When will the penny be retired?

Did Canada get rid of their 5 cent coin too? I hadn't heard about that.

 

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As usual, messages that violate our rules have been/will be moved or edited. So yes, what you see here should be OK.

Christian

 

I thought they did. They have plans to get rid of it in the future.

 

New Zeland got rid of it and Australia will probably be the next one too.

 

Not sure how much cheaper it is to go from paper to coin, if at all ?
Not a big fan of allot of change in my pocket.

 

A dollar bill costs about 5.7 cents to print, and lasts about 22 months on average. A dollar coin costs about 10 cents to mint, and lasts about 30 years. A dollar coin is much, much more cost-effective.
In fact I am sure dollar coins can last 50-100 years.

 

Past dollar coins like SBAs sure, I have a hard time believing you're getting that kind of extended life out of the golden ones that seem to turn much quicker but yes certainly should last longer than the bill unless they changed that to the more durable versions.

The other thing though would be how much is the cost raised by shipping dollars all around as opposed to bills, that seems to always be kind of ignored in the equation

 

For the math wouldn't it be pertinent the eliminate their dimes at the same time as the nickles? I guess as an alternative they could just have a funky rounding system.

 

For the math wouldn't it be pertinent the eliminate their dimes at the same time as the nickles? I guess as an alternative they could just have a funky rounding system.

 

I think the "polly notes" maybe a better fit from a financial stand point not sure
What they cost though? but they for sure would last allot longer

 

They have 20C coins so it works. Probably not to far off from just scrapping anything under a half if not the half too for those countries if they stop being profitable to make

 

Again? We were supposed to have converted to metric about forty years ago and didn't do it. It was all the rage in high school science class.

 

And the biggest waste of time in my so-called "academic career."

 

Rechecked the numbers and edited my post.
You can look something up and there will be 3 different sets of numbers.

 

Seriously, I believe elimination of the entire worldwide monetary system will come soon in the name of identity theft prevention where an implant, leaving a mark on the hand and/or forehead will prevent anyone without it from buying or selling. But it's a VERY OLD prediction.

It should also get backing by the tough on crime crowd.

 

Would that solve the rounding math though? For instance, if the rounding was to be to the nearest .10 then it would be im possible to give change when you pay 1.25 for a 1.20 charge. Likewise if the rounding was to the .25 it would be impossible to give change when you pay 1.30 for a 1.25 charge.

 

It does really seem like it's comeing to that. A frightening prospect that I hope doesn't come to pass for quite a large span of time, but sadly I think it will be sooner than later. Another important reason to stack physical bullion if you have a desire to avoid that new system.

 

Not sure about Canada but in Australia the price you see is the price you pay. They already have the taxes included. Neither Australia or New Zealand uses a quarter so once nickels are gone you wouldn't be able to pay except 1.25 and wouldn't see things priced like that.

 

Then delete the entire thread since the ONLY reason the cent is still around is because of politics.

 

I guess that I am old school. I pick up every cent that I find on the sidewalk. I save all my change throughout the year and cash it in at Christmas and donate it to "Toys for Tots" and our local food pantry. Of all that change at least $100 is pennies. I personally don't give a rat's behind what other countries are doing with their money, they can go back to trading rocks for all I care. Our graduating seniors can't count pennies, I definitely don't want them trying to round up my bill and rounding down my change.

 

Umm, pretty much every coin used these days is a government issued means of payment. That is why it makes sense to differentiate, to try and note the line between talking coins and discussing politics here.

Christian