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-   -   Dropping the penny... (https://britishexpats.com/forum/canada-56/dropping-penny-696999/)

Alan2005 Dec 15th 2010 2:35 am
Dropping the penny...
 
...is being considered apparently.

http://www.vancouversun.com/business...941/story.html

Polls suggest that most people think it's a good idea. It is if you are a retailer and you get to add the few cents per transaction onto your bottom line. Cheeky gits.

4d32ftw Dec 15th 2010 4:41 am
Re: Dropping the penny...
 
its not good for retailers as they will have to advertise stuff at 19.95 instead of 19.99 etc..

as they know $19.99 is more likely to sell than the same item listed as $20.00. Our poor little brains only really pick up on the 19, so we often convince ourselves its a dollar cheaper than it is.

Alan2005 Dec 15th 2010 5:04 am
Re: Dropping the penny...
 
Originally Posted by 4d32ftw (Post 9041138)
its not good for retailers as they will have to advertise stuff at 19.95 instead of 19.99 etc..

as they know $19.99 is more likely to sell than the same item listed as $20.00. Our poor little brains only really pick up on the 19, so we often convince ourselves its a dollar cheaper than it is.
More likely it will still be $19.99, they'll just round up the total when the sales taxes are added.

Mdunny Dec 15th 2010 11:21 am
Re: Dropping the penny...
 
great idea. the CAD penney is practically worthless anyway. many of the euro countries didnt mint a 1 cent piece , its not needed anymore.

Oink Dec 15th 2010 12:05 pm
Re: Dropping the penny...
 
Originally Posted by Alan2005 (Post 9041003)
...is being considered apparently.

http://www.vancouversun.com/business...941/story.html

Polls suggest that most people think it's a good idea. It is if you are a retailer and you get to add the few cents per transaction onto your bottom line. Cheeky gits.
Think of all the penny related sayings that would be rendered useless if they scraped them? A penny for your thoughts, saving your pennies, pennies from heaven, penny wise pound stupid, not to mention things like penny whistles or even the Beatles song Penny Lane. It’s a daft idea. I really don't think these people have thought this through.

Cookie Dec 15th 2010 12:36 pm
Re: Dropping the penny...
 
How am I supposed to play Rummoli with no pennies :(:rofl:

Tuppence Dec 15th 2010 1:26 pm
Re: Dropping the penny...
 
I hope I'm safe :eek:

Alan2005 Dec 15th 2010 3:26 pm
Re: Dropping the penny...
 
Originally Posted by Mdunny (Post 9041635)
great idea. the CAD penney is practically worthless anyway. many of the euro countries didnt mint a 1 cent piece , its not needed anymore.
There was a report that said it's lost 95% of it's value since it was first minted. By that logic, the 5c and 10c coins should be gone too.

JonboyE Dec 15th 2010 5:04 pm
Re: Dropping the penny...
 
Apparently the penny costs 1.6 cents to make. Something seems fundamentally wrong there.

Alan2005 Dec 15th 2010 5:06 pm
Re: Dropping the penny...
 
Originally Posted by JonboyE (Post 9042303)
Apparently the penny costs 1.6 cents to make. Something seems fundamentally wrong there.
Well, they should have thought of that before allowing inflation to destroy the value of the currency. Idiots, deliberately devalue over time and then act all surprised when the metal costs more than face value to make.

jimf Dec 15th 2010 5:16 pm
Re: Dropping the penny...
 
On the news last night they said the average canadian household has $6 in pennies lying around the house. I find that difficult to believe - 600 coins down the back of the sofa etc.

On the subject of pointless currency why has the use of the dollar coin never taken off in the US. I've never seen one and apparently they are made but people won't used them and prefer the dollar notes.

Steve&Tanya Dec 15th 2010 5:23 pm
Re: Dropping the penny...
 
Originally Posted by jimf (Post 9042326)
On the news last night they said the average canadian household has $6 in pennies lying around the house. I find that difficult to believe - 600 coins down the back of the sofa etc.

On the subject of pointless currency why has the use of the dollar coin never taken off in the US. I've never seen one and apparently they are made but people won't used them and prefer the dollar notes.
They do exist, I have one :thumbsup:


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