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 Replies: 19 / Views: 3,072 |
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Valued Member
Canada
154 Posts |
I just caught a short item on the local radio station concerning the Mint was considering discontinuing the nickel. I was driving and did not catch the later news item. I don't see a thread on this - has anyone heard anything?
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Pillar of the Community
Canada
1823 Posts |
Yes I did a new $5 coin get rid of the 5 dollar bill.
And get rid of the nickel
Edited by yingyang
02/12/2014 7:26 pm
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Pillar of the Community
Canada
4227 Posts |
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Valued Member
 Canada
154 Posts |
Okay, so it is basically a lobby from the Credit Unions. Bank of Canada has looked at this in the past I believe, but nothing much more. Wonder how Desjardin sees rounding working?
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Pillar of the Community
Canada
2805 Posts |
I am still hoping for a five-sided foonie (one security maple-leaf on each of the five corners also continues the pattern)! We could even make it bimetallic.
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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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Replies: 19 / Views: 3,072 |
Posted 02/12/2014 7:27 pm
