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Thread: Canada Eliminates Penny Costing Penny-and-a Half to Make-Bloomberg

  1. #1
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    Default Canada Eliminates Penny Costing Penny-and-a Half to Make-Bloomberg

    Canada is eliminating pennies, requiring rounding to nearest nickel for cash transactions, but you can still use one
    cent in cashless transactions.

    From Bloomberg-

    http://www.bloomberg.com/news/2012-0...f-to-make.html

    Cash is being killed off.

    http://stepstowardthemark.com
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  2. #2
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    Wow!

    I wonder if the quart+ of Canadian pennies I've got stashed are worth keeping around as eventual keepsakes?

    Summerthyme

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    Currently, for every one cent made by the United States Mint costs 2.41 cents. Its probably just a matter of time that it happens here too.

    It sounds nice that everything will be 'rounded off' to the nearest nichel, but in reality, will it be typically rounded up or down? I think it will be rounded up much more than down, further putting the shaft to the consumers.

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    Quote Originally Posted by Summerthyme View Post
    Wow!

    I wonder if the quart+ of Canadian pennies I've got stashed are worth keeping around as eventual keepsakes?

    Summerthyme
    Ufda. Ya you betcha.
    Nessie and Bigfoot 2016. Change you can believe in.

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    Today Canada also raised the retirement age to 67 - for the year 2023.

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    It can't be long before something similar happens here. See the article below.

    Wonder what TurboTimmy plans to substitute for the "valuable metals" of copper, nickel and zinc ... that replaced the really valuable metals of gold and silver in America's coinage decades ago? Steel? Aluminum? Plastic maybe?

    Sounds like what LBJ said, back when he was considering the Coinage Act of 1965, which stripped the 90% silver out of America's dimes, quarters, half dollars and dollar coins and replaced them with copper sandwiched in silver colored metal.
    ===============================

    http://articles.philly.com/2012-03-2...l-small-change
    Philly Deals: Geithner sees cash in coins' metal
    March 29, 2012

    Like an old man with a cart picking up junk on Ridge Avenue, Treasury Secretary Timothy Geithner is trying to turn scraps of metal into cash.

    Geithner wants to strip copper and other valuable metals from the Philadelphia and Denver coining lines that mint America's small change. "Currently, the costs of making the penny and the nickel are more than twice the face value of each of those coins," he told a House Appropriations Committee panel Wednesday.

    Treasury wants a law that would give it the freedom "to change the composition of coins to utilize more cost-effective materials" without having to ask Congress for permission every time it dilutes the content of the national coinage.
    ...

    For full article see http://articles.philly.com/2012-03-2...l-small-change
    Lost colonist

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    Croatoan said -

    It can't be long before something similar happens here. See the article below.

    Wonder what TurboTimmy plans to substitute for the "valuable metals" of copper, nickel and zinc ... that replaced the really valuable metals of gold and silver in America's coinage decades ago? Steel? Aluminum? Plastic maybe?

    Sounds like what LBJ said, back when he was considering the Coinage Act of 1965, which stripped the 90% silver out of America's dimes, quarters, half dollars and dollar coins and replaced them with copper sandwiched in silver colored metal.
    We are witnessing the implementation of the plan to completely destroy our present monetary system so
    the globalists can bring us into the bondage of the cashless monetary system.

    Our chains are being forged, not of steel, but of ones and zeros stored in the computers of banks and government.
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  8. #8
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    Government inspired inflation.

    Go back 100 years and 2 cents would buy a stamp for a first class letter.

    Today it's right at 50 cents.

    In the early 1960's a $325 a month take home job, was a fair living.

    If your not making $400 a week now, you're well below the poverty level. And with $600 a week you're just at the poverty level.

    Just have to keep telling myself,
    'Self there is no inflation, there is no inflation.'

    I'll also have to toss the old hand stitched phrase hanging on the wall,
    'A penny saved is a Penny earned'

    Have to see if I can get a new one made,

    'What's a Penny Worth? What's a Penny.'

    Rhodie
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    Nor do I fear it.
    I just dread what it can do to my country.

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    Take James Wesley Rawles advice, and at least, save your nickels, even if you can't afford silver and gold, because next year they aren't going to be made out of the same metal content as they are now. Anything is better than paper and just remember, happy days, no inflation, per Ben.

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    Quote Originally Posted by TomNTam View Post
    Take James Wesley Rawles advice, and at least, save your nickels, even if you can't afford silver and gold, because next year they aren't going to be made out of the same metal content as they are now. Anything is better than paper and just remember, happy days, no inflation, per Ben.
    Also, older pennies made of copper are more than saving. Here is an easy way to tell if a penny is copper or
    not. When you empty your pockets, drop the pennies onto a hard surface and you hear a "ring", it is copper. If the
    sound it makes is more like a "thud", it isn't.

    With copper at about four dollars a pound it is worthwhile to do this.
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