Say good bye to the Canadian penny

[kezt777]

The thing I hate in north America (Canada and US) is that sales tax isn't included in the price quoted. It's so nice here in Europe, if you buy something and it says it's €1, you pay €1. It's frustrated me so many times at McDonald's or other fast food where it says it's 99¢ for a hamburger and I have a loonie, but it ends up being $1.09 or so.

ya i lived in england and liked that it was embedded so i knew what i was actually going to pay lol. not that i like taxes on all this stuff in the first place, but you didnt have to stand there like a dummy wondering if you had enough cash on you.

Lishy - you might have actually been hit with all the other charges too because we have to pay some enviro fees on computers, tvs, etc now. even a 10% tax on that laptop would have only been about $70. There are all sorts of hidden fees, and i think even that differs from province to province??? I havent paid attention when going to bc and sask if there is a different in charges like enviro fees on pop bottles and such. I will have to watch next time i am brave enough to venture out of alberta

 

[oyarde]

So , basically , you buy something at , say 5.41 , it just gets rounded up to 5.45 now ??

 

[awake]

Simply evidence of the central counterfeiters at work, pay no attention to them they are harmless.

It costs way more to make them than what face value states; Gresham's law is in full effect - bad money drives good money out.

 

[eduardo89]

So , basically , you buy something at , say 5.41 , it just gets rounded up to 5.45 now ??

Prices ending in 1, 2, 6 or 7 cents will probably be rounded down, prices ending in 3, 4, 8 or 9 cents rounded up. That's how the do it in the Netherlands and Australia iirc.

The curious thing is that the Netherlands doesn't use the 1 or 2 euro cent coins, same with Finland, but since the other euro countries produce them they are legal tender in the Netherlands and finland.

 

[eduardo89]

ya i lived in england and liked that it was embedded so i knew what i was actually going to pay lol. not that i like taxes on all this stuff in the first place, but you didnt have to stand there like a dummy wondering if you had enough cash on you.

Lishy - you might have actually been hit with all the other charges too because we have to pay some enviro fees on computers, tvs, etc now. even a 10% tax on that laptop would have only been about $70. There are all sorts of hidden fees, and i think even that differs from province to province??? I havent paid attention when going to bc and sask if there is a different in charges like enviro fees on pop bottles and such. I will have to watch next time i am brave enough to venture out of alberta

I haven't lived in BC for about 7 years now, but I remember there was a 5¢ per can deposit. You get it back if you take the can in for recycling. Not sure about bottles though. And I can't remember about any other enviro fees or taxes.

 

[oyarde]

Even a few states in the US have the can & bottle thing , if I recall.

 

[enter`name`here]

Here in Nova scotia you pay 10c and get 5c when you bring them back.

Since I heard the news about the penny, I have been considering going to the bank and purchasing $50 worth (2 boxes), i just hope that when you buy a box you don`t only get new pennies as the older ones actually contain pure copper. The Gf thinks I am insane lol.

 

[The Goat]

surprised that no one has posted up coinflation yet.

copper is down, copper US pennies (pre-1982) were up close to 3 Cent no long ago.


Canada Coin Melt Values
http://www.coinflation.com/canada/

US coin Melt Values
http://www.coinflation.com/

 

[Pericles]

So long, its been good to know you.

 

[2young2vote]

Even a few states in the US have the can & bottle thing , if I recall.

Yes, here in michigan we get 10 cents for every can and bottle (both glass and plastic) that had carbonated liquid in it. That means when you by a 24 pack of Pepsi, you are paying $2.40 extra so you can get that same $2.40 back when you return the cans. People think they are making something, but the truth is all they are doing is getting their own money back. Businesses don't eat the cost, they just pass it on to the customer.

Canadian currency makes up quite a large part of the money I get at work. We might get 50 cents a day in Canadian coins (then there is the amount that we receive from customers, then give back out as change so it could be quite a bit higher). That is actually quite a bit when you consider we are open for 300 days of the year. It is possible that we receive over $100 a year in foreign currency. Although, you don't even notice until you count it. The coins are exactly the same size and when you are really busy you just don't pay attention to the design on the coin.

The truth is they are interchangeable. One valueless currency for another.

 

[kezt777]

I haven't lived in BC for about 7 years now, but I remember there was a 5¢ per can deposit. You get it back if you take the can in for recycling. Not sure about bottles though. And I can't remember about any other enviro fees or taxes.

In Alberta it recently went up. It's 10 cents per can (you pay the 10 cents plus a separate enviro handling fee on the bill and get only the 10 cents back) but it's like 25 cents for the 2 litre bottles and they do milk jugs for the same (25 for the four liter jugs but im not sure how much for the waxed cartons). We have a massive stack of cases (POP not beer lol) in the basement waiting til just before we go on holiday for gas money. Almost $200 now lol. But the separate enviro charge has been there for a few years now. It's not much, maybe 5 cents or something. But that adds up too of course and you dont get that back. Supposedly it goes to helping recycle them but who really knows.

 

[kezt777]

The truth is they are interchangeable. One valueless currency for another.

that's about it. but i do recall when i was a child/teen, going down into Montana, if you tried to sneak in a canadian coin they would have a fit at the store lol. Back then it was about 70 cents but now it's pretty much par 97 to 99 cents or higher, and recently we went over the US dollar again but the news didnt let that out this time (not that i saw). I noticed when I went to buy stuff on ebay in February and it was cheaper for me to order from the US lol. Shipping cost me $9.80 Canadian instead of the $9.99US that was posted. yee hawwww I have spent years not wanting to buy stuff in US$ on ebay because it would cost me even more.

But it's all a sad state of affairs really. I found out tonight that the Australian dollar and Canadian are almost the same too. $1CAD is 0.97AUD so that means Aussies are pretty much on par with the US dollar as well, after years of being apart.

 

[Paul Or Nothing II]

Use it or lose it. They've been wanting to go electronic currency for a long time. When that happens, kiss any vestige of privacy bye bye.

No worries, markets will get around it, as they always do!

There will be physical currencies on the black-market as usual, of course, they'll be "illegal" but people will use it if the cost-benefit dictates that using them will be better than using government-fiction!

Of course, it won't necessarily be good but just saying that it won't necessarily be the end of physical currencies! Yes, we do need to go more with physical currencies, especially those which can't be created in abundance at a fraction of their face-value but unfortunate thing is that some within the liberty movement are pushing for completely fictional currency, & trying to help out the government in going all fictional, you know the whole Shitcoin thing that's getting famous among some libertarians!

 

[czarinaB]

The last Canadian cent ever to be made came off the press on Friday. Experts predict the eradication will save the northern nation $11 million a year. Some say the same move should take place in the U.S., as well. Canada mints its last penny. Should the U.S., too? The United States mints more pennies than Canada and at a greater loss. Each United States penny costs about 2.41 cents to make. The United States coins can save a staggering $70 million annually by losing the copper Lincoln-headed disks.