10
   

Pennies From Heaven?, Not Canadian Pennies

 
 
djjd62
 
Reply Fri 30 Mar, 2012 06:08 am
but not in Canada

http://www.winnipegfreepress.com/local/penny-scrapped-martin-applauds-145086075.html

Penny Scrapped, Martin Applauds
Winnipeg Free Press
By: Mia Rabson
Posted: 03/30/2012 1:00 AM

The Royal Canadian Mint in Winnipeg will stop making pennies for Canada next fall, Finance Minister Jim Flaherty said Thursday. The measure was one of the highlights of the 2012 federal budget, even garnering its own glossy brochure in the budget documents.

It costs Canada 1.6 cents to make every one-cent coin, and it no longer makes fiscal sense to spend more than a penny is worth to make them, Flaherty said.

"The penny is a currency without any currency," Flaherty said.

Canada spends about $11 million a year minting pennies.

Flaherty hinted the penny's days were numbered nearly two years ago, but hadn't moved on the subject until Thursday.

Manitoba MP Pat Martin was nearly dancing a jig when he heard the news. The NDP MP for Winnipeg Centre has pushed for the penny to go for years.

"This feels pretty good," Martin said. "Finally, some common sense from government."

Martin introduced a private member's bill at least three times to get rid of the penny. In 2008, the House of Commons finance committee voted to study the issue, thanks to Martin's bill, but never did.

In 2010, a Senate committee studied the subject and recommended the penny be eliminated. A Bank of Canada study said the impact of eliminating the penny would be negligible. Not a single witness at the Senate committee defended the coin. Small-business owners reported it costs them money to collect and cash pennies and officials from charities reported they no longer relied on the penny for the same reason.

The mint produces about half a billion pennies a year, about half of what it produced five years ago.

The cent will remain as Canada's smallest unit for pricing goods and services but no more pennies will be distributed after next fall. All credit card, debit card and cheque transactions will be paid down to the cent. Cash transactions when pennies are not available will be rounded to the nearest five-cent increment.

The government's budget brochure on the penny makes some suggestions for how that should happen, including the rounding should occur after tax is applied to the price. The government's guideline would see a cup of coffee costing $1.78 or $1.79, or $1.81 or $1.82 rounded up or down to $1.80 for cash transactions. A coffee costing $1.83 and $1.84, or $1.86 or $1.87 would be rounded up or down to $1.85.

The Canadian Restaurant and Foodservices Association urged the government to work closely with the industry as the no-more-penny plan is implemented, noting it will affect a significant number of the restaurant industry's 18 million daily transactions. Restaurants and other businesses will have to reprogram cash registers, train staff and sometimes even reprice items to make way for a penniless society, said the CRFA.

Canada follows in the footsteps of New Zealand, Australia, Norway, Switzerland and the United Kingdom in doing away with the penny.

There is no plan to remove pennies from circulation or stop recognizing them as legal tender.

The first one-cent coin was struck on Jan. 2, 1908. The current design with two maple leaves on the same twig has been used since 1937. In 2010, Canada minted 486 million pennies.
 
jespah
 
  3  
Reply Fri 30 Mar, 2012 06:41 am
@djjd62,
In a related story, in Canada, the Beatles song Penny Lane will now be known as Nell Lane. An amnesty of three weeks is allowed for fans to exchange their now-outlawed copies for the new, improved version. After the three-week grace period, it will cost $2.00 (Canadian, of course, eh?) to perform the exchange. Paul McCartney and Ringo Starr, along with representatives of the estates of John Lennon and George Harrison, hailed the new revenue stream although they decried the lack of scansion in the new title. Rumors are currently circulating that the song will be renamed again at some future date, possibly to Looney Lane.
0 Replies
 
Ceili
 
  1  
Reply Fri 30 Mar, 2012 08:48 am
My kitchen window is lined with jars of pennies. I'll miss them weighing my pockets down and filling up my car ashtray. I'll save them for the great grandchildren who will marvel at the riches I've left behind..
0 Replies
 
