General Category > In Real Life
Abolishing the Penny
interrobang:
Sooo, apparently some people want to abolish the Canadian penny: http://www.cbc.ca/news/background/economy/penny.html
I'm not an economist, but I'm not sure if it's a sound idea. I mean, I have two dollars in rolled pennies! I like those pennies! >_> At the same time, the presented arguments are convincing.
I'm particularly interested in hearing from our Australian posters since it says Australia abolished one and two cent pieces in 1990.
What do you guys think?
Chevalier-Ange:
Well first things first...were any of our Australian members even born when they had pennies? -does the math- Nope...didn't think so, so I am not sure what kind of feedback you are expecting from them, since they more then likely never used them ever.
And as far as them abolishing it here...nope...thats not going to occur either. They will always be legal tender and in circulation, however if the Mint and the Government aren't planning to make any new ones...hmm...how many nickels do you think you will amass in a week if that happens? <_< Ugh...I dread the thought.
I am very curious to see what it would do to the taxes and the like though. All our taxes and interests for that matter are still in decimal places. That's hard to do if we have no one cent piece to use. I dunno...I can see all the merchants and businesses rounding up easily as well. .4 or .6 goes to 1...then to 5 from there since we have no penny? Ugh...another dreaded thought.
Oh woe be the consumer and tax payer :(
And that's...my two cents worth. I mean my nickels worth <_<
interrobang:
Quote from: Chevalier-Ange on April 02, 2008, 09:18:12 PM>>>>Well first things first...were any of our Australian members even born when they had pennies? -does the math- Nope...didn't think so, so I am not sure what kind of feedback you are expecting from them, since they more then likely never used them ever.
<<<<
I thought of mentioning that, but I didn't want to sound presumptuous XD Maybe their parents have commented on it to them, or something. >>
I could see them getting rid of the penny if it was like 1/1000th of a dollar, but it's not. 1/100th still seems like a large amount to me. :/
WhiteRoxie:
AHEM. You are being too presumptuous, Mr Dar- CA. Firstly, they are CENTS not "PENNIES". Secondly, we may not have been alive OR even in the country, but we're not ignorant.
Also, the first time I've ever seen a one or two cent piece was sometime last year in science. They're seriously just annoying shrapnel. Working with five cents as the smallest coin is pretty handy - even though I still get annoyed at having too many five cent bits.
Most prices here are now just the multiples of five (10c, 25c, 60c etc.) 'cept for some annoying people who like to take that extra cent off you.
I even went to my dad for a second opinion and he says we're better off without them and they're just going to weigh your pocket down. And besides, is there really much anymore you can buy for that price, hmm? AND, if you did change, you don't actually lose any money, because they just replace it and you still get the same amount that you had in pennies or whatever.
Therefore! Onwards to the future and rid your selves of the useless 1/100th of a dollar coins!
Chevalier-Ange:
My apologies my friend, I wasn't suggesting you were ignorant at all, and also...we call them 'pennies' here, but yes, they are 1 cent pieces.
My only concern with this whole thing is the initial implementation, or the removal basically....the rounding up or prices, the changes to the taxation system and interest etc. Just seems like it'll cost us money again, as most things the Canadian Government seems to do.
Again, my apologies if you felt insulted at all.
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