Senate Suggests Nixing the Penny

Instead of paying 1.5 cents to manufacture a penny the Fed's should pay 1.25 cents over a limited amount of time to all those penny collectors out there. They would probably get enough pennies back in circulation to last for many years to come. Then again that makes too much sense for a Government organization.

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If they get rid of the penny, it will cost the taxpayers more money, because: if you round up a products price from 19.99 to 20.00, then add on the tax (13% in Ontario) you will be paying 2 cents more on that 20.00, then 15.57 x 13% = 17.59, then you will have to pay 18.00 that is another penny, how about 15.55 x 13% = 17.57, then you will pay 18.00 and there is 3 cents extra you will have to pay. Add all these pennies up and they turn into dollars etc. The government is getting richer by the day, and we are getting poorer. I say make pennies from cheaper material.

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Isn't this a decision the Royal Canadian Mint should be making (or recommending)?? They would know how many pennies are needed/used. Not the Senate. This is Theatre. A waste of time for the Senate and the public to spend. Leave this alone. It's a distraction. Whats really going on?

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Getting rid of the penny because of the cost to make it .? Have them made in China like every other Corporation,,...or collect all the pennys possible and ship it to them to pay down our debt. They'll find a usage for them and turn a profit.
....And what does it cost to make a " digital " penny? It would certainly offset the losses occured by the coin... it seems the bark is in the metal , but the bite in the digital..

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Oh Man!!! Then i'd really be penniless!

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I will always remember Penny when most people saying " Lucky penny". Keep it in circulation. It is pride of Canada. People love pennies as most of them collect them as souvenier.

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it is a good idea , if people who are giving it up to get something back in return like increase the min.wages,salaries and not to increase goverment job salaries which is rediculess in my opinion.

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YES its about time. Some people say its good for children who do it for charity, yes but they can get nickles know. I think we Canadians are generous ain't we.Besides when we see prices like $1.209 for gas isn't that redeculous.Some businesses think that we are all uneducated.

Vijay

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I know of a collector that has $750 worth of real copper pennies all only up to 1981 make. Coppercollectors would love to get a hold on that - and there are many other collectors of pennies.

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I will believe it when is see it. P.M. harper returned from the commonwealth conference and stated that he was going to put the Duty Free store on the arrival side off Canada. That was four years ago but still nothing. He got this idea from Australia it saves them a lot in foreign currency. At the same time he should have looked at Australias answer to the penny. If an item cost three cents or more it is charged as five. If it costs two cwnts or one it is made zero $1.99 1.98 or 1.97 it would be $2.00 but if $1.96 94 or .93 it 40uld be $1.90

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encourage the general public to return all the pennies to the banks by offering 1.10 on the dollar, this is higher than the current savings interest rates and would cost the government less than the 1.25 cents they cost to produce.....

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How about this concept ????
Get rid of the penny , nickel and dime !!!
People are quick to say nothing costs a cent , but tell me what can you buy for a nickel , or a dime ??
People generally collect pennies because they have too many in their pocket/purse and no use to spend them .
Everything could be rounded to the nearest 25 cents !
Do you realize how many people collect those "special" quarters ???
There is really nothing special about them ... They never increase in value , and are certainly NOT rare !
To the government , these "quarter hoarders" are a big benefit as it is just like money in the bank (until people actually spend them) ... which they NEVER will !
And looking even further in the future ... It shouldn't be too long untill ALL paper/coin currency will be OBSOLETE !!

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Get rid of the Cent coin? Certainly, it has no buying power worth worrying about. Anything can be rounded up/down to the nearest nickel without any undue hardship, and on average the rounding up will equal the rounding down. We probably waste a lot more than this in un-sound purchases anyway. No point in being Penny-wise and Dollar-foolish!

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Here in New Zealand we phase out 1c and 2c coins about 12 years ago! and have just gotten rid of 5c coins also.... Most people pay here on debit, so your always charged the ticket price (our tax is incorparated in the ticket price). If you pay with real cash, we have swedish rounding... 0 - 5 round down, 6 - 9 round up. It all works out in the end, and the government has a little money to use elsewhere.... I promise Canada, I will send your Pennies back that I have here!

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Since when is the Royal Mint a profit-driven operation? Do they make a profit on the $100 and $50 bills? Of course not - they are making currency for the government to put in circulation. Why not phase out the $100 and $50 bills as well? No retailers will accept them anymore because of fear of counterfeiting, so what's the cost of keeping them in circulation? And I am inherently suspicious of any government move to "economise". They tell us a higher HST is "good" for us too. If the penny is going away because it costs too much, shouldn't the HST and GST go the same way (?) because it costs me way too much.

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Get rid of the penny coins...
no problem.... as long as....
1- they do not change price of anything
2- add the sales taxes to the bill
3- and then round down to the closest nickle level
We are millions of peoples and everyone picks in our pocket
enough is enough... ready to help but do not get crazy
Shall always be the richer gets richer
leave my pocket alone for ounce

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The government should not get rid of the penny, what are they thinking? The penny is a necessary part of our economy that makes it better and more efficient. Without pennies, then what, we only have nickels? So then everything gets rounded off to a nickel, who cares if we have to pay for it? This is very irresponsible. I always thought that Canada was supposed to be a role model to the rest of the world. Is this how we show it? The economy is already in bad enough shape, things are already crazy enough, what are they trying to do?

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Have you noticed its always the over paid so called know- it -alls that advocate for the elimination of the penny?
What do they care if prices on EVERYTHING goes up? They can afford the hike in the prices while the average taxpayer and wage earner goes ever further in debt.
This is just another grab at your hard earned money.
Not that the businesses will LOWER their prices. NO . They will round up to the nearest nickle so the price goes UP.
At least PM Harper has said he is not in favour of eliminating the penny. The economist in him can see the implications of this.

Especially when the economy is still in sad shape. Recession is far from over despite what the chattering classes(journalists) have to say.

And to say the penny has no buying power is wrong. 100 of them makes $1.00 . These do add up. Trust me, I know. I am on a fixed income And in these financially fragile times it all ads up.
I've rolled pennies before to afford the essentials in life.

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Let's nix the senate.

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