fredsmith 5240 Report post Posted February 4, 2013 Well, it's the end of the line for the penny. In some ways a sad day but you could also say it's about time. http://www.theprovince.com/news/Canada+penny+heads+into+retirement/7912245/story.html 1 Quote Share this post Link to post Share on other sites
piano8950 32577 Report post Posted February 4, 2013 Oh dear lord when I read the subject, I thought a member had passed away. See ya penny. You were fun to play with and the cheapest thing I owned. 2 Quote Share this post Link to post Share on other sites
CristyCurves 169032 Report post Posted February 4, 2013 So now everything becomes more expensive lol, no more.99, 1.99, 9.99, ect. I wonder how this will affect the advertising campaigns of many company's. As the point 99 was always a way to get the consumer to think they were getting something cheaper, a better bargain. Quote Share this post Link to post Share on other sites
backrubman 64800 Report post Posted February 4, 2013 So now everything becomes more expensive lol, no more.99, 1.99, 9.99, ect. I wonder how this will affect the advertising campaigns of many company's. As the point 99 was always a way to get the consumer to think they were getting something cheaper, a better bargain. I don't foresee it affecting prices at all. Just affecting change when you are paying in cash and there is less and less of that all the time anyways. Quote Share this post Link to post Share on other sites
Guest S**a*Q Report post Posted February 4, 2013 The LCBO functions without pennies, it has for quite sometime. When I worked the cash there, our smallest denomination was the nickel. Also, when it's costing the country 1.6 cents to make one penny, they should either look into new materials or abolish it completely. I do wonder what they are going to do with penny candies now, I guess you'll have to buy a min of 5? Or no wait, 4 + taxes. ;) Quote Share this post Link to post Share on other sites
baileydog 9367 Report post Posted February 4, 2013 ... and I guess you can no longer pay "a penny for your thoughts" ... thoughts just got 400% more expensive Quote Share this post Link to post Share on other sites
piano8950 32577 Report post Posted February 4, 2013 Things that end with .01, .02, .06, .07 get rounded down to .00, .00, .05, .05 respectively. While prices that end with .03, .04, .08, .09 get rounded up to .05, .05, .10, .10 respectively. It was long overdue in the sense of money's true purpose. Money is used instead of bartering, and making denominations that you can actually buy items helps facilitate the engines of the economy. Make something that's too small in value, and people stop using it because it's not worth their time. Hence finding pennies in pockets, sofas, crevices in the car, etc. The Gov of Canada has to pay the Royal Canadian Mint about $28 million to buy $17 million worth of pennies, so there was a loss there, despite reducing the copper content to nearly 5% from the original 100%. And finally, when the penny was the lowest value coin after the 1/2 cent was removed, it was worth more then 10 cents (whereas the 1/2 cent would be work about 6 cents today). But today we only get rid of the penny instead of the penny, dime and nickel. Interesting facts I learned in the absolutely free currency museum I didn't know existed till last year! Additional Comments: ... and I guess you can no longer pay "a penny for your thoughts" ... thoughts just got 400% more expensive Actually, it just got cheaper over the many years. But have no fear, a quirk of the currency system of US and Canada, the coin currency has been used almost interchangeably. The Americans will provide us with cheap pennies for years to come. 1 Quote Share this post Link to post Share on other sites
fredsmith 5240 Report post Posted February 4, 2013 So now everything becomes more expensive lol, no more.99, 1.99, 9.99, ect. I wonder how this will affect the advertising campaigns of many company's. As the point 99 was always a way to get the consumer to think they were getting something cheaper, a better bargain. Good point, amazing how the human brain works when someone advertises a product at 69.99 and we somehow perceive that as cheaper than 70.00. Of course technically it is but over the years advertisers have used the .99 to make us think we were getting a better deal than we were. 1 Quote Share this post Link to post Share on other sites
Guest S**a*Q Report post Posted February 4, 2013 Good point, amazing how the human brain works when someone advertises a product at 69.99 and we somehow perceive that as cheaper than 70.00. Of course technically it is but over the years advertisers have used the .99 to make us think we were getting a better deal than we were. Ha! I'm going to start advertising my hours at $199.99/$219.99 and $249.99! :) I suppose it would all be the same, since I can't give them one cent change anymore... :P Quote Share this post Link to post Share on other sites
LeeRichards 177238 Report post Posted February 4, 2013 Ha! I'm going to start advertising my hours at $199.99/$219.99 and $249.99! :) I suppose it would all be the same, since I can't give them one cent change anymore... :P Yay a deal !!! You take a cheque with the exact amount Sara ? I suppose I can give you cash and you can keep the one cent. I will just stay one second longer.. ;) Quote Share this post Link to post Share on other sites
fredsmith 5240 Report post Posted February 4, 2013 Oh dear lord when I read the subject, I thought a member had passed away. In hindsight I could have chosen a different title. It was not my intent to trick or scare anyone. Quote Share this post Link to post Share on other sites
piano8950 32577 Report post Posted February 4, 2013 In hindsight I could have chosen a different title. It was not my intent to trick or scare anyone. No worries, I just laughed when I found out Quote Share this post Link to post Share on other sites
NotchJohnson 214123 Report post Posted February 4, 2013 It will make it harder to make money, my dad always told me that "a penny saved is a penny earned", how will I be able to that now? I will have to change this to a nickel saved is a nickel earned. Just does not sound right to me. 2 Quote Share this post Link to post Share on other sites
crankF 12893 Report post Posted February 4, 2013 Glad I'm not selling cars anymore. No more used special of the week:$9999. Now It would be $9998.95 Additional Comments: New saying to encourage frugality: "Every time you save a nickel. it can go toward more action for your pickle!". 1 Quote Share this post Link to post Share on other sites
