• Canada to scrap pennies on Feb. 4, round to the nearest five-cent increment.
    59 replies, posted
[QUOTE=ewitwins;39069102]My thoughts? The US should collect ALL the pennies that are in circulation right now through the banks, melt down and refine all the copper, and then keep it in reserves, selling it slowly and using it to pay off the debt! Copper is in HUGE demand right now, we have shit-tons of it just SITTING all over the place, it could work![/QUOTE] Yes, This would be a logical and smart thing to do. Unfortunately the people with the most power in the world, Don't do 'logic'.
[QUOTE=Kaabii;39070349]That's not how rounding works.[/QUOTE] In this case, it is. No store will have 5.00 if they can round it down to 4.95. We already have it like this in Switzerland, and that's how things are priced. x.95 instead of x.99. (Of course there may be a few exceptions) Welcome to the 4 penny cheaper future*!
[QUOTE=ewitwins;39069102]My thoughts? The US should collect ALL the pennies that are in circulation right now through the banks, melt down and refine all the copper, and then keep it in reserves, selling it slowly and using it to pay off the debt! Copper is in HUGE demand right now, we have shit-tons of it just SITTING all over the place, it could work![/QUOTE] Modern pennies are made mostly of zinc, they would have to be sorted by date.
[QUOTE=Djessey;39071334]Yes, This would be a logical and smart thing to do. Unfortunately the people with the most power in the world, Don't do 'logic'.[/QUOTE] You'd probably make more money off of the other metals in a penny rather than the copper itself, there really isn't that much of it in pennies after a certain year that are no longer in circulation.
Well, I guess phrases like "a penny saved is a penny earned" will be lost on future generations. [QUOTE=Zeke129;39068703]An equal amount of things will round down as up, and purchases with debit or credit cards stay the same. Canada's officially been without the penny for a while now, most stores where I live no longer accept them.[/QUOTE] Hoyl fuck, when did you get back?
Maybe now I can stop doing annual wallet cleanouts to remove the two pounds of pennies I regularly accumulate but never use
I've been collecting leftover pennies in an old coffee can for around 10 years and it's about 26 lbs (11.8 kg). That somewhere around 5000+ leftover pennies and could be that $50 that I'm never gonna fucking handle with. Imagine how much [u]you[/u] have saved in useless pennies.
[QUOTE=alx12345;39068578]Cool my wallet wont weight 50 pound anymore.[/QUOTE] I wish i had 50 pounds in my wallet
Why don't all of you who saved a bunch of pennies go to the bank and cash them in for banknotes?
[QUOTE=Stopper;39072748]Why don't all of you who saved a bunch of pennies go to the bank and cash them in for banknotes?[/QUOTE] Its not worth rolling thousands upon thousands of pennies into rolls of 50 for days just for $25.
[QUOTE=laserguided;39072933]Its not worth rolling thousands upon thousands of pennies into rolls of 50 for days just for $25.[/QUOTE] Go with the jar in the bank, get money. It's not like they won't take it. In fact, most banks here have a policy that they will take [I]all[/I] coins, but will charge 5% of the value if they have to count it.
[QUOTE=Tea Guy;39069903]My wallet has a little pouch to store change.[/QUOTE] I have a coin pouch. It goes in one pocket. The wallet goes in the other, along with my phone. The weight equals out. [QUOTE=Stopper;39072972]Go with the jar in the bank, get money. It's not like they won't take it. In fact, most banks here have a policy that they will take [I]all[/I] coins, but will charge 5% of the value if they have to count it.[/QUOTE] I don't know if it still works, but you used to be able to do this trick with coinstar machines where you unplugged their ethernet cable and they gave you 1:1 value for what you put in.
[QUOTE=Lethaxx;39068570]every country should do this and just sell penny sweets in 5's[/QUOTE] Not sure about Canada but where I live penny candy doesn't exist anymore, and hasn't for about a decade, more or less. :(
[QUOTE=ewitwins;39069102]My thoughts? The US should collect ALL the pennies that are in circulation right now through the banks, melt down and refine all the copper, and then keep it in reserves, selling it slowly and using it to pay off the debt! Copper is in HUGE demand right now, we have shit-tons of it just SITTING all over the place, it could work![/QUOTE] There's barely any copper at all on pennies, they're just copper jacketed zinc.
[QUOTE=ewitwins;39069102]My thoughts? The US should collect ALL the pennies that are in circulation right now through the banks, melt down and refine all the copper, and then keep it in reserves, selling it slowly and using it to pay off the debt! Copper is in HUGE demand right now, we have shit-tons of it just SITTING all over the place, it could work![/QUOTE] Pennies are not pure copper, they're now mixed with a ton of other stuff [editline]2nd January 2013[/editline] wow you ninja [editline]2nd January 2013[/editline] wow that wasn't even a ninja it was 1 hour 7ogaufvwf
[QUOTE=Sir M;39071114]They set prices to .99 so the item looks cheaper than it actually is (2.99 seems a lot cheaper than 3)[/QUOTE] Actually. Studies show that people are more drawn to those prices because it looks like someone thought longer as to what price to make it, rather than just slapping and well rounded number on it. Also as an Australia who has never seen a penny in his life, it's actually amazing. But now we're starting to consider getting rid of 5 cent coins as well. Because really, what can you even buy for 5 cents?
I think 5c coins are annoying and we don't even have pennies in Australia.
[QUOTE=Lethaxx;39068570]every country should do this and just sell penny sweets in 5's[/QUOTE] Australia scrapped them back in fuck knows.
I've got quite a few Canadian pennies in my world-currency collection. I better get some more to add.
[QUOTE=Nimhster;39075659]I've got quite a few Canadian pennies in my world-currency collection. I better get some more to add.[/QUOTE] I can hook you up [img]http://i.imgur.com/EoPxY.png[/img]
[QUOTE=Noth;39075696]I can hook you up [img]http://i.imgur.com/EoPxY.png[/img][/QUOTE] Those pennies are probably laced, don't do it man.
[QUOTE=laserguided;39075703]Those pennies are probably laced, don't do it man.[/QUOTE] Don't worry, the first hit's free
Meanwhile in New Zealand we got rid of 5c coins years ago. I can't understand why you would want to keep 1c coins in circulation anyway. The material used to make them is worth more than how much the coin is worth.
'ass nickels' just doesn't have the same jive
In Singapore, we used to have one cent coins until it was discontinued in 2005. If inflation cause the extinction of pennies, who knows in the future, there won't be cent coins anymore.
I always imagined that if pennies were gone, stores would adjust all the prices to make things look cheaper. Like making $2.99 items listed as $2.97 (which would actually be $3.00). Does that happen in the areas of Canada that have already done away with them?
[QUOTE=Colliseemoe;39076918]I always imagined that if pennies were gone, stores would adjust all the prices to make things look cheaper. Like making $2.99 items listed as $2.97 (which would actually be $3.00). Does that happen in the areas of Canada that have already done away with them?[/QUOTE] I can't really speak for Canada, though I've been living here for almost a year now, but in Australia, everything that was strategically priced was $X.95. However, like it says in the OP, they can just round it up to $(X+1).00, and have Credit/Debit transactions do the exact amount, since they wouldn't be affected anyway
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