So each penny prior to 1996 is actually 2 cents?
I'll keep that in mind and collect them for when their value goes up...
So each penny prior to 1996 is actually 2 cents?
I'll keep that in mind and collect them for when their value goes up...
My bf and I did some investigating online after checking the copper price on the stock exchange tickers, and found tons of sites listing the amount of pennies needed to match that weight and it was about $2 worth of pennies, 4 rolls, that made the $4 price at that time. The price goes up and down. The last time I peeked it was at $3.81 but I just keep in mind that 4 rolls of pennies equalled the weight for the stock exchange prices and go from there. Like silver - we bought a few silver one ounce coins from a few coin dealers in town when it was $18/oz and it went up to $44/oz or so in a year, now it's like $33/oz or so. But it is higher than what we paid so yipppeee lol. We plan to hold onto them for a long time, and add more as the dealers around here decide to let a few go, to see what they will be worth eventually. I wish we had found more at $18 a piece but the dealers were hoarding I think lol.Originally Posted by Lishy
Thats what happens when you debase a currency.
Rand Paul 2016
TBH all the Canadians I speak to DON'T miss the penny!
Ketz, regarding polymer notes...they do not withstand heat very well! Mexico has had them for about 10 years and they do melt!
Yeah well just wait until a nickel is also worthless, then a dime, then a quarter...pretty soon you wot even be able to buy a liter of gas with a loonie...oh wait, you already can't.
I guess what I don't like is the rounding up part... someone talked about how places will have to change their prices so you don't end up with '.98' or '.37' but that is also a cost to businesses that is forced on them. Places like Walmart always have items sold for .88 as a gimmick, for example. At least our GST went down to 5% awhile back, so that will help more than the 7% gst would have lol. Things that were always 99 cents will be priced at $1.00 now, unless the business decides to go with 95 cents instead, which is doubtful. So in my mind, the little tiny price increase that will result from this is a price increase that all of us will have to carry and it will add up. I have no idea when the penny wont be in circulation anymore - I assume that it will take awhile because I remember when the $1 and $2 bills were axed for the loonie and toonie - stores could still accept them for ages and banks would trade them for the new coins for a long time... I guess this could mean longer lines at the banks while people go through all their penny jars to make sure they don't lose out on trading them for other cash.
Another thought - my kids' school's biggest fundraiser for the longest time has been the Penny Drive. It raises more money than ones where products are purchased because I guess people have a lot of pennies sitting around and they sure add up fast. I helped count two diff years and we could barely lift the penny buckets lol. But that will end now I guess? At least once they are out of circulation. So maybe we will have to do a nickel drive from now on? I don't know if that will bring in as much cash because they are heavier and worth more, and fewer people may be willing to part with their nickels than their pennies... we shall see.
I'm pretty sure pennies will continue to be legal tender, just they won't be produced anymore.
Gasoline is 1.12/litre in my city despite being in the middle of oil and gas heaven... my father in law lives in a sask city 2 hours away and it went up to 1.279/liter yesterday. Friends near toronto have been paying more than 1.34/litre for ages... booooooooooooooo. People will have to be extra careful when filling their tanks so they don't accidentally go over $40.00 in case the store rounds it up on them. Right now the ones around here will round it down if you hit .01 or .02 but who knows. We already pay enough as it is.
Ya they would still be legal tender but that does not mean businesses will accept them after a certain point. We could still collect pennies at the school because you just have to take them into a bank to get it totalled up and exchanged for 'current' currency, but there will be less pennies exchanged at stores once prices change so not as much for things like Penny Drive fundraisers (have been very popular)... that's not a major problem, it's just one of the things I thought about when saying bye bye to the penny. I worked in a gas station when the two dollar bill died and we did not accept them after a certain date because the boss did not like taking them to the bank separately from the rest of our deposits. At that time, he had to take them to his major branch across the city instead of taking them to the smaller branch that was close by. I often wonder what would happen if I showed up at a store with my old $1 bill I have - I imagine the young people working there would not know what it was and be confused about accepting it haha. Many stores refuse to accept 100s and 50s (old style) at all due to counterfeit problems so they can certainly refuse to take pennies if they decide that.
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