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Replies: 19 / Views: 3,075 |
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Valued Member
Canada
386 Posts |
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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Pillar of the Community
 Canada
617 Posts |
Without 5 cents, how are they going to cope with sales taxes?
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Pillar of the Community
Canada
1823 Posts |
There will be no more sales tax 
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Pillar of the Community
Canada
2805 Posts |
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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Pillar of the Community
Canada
2781 Posts |
also talk (a while back) of dropping 25c and introducing 20c and 50c (everything in 10s)
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Valued Member
Canada
245 Posts |
 How about some real $20 for $20s... made of silver, of course 
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Valued Member
Canada
413 Posts |
"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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Pillar of the Community
United Kingdom
837 Posts |
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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Valued Member
Canada
457 Posts |
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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Pillar of the Community
Canada
1823 Posts |
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.
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Valued Member
Canada
457 Posts |
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Pillar of the Community
Canada
3692 Posts |
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).
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Valued Member
Canada
115 Posts |
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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Pillar of the Community
Germany
992 Posts |
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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Pillar of the Community
708 Posts |
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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