Canada Kills the Penny Today is it Time for the U.S. to Follow Suit?

Phase out of penny begins Monday
www.calgaryherald.com...

While you can still use pennies, beginning Monday expect to see businesses start rounding to the nearest nickel when you pay in cash. In an effort to save $11 million a year the penny is being phased out and after Monday the Royal Canadian Mint will no longer distribute pennies to financial institutions. “The penny has been with us, you know, I would suspect any of your readers don’t go back as far as pre-penny,” Retail Council of Canada senior vice president Dave Wilkes said Friday. “So there is going to be change. There is going to be a period of adjustment but our international experience suggests after that period of adjustment things will get back to normal.” Read more: blogs.windsorstar.com...

So if Canada saves 11 million a year killing the lowly penny, how much would the U.S. save.
Should the penny in america be killed or saved?

Want to save money?

Stop giving aids to middle eastern countries who hate US so much.

I bet you would save more than 11 million $.

Plus penny's are cute.

Any idea what the total is that is spent on third world aid like that?
If anyone has the numbers, throw them up please.

Having said that, I think I found the answer over here LOL

www.abovetopsecret.com...

50 billion

It may save the government money in production but it will cost everyone over and over in the future because no longer can the price of goods just go up by a penny they will have to go up by multiples of the next lowest coin value (is it a nickle?) at a time.

Originally posted by winterkill
Having said that, I think I found the answer over here LOL

www.abovetopsecret.com...

50 billion

Obama recently gave Israel 70 billion, if I remember correctly.

"aid" and "military industrial complex" sleep in the same bed by our government's standards.

I smell a Lincoln conspiracy.
He lifted habeas corpus (indefinite detention) --- was met with much anger by constitutionalists known as "copper-heads". Lincoln arrested thousands of them.
Did the powers that were put Lincoln's face on a copper penny to spite them?

my 2 cents

Originally posted by inj3ct0r
Want to save money?

Stop giving aids to middle eastern countries who hate US so much.

I bet you would save more than 11 million $.

Touche`
The U.S. could fix a lot of issues if we were to do that. Our educations system would be top notch, that's for sure. But unfortunately some people(s) don't want to ever see that happen, IMO.

I don't care for the idea of removing the lowest denomination of currency in the US. As was previously pointed out, the new lowest denomination will be the nickel and any price increase will be made five cents at a time. If the US government wanted to lower costs on monetary expenses they need to get rid of the FED... No FED, no interest on every penny loaned to them.

Meh....

I would its been ages since i used Canadian pennies in any shops.... i give it to my dad, he has a huge jar.

Pennies make my pockets dirty. literally.

Canadian pennies minted before 84 or 94 (sorry can't remember which one) are almost all copper. That makes them worth about 2 cents a piece. Collect them.

Will they round up or down?

No more "3.99" or similar?

beginning Monday expect to see businesses start rounding to the nearest nickel when you pay in cash.

This didn't happen.

Originally posted by Chukkles
Will they round up or down?

No more "3.99" or similar?

Not unless you pay in debit I believe.

It's easier these days to pay for most stuff with debit cards.
Debit and credit will still be exact to the penny.

I heard someone say earlier today that the nickel will be next.
Now they're just getting silly.

I actually wouldn't care if the nickle went either. Most things cost a dime anyway as the dime with inflation is the new penny.