Are We About To Lose Another Friend?
The Royal Canadian Mint, who produces the Canadian currency is considering stopping the production of our good luck charm, the penny. Since 1908 it has produced over 30 billion one cent coins and says maybe that's enough.
What's to become of our copper friend? It is reported that the penny valued at one cent, costs the taxpayers about a cent and a half to produce and distribute. That's a losing proposition, but even though we can't think of anything we can buy for a penny, when we find one on the street and pick it up, it's supposed to bring us good luck! Doesn't that make it worth it?
My Grandmother always said, "a penny saved is a penny earned" and she told me to look after my pennies and the dollars will look after themselves. If they remove the penny from circulation, how will I do this?
In most stores there's a little box at the cash that says "need a penny, take a penny, have a penny give a penny" and people do! Today though a lot of the stores don't even bother to give you pennies in change or ask for them, they just round out to the nearest nickle.
Maybe the nickles demise will be next! Penny for your thoughts?
Are We About To Lose Another Friend?
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Hi Al and Peggy - I have seen talk of removing the penny from circulation over the years. This will cause prices to increase and tax revenue to increase since no one will want to round their prices down for cash buyers.
Hi Al & Peggy,
I agree with Marc about the downfall of losing the Penny (besides making all our great sayings redundant)...prices will be rounded up, not down.
But if they don't stop making something that costs more than it's worth then that's not good business either.
It's a conundrum.
Terrible loss. Soon we'll have to change the saying to A dollar saved is a dollar earned, and finding a dollar coin on the street will bring good luck.
Wow! I wonder if we in the US will also lose our pennies! And, is it rumor, or for real? It'll be like a lot of the sayings from the 17 and 1800s where our kids cannot figure out the meaning of these crazy sayings...... Like "The whole nine yards" from WWII..... the bullet belt from the machine gun was 9 yds long.
Yes, they were saying that Marc, that right now most store clerks round up to the nearest nickle only when using credit or debit is it actually the correct price.
It doesn't make cents sense to creat and distribute something that costs more than its worth Pam, it is not good business, but then again we wonder if it really does? LOL!
It is another thing lost to history Val. Good thing we have our loonies and toonies, who knows maybe those will bring even more luck.
They have been rumbling about this for some time Dagny, it has to be real. Thanks we just learned something today.... didn't know that about the nine yards! Yep, this newest generation will probably laugh at the stories of the little penny.
I'm with you, keep our friend "the penny". How many of us have saved the one that was dated the year we were born? Or how many times did we count and roll them with our kids, picking out the special ones? And what about that jar of change you've been trying to fill and in today's economy we need every nickle, dime and quarter, How will we ever fill it?
Al & Peggy: What would we use to play Rumoli with? Or buy penny-ante stocks with? Or as a screwdriver when you don't have one?
Ty
Oh your right Ellen, we forgot about those! We tried saving loonies and toonies in a jar and nah, never worked. What will we do??? LOL!
Oh Ty, Rummoli!! Fogot about that too and the penny stocks! Loonie stocks?? Always liked a dime better for the screwdriver though.
I don't like to carry change especially as it makes so much noise as I saunter. I have a jar that gets all of my change at the end of the day. My retirement fund, if you will. If the penny goes away then my fund will decrease by about 80%, which will force me to continue to work.
Fear not Al & Peggy. That debate has been going on since I was a kid here in the U.S. I think your penny is safe for a while. But just in case, I have a few Canadian pennies I could send you if you like!!!!
I doubt it will happen.............but if it does, we'll never again be able to say "well, that's my two cents worth".............pity.
Perhaps they should try and encourage everybody who has hoarded their pennies to put them back in circulation. I know that I have about a ton of pennies stuffed away in jars and bags.
I really won't mind the pennie's disappearing but I'm still upset at losing the $2 bill lol. Do you know how many times I give $1.35 for my medium coffee at the Tim Horton's drivethrough and they shut the window and never even give me back my 2 cents?
The nerve of them.
yanagi-ichigo - the graphic I have to type out to send you this comment. Hope I don't screw it up. Do they reallllly have to have words with so many letters?
Al and Peggy even if it does cost more to make than it is worth, it does not make a lot of sense to me to do away with it. Politicians cost more than it is worth and we have not gotten rid of them yet.
Just melt them...
Al and Peggy,
I hope with don't lose another friend! I agree with Marc. We better keep the Canadian penny or at the minimum encourage people to circulate them rather than keep them in a jar.
Hi Al and Peggy,
I'm going to be quite upset when this happens. It's going to be one more thing I have to explain to my grandchildren; what is a typewriter? what is a record player? and now, a 'what'? for your thoughts...
I will keep my collection safe.
Sergio
I won't miss it ...
Al and Peggy, I've been talking about this very thing over and over!
I agree that nostalgia is great regarding what our parents and grandparents taught us while reveling over the penny.
But, time awaits no one and so is our need for change.
The penny though is change I can do without!