Canadian Government Scraps Pennies

[JobIII]

I for one am surprised that they aren't going to slowly filter the coins.

http://xxjobiiixx.blogspot.com/2012/03/canada-gets-rid-of-their-penny.html

Will we be able to order pennies at banks once the mint stops releasing pennies?

[PMLurker]

Hopefully the fast food cashiers in Canada are a little sharper than the ones here in the US. when patronizing those types of establishments, It's hard enough for them to count correct change, I would hate to see what would happen if they have to round the total up or down...

[SilverEye]

Don't expect a similar announcement from the US for a while. There is no way this will happen here until after the election at the earliest. The Republicans would tear Obama apart if this happened on his watch.

Also, we Americans are too proud to "follow suit" if somebody else has already done something first, no matter how good the idea.

[AGgressive Metal]

During the '30s depression, States issued "tax tokens" in denominations of 1 & 5 Mills (1/10 and 1/2 cent) because back then, a penny was still a big deal (1/2,000th of a gold ounce!) and people didn't want the tax on a small purchase being rounded up a whole cent against their favor. If the US and Canada get rid of the penny and maybe even the nickel, you might see some states issue tax tokens so that you can make exact change on a 6% sales tax purchase, for example.

Edit: Or maybe big box retailers will do something similar, like a Wal-Mart version of Canadian Tire Money.

[JobIII]

So clearly, we're all getting pretty excited over today's news. But what does this mean for sorters in Canada? If the mint stops releasing pennies this fall, will people be able to order them from the bank?

(http://xxjobiiixx.blogspot.com/2012/03/canada-gets-rid-of-their-penny.html)

Also who knows if you'll be allowed to melt them down once this policy goes into effect.
And at least for me, what will happen to the US penny?
Is this the end of the 1 cent?
Definitely an interesting day for coin collector's / copper bullion hoarder's.

~JobIII

[ThePowersThatBe]

So clearly, we're all getting pretty excited over today's news. But what does this mean for sorters in Canada? If the mint stops releasing pennies this fall, will people be able to order them from the bank?

(http://xxjobiiixx.blogspot.com/2012/03/canada-gets-rid-of-their-penny.html)

Also who knows if you'll be allowed to melt them down once this policy goes into effect.
And at least for me, what will happen to the US penny?
Is this the end of the 1 cent?
Definitely an interesting day for coin collector's / copper bullion hoarder's.

~JobIII

Already a thread going. Merging, again...

[TXBullion]

So clearly, we're all getting pretty excited over today's news. But what does this mean for sorters in Canada? If the mint stops releasing pennies this fall, will people be able to order them from the bank?

(http://xxjobiiixx.blogspot.com/2012/03/canada-gets-rid-of-their-penny.html)

Also who knows if you'll be allowed to melt them down once this policy goes into effect.
And at least for me, what will happen to the US penny?
Is this the end of the 1 cent?
Definitely an interesting day for coin collector's / copper bullion hoarder's.

~JobIII

Already a thread going. Merging, again...

whats the over under on the next one popping up?

[Morsecode]

I'd say the odds are pretty good "New" topics will crop up on the subject until Summer. It'll take at least that long to see how the shutdown has affected sorters north of the border.

However...if you want to play over/under - hows about the future date for the US following suit?

I'd say right after the next President takes office, early Feb 2013.

[aristobolus]

I just sold most of my "common" wheat cents in the belief that this impending situation is analogous to the mercury dime vis a vi silver roosevelts. A post from a while back told of how in 1969 people were paying premiums for Mercurys vs. Silver Roosevelts. But now most commons are near parity, with the price of silver driving the train.

The real money now is in pulling out of circulation Copper Memorials for free vs. buying common Wheats at four cents a piece. Once the plug is pulled in the U.S. the former will rise in value to three or four cents; the latter after an initial bump will come down to near parity with the Copper Memorials based on the price of copper.

[beauanderos]

Well I guess Canadians will have a harder time searching for coppers once all the pennies are gone

http://www.theglobeandmail.com/news/pol ... le2386120/

Saddening, but inevitable. The bell of inflation has rung for too long a time.

If y'all don't mind a little blog pimp, my full thoughts on the demise of the penny are at my blog.

