Will Public Bring US Pennies To Deal With Canada's Loss?

I don't think you will come out even. Stores such as Walmart force producers to move to third world countries to save pennies on cost of products. I believe that these stores will strategically set their prices so that the combined total always has to round up in their favour.






Actually it's two pennies per transaction. LOL. In this economy, when we are already tax stressed from the government in Canada, I don't want to lose any more of the money I'm left with out of principle. There are people on the forum talking about saving aluminum cans to get 40 cents per pound and buy silver... I think I'd save more per week toward buying what I want if I'm not losing pennies per transaction.


The report from the mint says gradually withdrawn. I don't believe it will take all that many years for this to take effect, look at the one and two dollar bills. It won't be the money stupid "now generation" that will be bringing the American pennies into Canada's circulation. It will be the rest of us cheapskates! LOL

I'm not trying to argue with anyone in any way. Just seeing what everyone's input is on the subject. Jbuck, in your Country you don't pay nearly the amount of income tax and sales tax as we do in many Canadian Provinces... For those of us who don't have as much purchasing power with our income, we don't want rounding that's not in our favour.

Because if you put it that way, talking about nickels and dimes. There is nowhere in this Country where you can go buy something for five or ten cents except a variety store to buy a gummy candy or two... So why not intead of doing away with the penny (which costs less to make than banknotes with anti-counterfeiting technology) doen't Canada and the United States (because you know they are going to drop their penny sooner rather than later too) just drop a zero off of our money? The way Mexico dropped three zeros off of their money back in 1993.

Libertad, yes I have been to Toronto many times. It's the same at the western end of the 401 with purchasing grocery bags, I carry my own reusable bags everywhere I shop. I agree that the tax should be prefigured into the price on the shelves. It's supposed to save the environment by you not wanting to spend the money on bags that won't biodegrade in the landfills, and bring your own cloth bags.

Sure Canada and US inflation isn't to the extent of what Mexico's was. That's why I said drop 1 zero intead of 3. Because although it isn't 1000 dollars for a chocolate bar here in Canada, it is 1 dollar. When 40 years ago it was 10 cents for a chocolate bar, I earned 3 dollars per hour at work and enjoyed a better standard of life than I do making 30 dollars per hour today. Inflation is rising faster today than it did in the 40 years until now, so at that rate we'll be paying 15 dollars for a chocolate bar in the year 2050!

I'm saying, since it costs more to make paper money hard to counterfeit than it does small coins. That eventually we will have to start dropping zeros off of our money because after the penny it will be the nickel then the dime... If it keeps going at this rate, in 40 years people will have to earn 400 dollars per hour to be equivalent to today's 30 dollars per hour.

So yes if the government steps in with a 10 percent reduction. Minimum wage would go from 10 dollars per hour down to 1 dollar per hour, and something that costs 50 dollars in the store would cost 5.

I get around 12 percent of US pennies in rolls. Let's just make it 10 percent (due to the fact that I'm only 35km away from the border). If the melting company melts one million pennies, 100000 of them would be US. Also, the US Mint website does state laws upon melting coins. This would become political if your idea is correct. Canada would make money on US currency. Imagine the copper and zinc price for 100000 US pennies.
Also, I think that machines in the mint or melting company could detect US currency and I'm sure that they would sort them by year.

I agree that penny rolling is a complete waste of time.

I disagree that the minimum wage should be increased even more. What should decrease is the cost of production via honest money backed with solid commodities AND solid industry. Of course I'm constantly seeing things wrong with the world so don't mind me one bit; I'm a bitter fool. But, having worked for minimum wage, I can tell you that from the perspective of the businessman having to pay your workers that even THAT is high, and what is slim is the profit margins of one's company. Unless you're making a killing it's not even worth getting into any business at all. The average daily wage is about $70-90, when 20 years ago it was $40-50 on minimum wage. It's just nuts! Minimum wage isn't too low, it's that the cost of products is too high and people don't really realize that because "more is better". I wish things could cost 1 cent again so that we could actually use the resources that are already have in our hands! There are trillions of pennies around to use and now they're worthless.

Anyways, I think that it should stop at the nickel because the poor working class will be dissatisfied with everything at 25 cent intervals, quoting not being able to save money for the future. If the issue is counterfeiting then we should use precious metals to curtail this.

US coins are the properties of United States. I don't know about international currency laws, but United States must have the right to do whatever they could in order to protect their property.
Other than that, US will eliminate pennies shortly as it becomes more and more useless.
I am sure that melting companies will own sorting machines to pull out US pennies and sort years.