Canadian Pennies - GONE!

[Dan Hughes]

Canada did something really weird a couple of weeks ago. They did away with pennies.

As of February 4, banks could no longer get pennies from the mint. In fact, they have to turn in all their pennies. And merchants can no longer give pennies in change.

Basically, Canada is trying to get all pennies out of circulation, and be done with them forever. Like we did with half-cents back in 1857.

Listen to the whole story at In the Corner with Dan Hughes.

 

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[Guest 1551]

Sucks to live in canada then

 

[pods]

Currency debasement. The copper/zinc/etc is worth more than the face value of the penny. The US is going to do the same thing.

 

[silvermagnet]

i wonder how many canadians have hoarded them?

 

[Citiboy289]

Great time to pick up a set off ebay

 

[Msbeepbeep]

Yep they won't be happy till all we're using is plastic!

 

[Keppy]

Sounds like a good idea to me.. Canada has replaced the $1.00 bill with a $1.00 coin and has the $2.00 coin that works for them …………… but here in the states when we tried the $1.00 coin every one here in the states are just stupid hoarders and put them away and would not spend them … Hoarders ,/ collectors ..All the same………..Now if our government would get rid of the paper dollar it would work ……. But our government is as stupid as the hoarders … So with all the stupid ones in this country we will never have a one dollar coin that works for us .. And we will never get rid of the pennies ..

 

[Neildo85]

Sounds like a good idea to me.. Canada has replaced the $1.00 bill with a $1.00 coin and has the $2.00 coin that works for them …………… but here in the states when we tried the $1.00 coin every one here in the states are just stupid hoarders and put them away and would not spend them … Hoarders ,/ collectors ..All the same………..Now if our government would get rid of the paper dollar it would work ……. But our government is as stupid as the hoarders … So with all the stupid ones in this country we will never have a one dollar coin that works for us .. And we will never get rid of the pennies ..

I'd never spend one o' them gold dollars with that lady or them prezdents on 'em. Cuz they's REAL gold ain't they!?!?! I love spending gold dollars and seeing the look on people's faces when I hand them a Sacagawea or presidential dollar. At festivals I like to take rolls of gold dollars to spend. At the last one I attended one pizza vendor in particular received quite a few. Back to the topic though, my dad is a big supporter of doing away with the American penny as well. BTW the man also hoards copper pennies.

 

[wainzoid]

I have a few pennies, in fact I have every pennie I have touched since 1986. Thats the last time I spent one. At that time I cashed in a lttle over $300- worth. Used it toward buying the tools in a woodworking shop.
I keep a running total of the weight. Approx 425 lbs which is about 70,000 pennies.

 

[Dave Rishar]

They could have debased them further and gone to something like plastic, but they (unlike us here in the states) realized that inflation had made the cent obsolete, and got rid of it.

And yes, it's something that should happen in America too. What can a penny purchase by itself? What can three pennies purchase? Hell, what can a nickel purchase? Might be time to get rid of those too.

 

[Rick (Nova Scotia)]

They could have debased them further and gone to something like plastic, but they (unlike us here in the states) realized that inflation had made the cent obsolete, and got rid of it. And yes, it's something that should happen in America too. What can a penny purchase by itself? What can three pennies purchase? Hell, what can a nickel purchase? Might be time to get rid of those too.

They reall y had out lived their usefullness. Most stores for some time now would have a dish of them on the counter for people to take one if needed or leave a few.

People for the most part resist change, remembering when the loonie came out people complained, then the 2 dollar coin, I was one of them that complained, but as a detectorist that thinking wasn't too smart, now I can't wait till we have a 5 dollar coin. Be nice if they made it out of something besides garbage though.

 

[Iron Patch]

It all works for me. I don't spend change, always break a bill, and it's a good way to save money. When I cashed it in I had over $1,400. Doing it again now and as long as nothing comes up I'll just keep doing it. I'd love to see a $5 coin happen.

 

[Dave44]

If we do away with the penny how would our government say "we are only raising the taxes a couple of cents" and get away with it? People would have a conniption' (as they should IMHO)

Do you have any idea how much that tax brings in every time they hike it a penny?