Kill-the-penny bill introduced

No we don't. That is like saying we lose money because the Ambulance Service or the Fire Department doesn't make money. We have lost nothing as long as this stays in country.

 

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If your ambulance service has an opportunity to charge a fee for service but dosen't and then comes to you ,the taxpayer, to pay their bills you have lost. Its the same with the mint. If they lose money on cents and nickels they are eating the profit from the dimes and quarters. Less money goes to the general fund and the Govt. comes to you to make up the difference. Fix the problem with the cents and nickels and not only stop eating profit from the other coins but make a profit on cent and nickels,again, as well.

 

Hello folks!

As a Canadian who has lived with one dollar coins since 1987 and two dollar coins since 1996, people are adaptable to anything. People resist change because they are comfortable with what they have. To admit the almighty US dollar is losing value is hard to accept, but it is reality.

Re: Killing the penny (or 1 cent piece)

You are looking at two different points of view...

1. We make coins to provide a service to the public. So it may be a losing proposition to make certain denominations, but it is a service so we do it anyways. South Africa made their 1 cent coin for years even though it was costing them about 11 South African cents to make. Now they have finally stopped making them, although they remain legal tender.

2. We only make coins that are profitable. In this we look at the the entire cost of production and the cost of the metal, and make our decisions based on this. Whether we change our alloys or not, is based upon the metal prices of the world.

Re: $1 bill or coin

There are also some points of view to look at....

1. A one dollar bill is a service to the public. In this line of thinking we make one dollar bills so long as the government wants to do it. Even if it costs lots of money to make, we still do it anyways. I have seen countries that have low value notes, and yet they still make them. Basically there point of view is just that it doesn't matter what the rest of the world does, we are doing it this way.

2. A one dollar coin will help facilitate commerce. In Canada Voyageur dollars never circulated much. I would never go to a store and get a Voyageur dollar in change. The nickel Voyageur dollar was the same size as the UK 50p coin, and yet it never circulated like the 50p coin circulated in the UK. The public wasn't ready to have a circulating dollar coin, but when it came down to it, the public didn't really have a say in the matter it seemed.

As a kid I could go to a bank, and get a Voyageur dollar and spend it at any business no problem. I am sure though that as soon as I spent it, someone from that business would buy it and take it home as a novelty item.

It seemed that the business groups petitioned the government in the 1980's to create a circulating dollar coin, and the government listened and agreed to their concern. In 1987 the dollar coin was created, and gradually our dollar bill was eliminated. Now I hardly miss the dollar note. I am so use to the dollar coins.

Misc. thoughts on the whole matter:

In my part of Canada we never had vending machines that would take $1 bills, so when you went on a trip somewhere, I would always have at least $5 in quarters just in case I wanted to make a purchase somewhere along the way at a vending machine. $5 (20 quarters) x 5grams per quarter is alot of weight in the pocket.

Now that we have $1 coins and $2 coins, it makes carrying change alot more lighter in the pocket. There are days when I have 3 toonies ($2 coins) and 4 loonies ($1 coins) and the total weight is around 50grams. Alot easier to manage.

Anyways these are my thoughts. In Canada the coin thing works. I don't miss the bills at all. Time heals old wounds l guess.

Talk to you all later.