Originally posted by bill718 http://news.yahoo.com/s/yblog_thelookout/20110622/ts_yblog_thelookout/canada-unveils-mesmerizing-polymer-money
Plastic money? A novel idea.
Sounds pretty cool. I wonder if they could expand the idea to coins? Of course, assuming that the production cost of a 1-cent plastic coin would be cheaper than $0.01 (which the U.S. penny isn't).
Originally posted by wittywonka Sounds pretty cool. I wonder if they could expand the idea to coins? Of course, assuming that the production cost of a 1-cent plastic coin would be cheaper than $0.01 (which the U.S. penny isn't).
Why don't they take the penny out of circulation? That's what they did here, the lowest value coin is €0.05 (about $0.07). Would save some money.
Originally posted by KazetNagorra Why don't they take the penny out of circulation? That's what they did here, the lowest value coin is €0.05 (about $0.07). Would save some money.
Originally posted by KazetNagorra Why don't they take the penny out of circulation? That's what they did here, the lowest value coin is €0.05 (about $0.07). Would save some money.
I'd take the nickel out of circulation too. Nickles are worth so little that most people would rather not have them because carrying them around in your pocket is an inconvenience worth more than 5 cents.
Originally posted by sh76 I'd take the nickel out of circulation too. Nickles are worth so little that most people would rather not have them because carrying them around in your pocket is an inconvenience worth more than 5 cents.
Oh, and dime, you're next.
I think I remember reading that the nickel costs around $0.057 to manufacture. I think the dime was at least worth its own value, though.
Originally posted by KazetNagorra Why don't they take the penny out of circulation? That's what they did here, the lowest value coin is €0.05 (about $0.07). Would save some money.
If America wanted to actually save money they would revamp the tax system so that federal workers, soldiers and the like, FBI, CIA, etc., would say, take a 10 % pay cut in return not having to file income tax EVER. Millions of 1040's not having to be processed would save billions. I mean, what a stupid system that takes federal tax money, pays its federal employees out of that money, then force that same group to now pay some of it back in taxes when you could just short circuit that process and save a ton of dough at the same time.
BTW, I am not now in the military or any government agency, just think its a waste of taxpayer money to be processing all those tax forms to take money out of money paid by tax dollars.
The US has discussed discontinueing the penny. I'm an avid coin collector so I happen to already own and example of every Lincoln cent ever made from 1909-2009, including the "proof only" cents from the San Fransisco mint.
Fun facts:
The Lincoln penny was the first US mint coin to depict a real person.
The obverse of the coin is the first design to last for 100+ years. The longest running design for both sides of the coin is the Washington quarter with eagle reverse.
The orginal design of the Lincoln cent included the engraver's initials on the reverse, VDB (Victor D. Brenner). After moderate run at the Philly mint and a very short run at the San Fransisco mint, his initials were removed and subsequently the 1909-S VDB penny is arguably the most saught after of US collector coins.
In 1922, for some reason no pennies were struck at the Philidelphia mint. (A little background, NO mint mark means a coin was struck in Phili). Coincidentally, at the Denver mint there was a small run done after someone over polished an obverse die. It is believed it was done to polish off clash marks from the obv and rev dies mistakingly clashing together. Incidentally the 'D' mint mark was polished away and collectors who were lucky enough to find them mistook them for Philly made coins. Today the 1922 "Plain" is worth a considerable amount of money, especially in high grades. There are also "Weak D" examples that cost far less.
In 1943 all pennies were made out of steel because they needed copper to support the war. A few copper 1943 pennies were incidentally struck and today are worth tens of thousands of dollars.
In 1983 the mint began making pennies out of copper plated zinc to save money.
Originally posted by KazetNagorra Why don't they take the penny out of circulation? That's what they did here, the lowest value coin is €0.05 (about $0.07). Would save some money.
It might save some money for the mint, but not for ordinary citizens and customers. If the penny and twopenny pieces were withdrawn from circulation here, you can bet you bottom five pence piece that shopkeepers would take advantage of the fact to round up all prices to the nearest multiple of five.
Originally posted by Teinosuke It might save some money for the mint, but not for ordinary citizens and customers. If the penny and twopenny pieces were withdrawn from circulation here, you can bet you bottom five pence piece that shopkeepers would take advantage of the fact to round up all prices to the nearest multiple of five.
Just because there are no 1 cent coins does not mean that goods cannot be priced to nearest cent.
It just means that your total bill has to be rounded.
OR
Pay by card the exact amount.
Canadian currency
22 Jun '11 20:41
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