Git 'em while you can...

Nice blog... good job!

[nero12345]

How long before they stop giving them out? I was at the bank today and got 6 boxes and the teller said the manager told her not to order anymore. Why would they want to get anymore its just a hassle for them now. Load up boys, but stay out of Cape Breton there's nothing to see here. No pennies thats for sure.I would tell ya. i swear.

[Z00]

How long before they stop giving them out? I was at the bank today and got 6 boxes and the teller said the manager told her not to order anymore. Why would they want to get anymore its just a hassle for them now. Load up boys, but stay out of Cape Breton there's nothing to see here. No pennies thats for sure.I would tell ya. i swear.

And if you are not going to hold on to the ones you normally would dump, you can just set them aside for me. We'll figure out how to get them down here later.

[thaler]

Hey guys, haven't been on here in a while, heard this news today, and...well, you know..lol
So..do we Americans need to try and get ahold of all the Canadian cents we can get a hold of now, or does that not matter to us...I mean, it's still copper soo.. and do the banks here have any Canadian cents sitting around seperately for any reason? I wouldn't think so, but just asking.

[fb101]

Looking at the pics above, I wonder how long it will take the shopkeepers to adjust everything up 2 cents so they ALWAYS round up.

[Z00]

The added tax will negate that strategy in the long run.

[penny pretty]

have been keeping all the damn magnetic newer canadian pennies that coinstar wont take. been wondering how to get rid of them... CRAP now I gotta save these too!!! Ill be the first to hawk a roll of the LAST EVER penny made in canada on feebay! sadly, it would probably sell for awhile...

[henrysmedford]

have been keeping all the damn magnetic newer canadian pennies that coinstar wont take. been wondering how to get rid of them... CRAP now I gotta save these too!!! Ill be the first to hawk a roll of the LAST EVER penny made in canada on feebay! sadly, it would probably sell for awhile...

Coinstar and all the other counters will have to be reworked to take the new US steel coins. So just I think you can loose them then.

[Z00]

So you are wanting to get rid of them?
OK then 5 years down the road when the new collectors are buying their pennies from dealers at a premium because they cant get them in circulation, you wont be kicking yourself?
Uh-huh, sure, yup

[hobo finds]

some info here on how they plan to phase them out... http://money.msn.com/personal-finance/l ... 901814837b

[hobo finds]

ebay already has some good ones up... http://www.ebay.com/sch/i.html?_from=R4 ... Categories

[crazypennyguy]

Well I guess Canadians will have a harder time searching for coppers once all the pennies are gone

http://www.theglobeandmail.com/news/pol ... le2386120/

Saddening, but inevitable. The bell of inflation has rung for too long a time.

If y'all don't mind a little blog pimp, my full thoughts on the demise of the penny are at my blog.

Git 'em while you can...

Nice blog... good job!

Thanks a lot!

[henrysmedford]

Look like my hand my son Theodore and highroller4321 sorter was on ABC last night!
From --http://abcnews.go.com/blogs/headlines/2012/03/u-s-penny-to-be-kept-as-canada-bids-coin-farewell/

[fansubs_ca]

You know, the exchange rate is so close Canadians could just use U.S. pennies.
That wouldn't happen unless enough people make enough noise about getting their
pennies in change that one or two big retailers bring them in for their own tills.

Of course if the government actively redeems them from the banks giving what's
out there no chance to recirculate they'll end up pulling in a lot of U.S. pennies in
the process, as about 4% of the pennies circulating here are U.S., at least that's
the percentage I've seen in Winnipeg.

[henrysmedford]

You know, the exchange rate is so close Canadians could just use U.S. pennies.

Not the first that has happened in the past.

From-- http://en.wikipedia.org/wiki/United_States_dollar

The Spanish, U.S. silver dollars, and Mexican silver pesos circulated side by side in the United States, and the Spanish dollar and Mexican peso remained legal tender until 1857.

[frugi]

my input here is that I LOVE CANADIAN CENTS way more than US cents, up to 1996 they were copper, and they just feel better in my hand and sound better when plinked on a table........I am so happy I have a vastly larger supply of Canadian cents versus US cents. whew! Well, maybe I won't be in such a hurry to move them now.....