-
Ray Manzarek, R.I.P.
May 20, 2013 | 0 comments
-
Thoughts on The Tornado in Moore, Oklahoma
May 20, 2013 | 1 comment
-
Alan O’Day, R.I.P.
May 20, 2013 | 3 comments
-
Elijah Harper, R.I.P.
May 18, 2013 | 1 comment
-
That’s a Lot of Caca in Caracas
May 16, 2013 | 7 comments
The Spectacle Blog
Perhaps the most interesting item in Canada’s proposed federal budget which was handed down yesterday in the House of Commons by Finance Minister Jim Flaherty is that the Royal Canadian Mint will soon stop manufacturing pennies and will be phased out of circulation.
Over the years various MPs have introduced private members’ bills to scrap the penny but all such efforts were for naught. In recent years, Pat Martin, an NDP MP from Winnipeg, has introduced several of these bills and was delighted with at least this aspect of the Conservative government’s budget.
It cost 1.6 cents to manufacture a penny. While the savings would be relatively nominal for the government the savings would be far more substantial for financial institutions who have to hold pennies and businesses which deal in cash transactions. While it has been argued that it could result in increased inflation that hasn’t been the case when the penny was abolished in the UK, Australia, New Zealand, Norway and Switzerland.
I collect pennies, nickels and dimes in a large cannister of Pringle chips and every so often and I use the Coin Star machine at the Stop & Shop to get cash. (In case you’re wondering, quarters are set aside for laundry). Invariably, there will be a couple of Canadian pennies in the mix. They don’t look all that different from American pennies except that you’ll find Queen Elizabeth II (at various ages depending on what year the coin was issued) instead of Lincoln on the head. Every once in a great while I’ll come across a penny with King George VI (the one now most famous for The King’s Speech) on it.
There have also been efforts to eliminate the penny here. Given that our closest and largest trading partner is doing so it will be interesting to see if this inspires a penny abolitionist movement.
Bob K.| 3.30.12 @ 12:32PM
"Save your pennies for a rainy day!" Well, that's long gone.
It is "Out with the penny in with the pound" now. Things have been reversed by government budgets everywhere.
Bob| 3.30.12 @ 12:51PM
HA! Those kooky caucks can't even afford pennies.
Dai Alanye | 3.30.12 @ 2:43PM
We ought to rid ourselves of the penny and nickel as well. Better yet, revalue the currency at a ten to one ratio so as to make the dollar worth something again.
Oh, and stop the hyper-inflation, of course.
Bob K.| 3.30.12 @ 5:54PM
Who asked for your 2 cents?
They are nickle and dimeing us to death.
We should give no Quarter!
A half is better than nothing!
albert constantine jr.| 3.30.12 @ 2:53PM
When the Canadian Dollar was worth so much less than our own in the 80s and such, the Canadian coin was literally the bad penny that kept turning up. Now, it looks like Canadians will be sucking ours up to make up for the shortages in their transaction.
Perhaps we could drain a part of Lake Ontario, fill it with one cent coins, and put up one of those signs you see in some convenience stores (Need a Penny, Take a Penny, Got a Penny, Leave a Penny).
Occam's Tool| 3.30.12 @ 9:16PM
Speaking of bad pennies: Olberdouche just got FIRED by Current TV.
Where will the Liberal Clown go Next?
albert constantine jr.| 3.31.12 @ 1:17AM
Cartoon Network always needs another clown.
Craig| 3.31.12 @ 1:12AM
I don't know, and don't really care what becomes of the American penny, but anytime I read an article that holds up Canada, the UK, Norway, Switzerland, Austria and New Zealand as possible examples to follow it gives me great pause.
Rich D| 4.1.12 @ 8:12PM
We don't have and never had a penny coin - it is a cent. Also, they cheapened it to about 0.55 cents in metal. However, you can still buy a gallon of gasoline for two dimes - if silver.
North'n Loans | 2.8.13 @ 3:16AM
Just hoping that with all the rounding up and the rounding down that at the end of the day, it all balances out, and not only in the favour of the business people. Consumers hopefully will not find themselves in a situation where every purchase it to be rounded up. All currency will eventually be phased out in that case in favour of credit and debit cards. That in itself has the consumer losing with all the bank charges.