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Mint Dropping The Nickel?

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First Page  Showing last 15 replies.
Author Previous TopicReplies: 19 / Views: 3,075Next Topic Page 2 of 2
Valued Member
Canada
386 Posts
 Posted 02/12/2014  9:07 pm  Show Profile   Bookmark this reply Add 1945V to your friends list
The speculation of a new $5 coin leads to more questions:
What size would it be ?
What composition would it be ? Bi-metallic or solid ?
Edited by 1945V
02/12/2014 9:16 pm
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Canada
617 Posts
 Posted 02/12/2014  10:33 pm  Show Profile   Bookmark this reply Add EastVanRob to your friends list
Without 5 cents, how are they going to cope with sales taxes?
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Canada
1823 Posts
 Posted 02/12/2014  10:45 pm  Show Profile   Bookmark this reply Add yingyang to your friends list
There will be no more sales tax
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Canada
2805 Posts
 Posted 02/12/2014  10:53 pm  Show Profile   Bookmark this reply Add nalaberong to your friends list
OK, people always trap themselves into a little hole when they talk about sales tax and eliminating small denominations.

Sales tax is calculated at the end of a purchase. Let's say you've bought $173.45 worth of crap. Your 5% sales tax works out to be $8.6725. Oh, hey, look: how can we have those decimals at the end without 1/10 cent and 1/100 cent coins? The answer is: we just get rid of those decimals because they are essentially worthless (and if you round properly, there is no aggregate loss or gain of money for anyone) and it becomes $8.67 worth of sales tax. Without the nickel... that's $8.70 worth of sales tax, a net change of Three Cents, which is not a government conspiracy to cheat you.
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Canada
2781 Posts
 Posted 02/12/2014  11:07 pm  Show Profile   Bookmark this reply Add Wade to your friends list
also talk (a while back) of dropping 25c and introducing 20c and 50c (everything in 10s)
Valued Member
Canada
245 Posts
 Posted 02/12/2014  11:31 pm  Show Profile   Bookmark this reply Add osmiumblue to your friends list
How about some real $20 for $20s... made of silver, of course
Valued Member
Canada
413 Posts
 Posted 02/13/2014  12:31 am  Show Profile   Bookmark this reply Add lucv13 to your friends list
"also talk (a while back) of dropping 25c and introducing 20c and 50c (everything in 10s)"

Oh boy, metric money, here we are in the new millennium and I still convert km to miles when travelling and kg to lbs when shopping etc...
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United Kingdom
837 Posts
 Posted 02/13/2014  12:44 pm  Show Profile   Bookmark this reply Add DaytR to your friends list
I cant help but think it would be awful for roll hunting if they eliminate the nickel , the interesting thing about the Huffington post article is that it quoted someone saying the penny was useless and costly, can the same be said about the nickel at this present moment ?
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Canada
457 Posts
 Posted 02/13/2014  1:42 pm  Show Profile   Bookmark this reply Add falcon to your friends list
I'm tempted to keep track of my spending over the next month or so and see what effect, if any removing the nickle would have.
My best guess right now....
Absolutely Zero/Nada/Nuttin lol
I only spend about 2 or 3 hundred a month in cash, most of that in the pub.
I almost always round my bill off to the nearest 10 dollar amount after a 15% to 20% tip.....But that's because I'm a good tipper when I'm drinking.
The only other time I use cash is on the odd occasion when I'm out driving around and I want some gum or a chocolate bar,
I only do that every other month or so.
99% of my spending is done on debit or credit cards.
I used to pay cash for gas all the time but now that BC has the prepay law I very rarely go in the store.
It helped cut down on my junk food intake
I vote to give the nickle the BOOT!
I think it and the penny should still be issued every year in proof and specimen collector sets.
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Canada
1823 Posts
 Posted 02/13/2014  2:06 pm  Show Profile   Bookmark this reply Add yingyang to your friends list

Quote:
I used to pay cash for gas all the time but now that BC has the prepay law I very rarely go in the store.


@falcon

How long has that law been around, they were thinking about it here in ontatio.
Valued Member
Canada
457 Posts
 Posted 02/13/2014  2:08 pm  Show Profile   Bookmark this reply Add falcon to your friends list
about 4 years
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Canada
3692 Posts
 Posted 02/13/2014  2:12 pm  Show Profile   Bookmark this reply Add Libertad to your friends list
They should just round it down everytime. It's free money for them anyways and it's always mismanaged. Personally, I think a $5 coin is too much. I have never thought to myself: I need an Ike sized coin in addition to the tiny nonsensical dimes (MAKE DIMES BIGGER, PLEASE).
Valued Member
Canada
115 Posts
 Posted 02/13/2014  2:46 pm  Show Profile   Bookmark this reply Add Dominic to your friends list
i really doubt dime will get bigger any time soon. if anything, all the other coins may become smaller to reduce cost.
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Germany
992 Posts
 Posted 02/14/2014  03:13 am  Show Profile   Bookmark this reply Add redlock to your friends list
Off topic
@falcon:
Quote:
I used to pay cash for gas all the time but now that BC has the prepay law


Can you only pre-pay with a credit card or still use cash to pre-pay the gas?
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 Posted 02/14/2014  03:40 am  Show Profile   Bookmark this reply Add Fox to your friends list

Quote:
The speculation of a new $5 coin leads to more questions:
What size would it be ?
What composition would it be ? Bi-metallic or solid ?


It was already stated years ago, that the foonie would be the "Bizzarro Toonie" In other words, a bimetallic golden ring around a silver center. (Which was why I think it should be called a "five golden rings" since it would be a golden ring around a silver center, and the coin would be worth $5.

How is Canada doing without their pennies so far, anyway? Any and all Canadians feel free to answer that one.


Quote:
"also talk (a while back) of dropping 25c and introducing 20c and 50c (everything in 10s)"


Ah, so Canada is going to possibly get their halves back into circulation, get rid of their quarters and introduce a fifth just as I said we U.S.ians should do. But since the Canadian half is the same size as the loonie, wouldn't the new halves need to be made bigger or smaller than the toonie, and/or proposed foonie?

What could really be done, within both the U.S. and Canada, is, eliminate the penny (in the U.S.) nickel AND dime, and round to the nearest quarter, and set up five coin slot tills COINS: $25c, 50c, $1, $2, $5, and make our quarters the size of pennies (and still copper in color, like pennies as quarters are about the smallest denomination with the power to purchase some things, they would make good "pennies" of the 21st century), our halves the size of nickels, $1 coins the size of quarters, and make both, Canadian and U.S. $2 coins the size of the dollar coin, and the $5 coin the size of the Canadian $2 coin, to make our coinange lighter and more pleasurible to carry around, and still have five coin denominations in circulation instead of eight, and issue $200, $500, and possibly $1,000 bills and do the bill slots, BILLS: $10, $20, $50, $100 $200 and put $500 and $1,000 bills in a safe, but keep one or two $500 bills out in the till under the $200 bills, in case you need to make a large change transaction with a $1,000 bill.

THAT would make things very simple.

Edited by Fox
02/14/2014 03:59 am
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