Reyn
 
  1  
Reply Fri 30 Mar, 2012 10:02 am
@djjd62,
You'll see, stores will rip us off with more rounding up, than down. This will be noticed more with groceries.
roger
 
  1  
Reply Fri 30 Mar, 2012 10:16 am
@Reyn,
With the prices for groceries in the contiguous 48, we wouldn't notice the difference. Smallest can of green beans goes for .85. I've been meaning to count them to see how many pennies per bean.
Setanta
 
  1  
Reply Fri 30 Mar, 2012 10:21 am
Whenever possible, threads should have a sound track . . .



0 Replies
 
chai2
 
  1  
Reply Fri 30 Mar, 2012 11:06 am
JC Pennys is going to have to change its name up there.
ehBeth
 
  1  
Reply Fri 30 Mar, 2012 11:07 am
@chai2,
they'd have to come here first, and now they can't

shame eh
0 Replies
 
chai2
 
  1  
Reply Fri 30 Mar, 2012 11:07 am
@Reyn,
Reyn wrote:

You'll see, stores will rip us off with more rounding up, than down. This will be noticed more with groceries.


look at the bright side, you'll no longer have to pinch a penny.
0 Replies
 
ehBeth
 
  1  
Reply Fri 30 Mar, 2012 11:13 am
@Reyn,
the way food prices have been going up lately, I'm not sure I can fuss about rounding up a penny or two

grocery bills have been escalating in the last year or two
0 Replies
 
parados
 
  1  
Reply Fri 30 Mar, 2012 11:14 am
On the bright side.

Canadians will no longer be able to put in their 2 cents on topics. Now they will have to give/get looney.
izzythepush
 
  1  
Reply Fri 30 Mar, 2012 11:43 am
@djjd62,
We've not got rid of the penny, we got rid of the halfpenny a while ago, but we've still got the 1p coin.
0 Replies
 
Setanta
 
  1  
Reply Fri 30 Mar, 2012 11:51 am
No more pennies ? ! ? ! ?

Why . . . it's positively unAmerican ! ! !

(hehehe . . . i crack me up)
Mame
 
  1  
Reply Fri 30 Mar, 2012 12:14 pm
@parados,
We still have nickels, bub. It's about time they god rid of these pesky pennies. What a waste of space they are.
0 Replies
 
Ceili
 
  1  
Reply Fri 30 Mar, 2012 12:43 pm
@Setanta,
I just read an article stating Obama wants rid of them and there have been three kicks at the can so far... It'll happen one day, just like the metric system. lol
Setanta
 
  1  
Reply Fri 30 Mar, 2012 12:47 pm
@Ceili,
America has no metric system--unless you're buying soda . . . I am always amused at the store in Canadia when you buy butter, and it comes in a one pound package, but it just doesn't say one pound. At the gas station--excuse me, gas bar--when you buy a bottle of windshield cleaner fluid, or anti-freeze, it comes in a four liter bottle, which is as close to one gallon as makes no difference. Some places here in t.o. are right out front about it--at M & M Meats or Bruno's, they sell stuff by the pound. No sissy, namby-pamby metric system for them!
Ceili
 
  1  
Reply Fri 30 Mar, 2012 12:52 pm
@Setanta,
I know that Set, thus the joke. The article I read called us trailblazers - as if one day our neighbours to the south will have no pennies and have the metric system and follow our lead. I don't think it'll happen anytime soon on any account.
Butter - it may not say it on the outside, but all the measurement lines are imperial. It's just the way we roll..
Setanta
 
  1  
Reply Fri 30 Mar, 2012 12:57 pm
@Ceili,
The first time i went into a Canajun super market, i told the woman at the deli counter i wanted a pound of ham. She didn't bat an eye.
Ceili
 
  1  
Reply Fri 30 Mar, 2012 12:59 pm
@Setanta,
I doubt many Canucks could tell you their weight in metric. Although, I have to admit the smaller number looks better. Wink
roger
 
  1  
Reply Fri 30 Mar, 2012 01:22 pm
@Ceili,
Ever once in a while, one of the Brits will announce her weight in stones, and ask how to lose one or two in a week. Ya gotta' love 'em.
 

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