| Author |
 Replies: 107 / Views: 12,761 |
|
|
|
Valued Member
Canada
60 Posts |
 Maybe the mint will continue to make a limited number of circulation penny rolls that are never circulated and sell the 50cent rolls for $5 each!  |
|
Valued Member
Canada
60 Posts |
@loonietoon You gave me an idea! Buy a proof set! I didn't go for the Silver set, just the regular proof set. It will be cool to have the last year of the penny in a set.
|
|
Pillar of the Community
Canada
1700 Posts |
I should not have returned the pennies I bought from roll hunting. Also, during the summer, I will probably get boxes of pennies from the bank.
Anyway, I haven't seen any pennies from 2012 yet. Has anyone here on CC seen one?
|
|
Valued Member
Canada
371 Posts |
Quick everyone! Start hoarding BU rolls of 2012 pennies! :-)
If for some reason, they decide to melt down all of the 2012 pennies instead of releasing them into circulation, this could turn out to be another year like 1921... I know it's highly unlikey, but a guy can always dream.
|
|
Pillar of the Community
Canada
2781 Posts |
Quote:
I hope so
I have about 2500 pounds waiting to be melted can't melt 'em (legally), they aren't demonetizing them, they just are not making any more. |
|
Pillar of the Community
Canada
650 Posts |
They will continue in mint sets, just like the 50 cent piece. It really is useless the nickle is not to far behind. I worked out the ratio once and when we started a national currency around 1858 a penny had the buying power of about a quarter today, a nickle then is a dollar now.Pretty ruff numbers but its a shows the impractical nature of pennys and nickle coins today.
|
|
Pillar of the Community
Canada
862 Posts |
|
|
Valued Member
Canada
248 Posts |
I will miss the penny! IMO this is all about Harper making a power play flexing his new found muscle resembling a dictatorship, what he says goes. ---They say the penny costs them 1.6 cents to make, maybe they should look at the process before cutting it out. ---They say it would save them 11 Million dollars a year but what they don't tell you is that it will cost all of us more without it. ---They don't say the jobs that will be lost without it, those jobs will be from the miners of the minerals all the way up to the making of the penny. 11 Million is nothing when looking at the big picture and they say they are interested in jobs and stimulating growth! ---They don't say the effect it will have on all of us, example; There will no longer be items at the store for $1.97 specials they will be $2.00 so you say it's only 3 cents but that's 1.5% increase on those items! ---They say it could be rounded up or down, trust me it would only go up. So who does that affect the most, the poor! ---IMO if anyone thinks the penny is a waist time, money or useless they probably got to many, send them to me Ill take them. --- Think about this, if they raised taxes by only 1% what would you say?---I could go on, so besides the economic losses the Canadian Penny is the most affordable collective coin for collectors, has been since 1876 and got me started as many others. --- We all are toast, I cant wait to vote Harper out and bring the penny back along with other things. 
|
|
Pillar of the Community
Australia
7096 Posts |
Quote:
They don't say the effect it will have on all of us, example; There will no longer be items at the store for $1.97 specials they will be $2.00 so you say it's only 3 cents but that's 1.5% increase on those items!
In Australia when they demonetized the 1 + 2 cent coins everything was rounded up to the nearest 5 cents. So your $1.97 special would only cost you $1.95  , You will save 2 cents. Quote:
---They don't say the jobs that will be lost without it, those jobs will be from the miners of the minerals all the way up to the making of the penny. 11 Million is nothing when looking at the big picture and they say they are interested in jobs and stimulating growth!
Why would there be any layoffs The amount of copper used in coinage is minuscule compared to the industrial uses of this metal, So the miners jobs are not threatened by this. I'm sure that the people at the mint won't loose their jobs over this either. Lets be truthful about this the only people interested in the cent coin in Canada AND the US are coin collectors. The rounding off to the nearest 5 cents isn't a real dilemma either, Especially in the US where the real value of their dollar is getting eroded by the policy of just printing billions of extra dollars with the effect of increasing inflation so the dollar buys less anyway. Lets face it the 1 cent coin has no place in modern commerce anymore so it should be euthanized like a broken legged cow |
|
Valued Member
Canada
271 Posts |
I'm not going to get in to the politics of the matter, but I will miss the penny as well.
This might cause a shortage of pennies in circulation, and then I won't be able to roll search anymore. I only search pennies, because I don't make money doing other denominations. A shortage of pennies would also force stores to change the prices, and you KNOW they would round the price up.
|
|
Pillar of the Community
Canada
1166 Posts |
I've been procrastinating..... I have about $850.00 in pennies that have to be returned to the bank. Is there any urgency for these be redeemed before the end of the year?
I haven't had my first cup of coffee yet, so if this sounds stupid, just bear with me.
And, yes the coppers have been pulled out of the batch.
|
|
Pillar of the Community
United States
1358 Posts |
Canadian cents will probably circulate in the US for quite some time..lol..
|
|
Pillar of the Community
Canada
902 Posts |
Homicide of the penny will be the only thing Harper will be remembered for.
|
|
Valued Member
 Canada
178 Posts |
Hmm, some people are getting a bit political here! Before you take it all out on Harper, don't forget that the biggest champion of the penny's demise is the NDP's Pat Martin. Also, to commoncents13, no need to worry about getting gouged, they are going to use Swedish Rounding: http://en.wikipedia.org/wiki/Swedish_rounding |
|
Pillar of the Community
United States
2589 Posts |
Eliminating small denominations is a fools way of solving practical problems involved with inflation. Rather than eliminate the cent, the Canadian government should have kept inflation in check or made moves to deflate their currency. Instead the problem will continue, and eventually you'll see the nickel go and then the dime and so forth until finally you'll see the $5 bill turn to a coin and then the $10 and then eventually complete revaluation. Eliminating denominations is always the first step towards it.
|
| |
Replies: 107 / Views: 12,761 |
First Page
Posted 03/29/2012 9:11 pm
