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Dropping the penny...

Dropping the penny...

Old Dec 15th 2010, 3:35 am
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Default 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.
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Old Dec 15th 2010, 5:41 am
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Default 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.
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Old Dec 15th 2010, 6:04 am
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Default Re: Dropping the penny...

Originally Posted by 4d32ftw View Post
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.
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Old Dec 15th 2010, 12:21 pm
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Default 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.
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Old Dec 15th 2010, 1:05 pm
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Default Re: Dropping the penny...

Originally Posted by Alan2005 View Post
...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.
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Old Dec 15th 2010, 1:36 pm
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Default Re: Dropping the penny...

How am I supposed to play Rummoli with no pennies
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Old Dec 15th 2010, 2:26 pm
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Default Re: Dropping the penny...

I hope I'm safe
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Old Dec 15th 2010, 4:26 pm
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Default Re: Dropping the penny...

Originally Posted by Mdunny View Post
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.
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Old Dec 15th 2010, 6:04 pm
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Default Re: Dropping the penny...

Apparently the penny costs 1.6 cents to make. Something seems fundamentally wrong there.
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Old Dec 15th 2010, 6:06 pm
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Default Re: Dropping the penny...

Originally Posted by JonboyE View Post
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.
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Old Dec 15th 2010, 6:16 pm
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Default 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.
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Old Dec 15th 2010, 6:23 pm
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Default Re: Dropping the penny...

Originally Posted by jimf View Post
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
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