Goodbye Penny?

While it would be sad to see the penny removed from circulation, the reality is that Bank of Canada has managed to knock about 95% of the value off the dollar since it formed.

Australia had 1 and 2 cent coin but removed them in the 1990s. Here prices ending in 1,2,6,7 are rounded down and prices ending in 3,4,8,9 are rounded up (this is Swedish rounding). That's only if you pay with cash, if you make an electronic payment it's for the exact amount. So if you're concerned with cents adding up you can actually avoid rounding payments up altogether.

And in New Zealand they've already removed their 5 cent coin from circulation and everything is rounded to the nearest 10 cent.

You guys need to look up "Swedish rounding", as I can tell some of you are confusing it with rounding up. 5 cents is 5 cents. As is 4 cents, and 6 cents, and 3 cents and 7 cents. 8 or 9 cents is 10 cents, 11 or 12 cents get rounded down to 10 cents. This rounding system, in theory, evens out and you're not getting ripped for a few cents every transaction. I also favor getting rid of the nickel, and having 10c as the lowest denomination.

Oasis is absolutely right though, besides debating abolishing the penny, people need to ask themselves why they are worthless. I'd guess with confidence that less that 1 person in 100 understands that debt - not money - is the foundation of the current monetary system.

Well said Libertad

Kyrio: Well then give me all your pennies as they are useless to you. I'll put them to good use. I bet you if I offered to give you a hundred face in pre1981 pennies you won't say they were useless.

Unless the government can say we will save x amount of dollars and everyones basic tax allowance will reflect this difference (after all we are all saving aren't we) then the government will just pocket the money anyways and blow it in some unaccountable way. At least if the government has to actually make pennies then at least something actually got done with our tax dollars. So many government positions are basically glamorous and high paying "welfare" jobs, lets remove those first to save some real money.

Once everything goes electronic we will be paying the banks for "connivence". And if we get rid of all money the banks will be able to charge a buck or two a transaction and there won't be a choice. The last thing you want is the banks in control of the money.

unofficial) Message from the mint PR dept:
Penny, GO away!!! you actually do cost us more more than you are worth!!
However, stay around for the fools we call: our clients ( chuckle....flattering word for some coin collectors collecting the wrong coins)
because "our valued Clients" will make sure we are profitable by us re-issuing the penny for you, specially for you who do not know better.The penny, with (of course}some errors automatically built in to the issues, like a leaf facing the wrong way,or it showing 2 cents instead of 1 which will have the forum guys go bananas..... all about a worthless penny.... BUT all about our business goals.
so true......
oh each issue will be adjusted to overseas demands to keep up interest.( and there is tons of it because our marketing people do an excellent job telling the world how RARE and limited THESE issues are.

Joke aside!
Are you forum members aware that our mint does in fact make some issues that are NOT available here and are ONLY meant for export....?
However, they will "send" a few of these "very valuable" coins to some very select dealers to create interest...?
WHY?
cause it is supposed to be " legal Canadian Currency"...
beats me.....
I know all our money is still legal tender back to 1858, regardless of age.
BUT when was the last time you received an $ 8 or $ 4 coin in your change , or spent one? or even know that there is such an issue? It is a JOKE that makes $$$$$$$$$$
I think that you would be ending up with stainless steel bracelets at the local RCMP lock up if you were caught trying to pay for a greasy papa burger with one..
Anny officers like to chime in? ( I know, there are some)
sorry, but that is the last rumbling" I will do for a while...