if Canada did outlaw the penny, they could still complete transactions just the same by using ours. I'm sure a high percentage of Canadian cents are Lincolns, and I doubt that they mind receiving them. We consider theirs interchangeable down here, why not the same there
I'd estimate about 5%US pennies. Surely a lifting of the melt ban would soon follow. Hoard faster! |
|
|
|
gollum40
Penny Sorter Member
USA
26 Posts |
Posted - 05/01/2010 : 11:05:02
|
Hey all, is this more of a significant milestone for us hoarders than we're giving it credit for? If Canada eliminates the penny, can the USA be far behind? Which leads me to wonder...why aren't the feds already doing what we're doing? Why haven't they already started sortingand hoarding the good stuff for themselves?
Little paranoid today, as you can tell... |
Now selling Zinc pennies 1.0000 X FV :) |
|
|
|
rodebaugh
Penny Collector Member
USA
377 Posts |
|
|
psi
Penny Collector Member
Canada
399 Posts |
Posted - 05/03/2010 : 10:06:44
|
| So the news is that a study has been ordered, not that the retirement of the penny has been announced? I'm not sure I buy the argument that this would increase inflation significantly. In a lot of cases prices would likely be rounded down a few cents rather than up (e.g. $XX.99 to $XX.95). |
|
|
|
Cerulean
Penny Hoarding Member
USA
993 Posts |
Posted - 05/03/2010 : 13:22:42
|
| I'm sure we the USA will follow Canada's lead in currency reform, just like how we followed their lead with the $1 coin, the $2 coin, the withdrawal of low value banknotes, and the usage of steel in coins. |
Sorting Map
2010 First Finds Contest
Are you a Buffalo Hunter?
Wanna take seignorage away from the Fed? Spend *any* coins!
We cannot afford this government.
Cerulean's Standing Offer: $3/lb shipped for foreign coins |
|
|
|
PennySaved
1000+ Penny Miser Member
USA
1720 Posts |
Posted - 05/03/2010 : 13:41:37
|
quote:
Originally posted by Cerulean
I'm sure we the USA will follow Canada's lead in currency reform, just like how we followed their lead with the $1 coin, the $2 coin, the withdrawal of low value banknotes, and the usage of steel in coins.
But we haven't had the success with our $1 coin like the Canadians.
How long ago did Canada withdrawl the $1 bill?
Seems like the U.S. lags quite a bit behind Canada |
SELLING COPPER PENNIES 1.4X FACE SHIPPED......“I sincerely believe that banking establishments are more dangerous than standing armies, and that the principles of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale” Thomas Jefferson |
|
|
|
mister_pennyweather
New Member
16 Posts |
Posted - 05/03/2010 : 16:34:09
|
| So no penny and some plastic play money huh? We could learn a lot from them. |
|
|
|
BCNumismatics
Penny Sorter Member
New Zealand
77 Posts |
Posted - 06/16/2010 : 21:57:35
|
Coming from New Zealand,we had 1c. & 2c. coins in circulation from 1967 until they were pulled from circulation in 1990.
In 2006,the 5c. coin was finally pulled from circulation.
As part of the exercise to pull the 5c. coin from circulation,the old 10c.,20c.,& 50c. coins circulated in tandem for 2 months after the introduction of the new copper-plated 10c.,& the nickel plated steel 20c. & 50c. coins,then the old 10c.,20c.,& 50c. coins were also pulled from circulation as well.
Aidan. |
Aidan Work.
My numismatic photos can be found here; http://www.coinforums.com/gallery/u6-bcnumismatics.html .
Please let me know what you think. |
|
|
|
cesario
Penny Pincher Member
129 Posts |
Posted - 06/17/2010 : 05:35:34
|
quote:
Originally posted by PennySaved
quote:
Originally posted by Cerulean
I'm sure we the USA will follow Canada's lead in currency reform, just like how we followed their lead with the $1 coin, the $2 coin, the withdrawal of low value banknotes, and the usage of steel in coins.
But we haven't had the success with our $1 coin like the Canadians.
How long ago did Canada withdraw the $1 bill?
Seems like the U.S. lags quite a bit behind Canada
A number of factors:
Crane & Co wants to keep the monopoly it has on making banknote paper to the US Government. I've seen mumblings that Ted Kennedy were buddy-buddy with them, ergo, protected. . If you eliminate one of the notes that wears out the fastest, it cuts deeply into Crane.
Also, would you want to lug around $30 in coins, or $30 in paper?
And, it was a dumb move by the Treasury to release both a dollar coin AND keep the dollar bill in circulation at the same time. You want to make people use the dollar coin, stop printing dollar bills.
And to satisfy Crane, shift to making more $2 bills. |
|
|
|
Topic |
|
Canada to get rid of penny
Forum Locked
I'll bet you $14.5 trillion in USD red ink that that isn't the case.
