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Rest in Peace Canadian Penny

Discussion in 'Canada' started by OZ-T, Mar 29, 2012.

  1. Mar 30, 2012 at 3:46 PM
    #121
    Rich91710

    Rich91710 Well-Known Member

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    They have to accept them, but as they are sent to the banks with the nightly deposits, are the banks going to treat them as "damaged currency" and pull them from circulation?

    How is the transition going to be handled.... sale amount comes out to $5.56... is the vendor going to eat the penny or is the customer going to cough up $5.60?
    If the vendor eats it, it could add up quickly, though it will average out to an extent (except when you get the asshole customer that insists on having his $0.02 change)....

    Or are transaction totals going to immediately automatically round to the nearest 0.05?

    What about non-cash transactions? Will they still be run in cents?

    Don't get me wrong... I'm with the plan on dumping anything smaller than even a dime. A dollar simply is not worth what it was 20/50/100 years ago and there really is no need for the smaller change (why Mexico still has anything smaller than 50 Centavos is beyond me!)... but in the world of accounting, rounding can introduce HUGE discrepancies. People have made millions (and gone to prison for it) by skimming "a few cents/dollars" from bank accounts. Amounts that aren't noticed by the customer, but amounts that add up in a big way once concentrated in one location.

    So I see big problems with the transition if the ultimate goal is to eliminate the denomination, but at the same time transactions are not universally required to avoid the use of the smaller denominations.




    Ya, right... Says the guy who lives in a country where gas prices are $x.xx9/10
     
  2. Mar 30, 2012 at 4:36 PM
    #122
    OZ-T

    OZ-T [OP] You are going backwards

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    You didn't read the article in the OP , did you ?
     
  3. Mar 30, 2012 at 4:55 PM
    #123
    Rich91710

    Rich91710 Well-Known Member

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    No
     
  4. Mar 30, 2012 at 5:00 PM
    #124
    OZ-T

    OZ-T [OP] You are going backwards

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    It answers all the questions you posted .

    Essentially , cash transactions will be rounded up or down after all items are tallied and taxes applied .

    Credit or debit transactions are unchanged , ie the total can be $x.99

    Pennies will be removed from circulations when they end up at financial institutions , but are legal tender as long as they exist
     
  5. Mar 30, 2012 at 5:00 PM
    #125
    scocar

    scocar hypotenoper

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    The hallmark of a seasoned dou...TW member.
     
  6. Mar 30, 2012 at 5:13 PM
    #126
    Konaborne

    Konaborne Pineapples on pizza Hawaiian does not it make.

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    Are canadian pennies 1 cent?
     
  7. Mar 30, 2012 at 5:13 PM
    #127
    OZ-T

    OZ-T [OP] You are going backwards

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    FU Pineapple
     
  8. Mar 30, 2012 at 5:17 PM
    #128
    scocar

    scocar hypotenoper

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    If two pennies are glued together, are they still legal tender?
     
  9. Mar 30, 2012 at 5:20 PM
    #129
    OZ-T

    OZ-T [OP] You are going backwards

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    No
     
  10. Mar 30, 2012 at 5:22 PM
    #130
    scocar

    scocar hypotenoper

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    Are you a certified numismatist?
     
  11. Mar 30, 2012 at 5:23 PM
    #131
    OZ-T

    OZ-T [OP] You are going backwards

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    We laugh at you too
     
  12. Mar 30, 2012 at 5:23 PM
    #132
    OZ-T

    OZ-T [OP] You are going backwards

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    No
     
  13. Mar 30, 2012 at 6:25 PM
    #133
    Rich91710

    Rich91710 Well-Known Member

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    And if you glue them together you won't have two pennies to rub together :D
     
  14. Mar 30, 2012 at 6:36 PM
    #134
    1GR

    1GR Toyota Dealer Technician

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    On the contrary, my two cents will still be my two cents. They are getting rid of the penny, not the "cent" as a base currency. Howevery, you will no longer be able to ask a "Penny" for your thoughts.

    On that note, if it's a penny for your thoughts, why are you giving your two cents? :cool:
     
  15. Mar 30, 2012 at 6:38 PM
    #135
    Konaborne

    Konaborne Pineapples on pizza Hawaiian does not it make.

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    So

    If you were to take 100 Canadian pennies they would equal one loonie and 15 grains of lettuce?
     
  16. Mar 30, 2012 at 6:39 PM
    #136
    1GR

    1GR Toyota Dealer Technician

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    Are your pennies Fried Chicken scented like your bills and your women?
     
  17. Mar 30, 2012 at 6:40 PM
    #137
    1GR

    1GR Toyota Dealer Technician

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    PS. Thanks for the new Sig.. :D
     
  18. Mar 30, 2012 at 6:44 PM
    #138
    1GR

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    When I used to work at my last job, we wouldn't even give American's par. :cool: :D
     
  19. Mar 30, 2012 at 6:49 PM
    #139
    1GR

    1GR Toyota Dealer Technician

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    That reminds me of a good joke.
    What does a hot chick, and KFC have in common?
































    Once you're done with the breasts and theighs, all you're left with is a greasy box to stick your bone in. :eek:
     
  20. Mar 30, 2012 at 6:55 PM
    #140
    SoCaltaco65

    SoCaltaco65 Well-Known Member

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