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Pennies

SystemSystem Member, NoReporting Posts: 178,019 Arc User
edited March 2012 in Ten Forward
We've had our federal budget today, and they are getting rid of the Penny
http://www.budget.gc.ca/2012/themes/theme2-eng.pdf
Curious to hear from those in countries where the Penny has already been eliminated, on what to expect.
Post edited by Unknown User on

Comments

  • Archived PostArchived Post Member Posts: 2,264,498 Arc User
    edited March 2012
    The lowest denominator in my country is the dime (10 cents) and it is very rare. It was almost phased out before I left. Almost all prices are in whole numbers, except the occasional use of the tenth's. I don't know how taxes work in your country, but in mine prices have to be listed post-tax so you paid exactly what it said a the register, so no guessing games or anything.

    It's keeps prices cleaner in my opinion and I like it. Eventually, it's likely your government will pass legislation requiring prices to be rounded to the tenth's and prevent the abuse of rounding they state in your link.

    I remember what a shock it was coming to the US for the first time and witnessing first hand their love affair with the 9's. Their gas is even in fractions of fractions ($X.9999 dollar per gallon). I got used to it, but I like the simpler system better.
  • Archived PostArchived Post Member Posts: 2,264,498 Arc User
    edited March 2012
    In the U.S. pennies are worth more melted than they are actual face value.

    Weight value about .125$ and of course face value .1$
  • Archived PostArchived Post Member Posts: 2,264,498 Arc User
    edited March 2012
    In Australia we got rid of our 1c , 2c long-long ago. The lowest is 5c currently
    Also, $1 and $2 bills changed to coins a long-long time.
  • Archived PostArchived Post Member Posts: 2,264,498 Arc User
    edited March 2012
    JDobbs wrote: »
    In the U.S. pennies are worth more melted than they are actual face value.

    Weight value about .125$ and of course face value .1$

    Actually... That's $0.01 >.> Not $0.1
  • Archived PostArchived Post Member Posts: 2,264,498 Arc User
    edited March 2012
    Pennies are a pain. When I price stuff at work, I take pains to make sure anything comes out to an even dime with sales tax and drop the .01 digit when it doesn't, because half the pennies seem to end up left on the counter, the floor, or the parking lot. Most of the common services are priced in $5 increments to avoid dealing with singles.
  • Archived PostArchived Post Member Posts: 2,264,498 Arc User
    edited March 2012
    In a word where we make use of credit cards and debit cards, physical money will eventually fade. It may take a few centuries, but we will eventually reach a point where all payments are handled electronically and not physically.
  • Archived PostArchived Post Member Posts: 2,264,498 Arc User
    edited March 2012
    Very seldom use cash, pricing is not an issue if you don't use cash.
  • Archived PostArchived Post Member Posts: 2,264,498 Arc User
    edited March 2012
    To an extent, I agree with the above posters. The use of credit / debit cards has become increasingly common everywhere I go in the US. Cash still has a place but about the only time I see a penny outside of on the ground in the parking lot is when people are trying to turn their loose change into dollars at the conversion machines in the entry hall to local grocery stores. LOL.

    I have been surprised that no one has been arrested for melting pennies (ie destroying fed currency is a crime.) Several cases of copper pipe and materials theft have been reported local. In one case someone busted up electrical substation equipment to get the copper parts and put power out for sevral local neighbourhoods. In another they have video tape of someone hooking their truck to people's heat pumps at their home while the owners are gone, pulling them apart, and stealing the copper insides... O.o
  • Archived PostArchived Post Member Posts: 2,264,498 Arc User
    edited March 2012
    Good ridance. Mind you that means I should probably roll up my 5$ worth of pennies...
  • Archived PostArchived Post Member Posts: 2,264,498 Arc User
    edited March 2012
    Element_0 wrote:
    I have been surprised that no one has been arrested for melting pennies (ie destroying fed currency is a crime.) Several cases of copper pipe and materials theft have been reported local. In one case someone busted up electrical substation equipment to get the copper parts and put power out for sevral local neighbourhoods. In another they have video tape of someone hooking their truck to people's heat pumps at their home while the owners are gone, pulling them apart, and stealing the copper insides... O.o

    Simple really. Stealing copper pipes from vacant homes is a crime against someone else. Melting down your own pennies isn’t hurting anyone else and would also be difficult to prove in front of a jury. Until someone becomes a millionaire off this approach, I doubt anything important will happen.
  • Archived PostArchived Post Member Posts: 2,264,498 Arc User
    edited March 2012
    Pennies are only worth 1.6 for each 1, meaning that 10,000 pennies would only make you $6,000

    Now just try getting your hands on 10,000 pennies and tell me if that's worth it :P
  • Archived PostArchived Post Member Posts: 2,264,498 Arc User
    edited March 2012
    A big reason why melting pennies isn't a big problem is that foundries flat out won't do it, and most people don't have the expertise or equipment to separate the zinc and copper at home, and the few people who might aren't going to be able to melt the thousands it would take to get anywhere.

    Just melting them into bricks has a few downsides: it leaves you with zinc too impure to use as-is, meaning you have to sell it at "dirty" prices (probably meaning a loss), and it comes in a very specific ratio that foundries will recognize and might be enough in and of itself to at least get you a lot of Secret Service attention if not actually convicted.
  • Archived PostArchived Post Member Posts: 2,264,498 Arc User
    edited March 2012
    You know one of the reasons I kept working at Circle K was because the managers cope with me buying old change out of the drawer. As long as the drawer balances all's well. That said my best coins to spot by eye are pennies and nickles. I can for the most part see the difference in the strike. Older presses used a heavier strike and you can see it in the relief.

    I would be sad if my chances to pick up a Wheat dropped to 0.

    Oh well there would still the opportunity to score an adroit buffalo nickle, if the US Mint was to drop the penny.
  • Archived PostArchived Post Member Posts: 2,264,498 Arc User
    edited March 2012
    If you're doing it for profit and not personal collection, the best coins are ones with silver content. Pre-64 dimes and quarters and pre-69 half dollars. 16-20 times face to a coin dealer.
  • Archived PostArchived Post Member Posts: 2,264,498 Arc User
    edited March 2012
    hevach wrote: »
    If you're doing it for profit and not personal collection, the best coins are ones with silver content. Pre-64 dimes and quarters and pre-69 half dollars. 16-20 times face to a coin dealer.

    Oh I spot those right away, more white to the silver than the blue tinge of the alloys used in the modern quarters and the dimes. Same is true of the nickles to a degree, the good stuff is more gray than the modern non precious version of the nickle. I can also hear the difference. Silver "rings" more true, so shifting the coins in the drawer can lead me to a deeper inspection.

    Problem is most have "mined" out the silver as it is very easy to spot. Used to be that I could take a bunch of ten or five dollar rolls in the clear plastic and know which I wanted to open just by looking at the coin edges through the plastic. Nowadays it is an exercise in futility.

    And no I do not do it for the money. I do it because I like the coins, and the possible history that is attached to that coin. Also I always thought it would be awesome to have some period specific loose change in the ash tray of my '56 Ford F100. Got a couple of silver notes for that too. One's a 1936 dollar. Too bad my three legged buffalo was stolen along with my 1928 Morgan Peace.

    With luck I will replace them one day.

    In the end I am a touch of collector.
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