Any of you out there saving up to buy stuff, today is the last day for the Canadian 1 cent coin (Americans call it a penny–so did the Brits) Last one made a few months back, still legal tender for a while, now merchants will round up or down to 5 cents, 1&2 goes down, 4&5 goes up, Don’t know what happens when it’s 3. It also mentions that every Canadian has $60.00 worth of 1 cent coins stashed away somewhere.
The industry will adopt the mathematical convention of rounding three and on up to the nearest cent with the nickel as the base. That has been widely announced. IOW, if the price is $1.02, it will be rounded down. If the price had been $1.03, merchants will round it up to $1.05.
Crandell
Yeah right. The’re going to lower $1.02 down to $1.00. It’s like when they advertise something is less than a dollar when it is 99 cents.
The U.S. should have eliminated the penny years ago because it costs more to mint them than their face value.
When I was stationed in Germany between 1975-78 the U.S. military decided to do away with pennies because there was a shortage of them and it was costing more to ship more to Germany than they were worth, so the U.S. banks, post exchange, and commissaries were told to round to the nearest five cents.
There were a couple of diehards who complained in the Stars and Stripes newspaper, but overall it went very smoothly and few really complained about it.
So, now I can tell all my Canadian friends that they’ve got no cents?
I have a bunch of Canadian Half Pennies in my filing cabinet. I was saving for a new Loco! Do you think the train store will round up or down to the nearest penny? Just trying to plan ahead.[:-^][(-D]
So I guess my [2c] worth will be rounded down to be worth squat !
Mark.
I have about $15 in pennies and about $50 in Nickels, Dimes and Quarters. I keep the change in quart mason jars until they’re full, then roll them up and buy something for my layout. The Quarter jar fills up twice a year. The other jars take a year each.
The Quarter jar holds $160.
The Dime jar holds $75
The Nickel jar holds $45
The penny jar holds $13
so what will Canadians use for freight car weights? paper money??
Nope. According to Tatans, the average Canadian has $60 worth of 1 cent coins. There’s a huge business opportunity there. Those 1 cent coins could be sold in packs of 100 for $5 to be used by modelers for car weights.
I’ve got about 5 pounds of US pennies. Anyone need car weight?. If you want to go upscale, I can supply 100 nickels for $20, 100 quarters for $100. [(-D]
Andre
Not if it’s illegal to do so, which I’m pretty sure some of the places that eliminated their .01 value have done.
I think it works that way in the exchanges in overseas US military facilities, where they have already done away with the penny.
retsignalmtr:
I save my pocket change too. There is an advantage to doing that in Canada because we have “Looneys” and “Toonies”. Those are $1.00 and $2.00 coins respectively. The larger coins can add up pretty quickly. I get about $200.00 or so in change out of a couple of margarine tubs every three or four months. At least, that is, when my son leaves them alone!
Dave
well my bachmann Northern’s tender could use some weight, and I have a ton of spare change in my piggy bank. [^o)] I’ll write an article for MRR for it and they can publish it for April fools day. [:P] they’ll read this post and smile.
My wife and I easily have over 200 dollars in pennys. They are a pain in the rear for most people.
This will be a problem for hockey players, oddly enough. We (yes, I still play) wear stockings and garter belts. (Accuse a hockey player of wearing women’s clothing and you’ll discover they are every bit as pugnacious off the ice.) The little rubber part of the garter is usually the first to go, and it’s typically replaced with a penny.
So, if you see a hockey player with his socks falling down, take pity on him. He’s a victim of the economy, too.
Well I still take my pennies to TD bank for counting
Back in the early '70’s there was an accute penny shortage. There was a Mcdonalds restaurant that had an offer where you brought in $5 in pennies and they would give you a $5 dollar bill and a free Hamburger, small fries and a small soda. I had $60 in pennies so I would have a free lunch every Friday when I went to the bank to cash my paycheck. One day I came home from work and my Mother handed me $50 and said I got rid of all your pennies for you at the supermarket today. Arrgh. She was my Mother, couldn’t hit her.
Yeah, they call it marketing. Somehow when the price is listed at $9,999.00, people think it’s a way better deal than if the price was $10,000. The price of gas is a prime example of this pricing technique; people see $3.25, and it’s actually, $3.259. The funny thing is, people rail against that price while bottled water is $1.59 for a 16oz bottle. Extrapolate it out and it’s $6.36/gallon.
The funny thing is, people rail against that price while bottled water is $1.59 for a 16oz bottle. Extrapolate it out and it’s $6.36/gallon.
No it’s not. It’s MORE expensive than that. A US gallon is 128 ounces. Divide 128 by 16 and you get 8. Multiply $1.59 x 8 and you get $12.72. A five minute shower in the stuff with a 1.5 GPM shower head woud cost $95.40.
Can you imagine the howls of outrage if gas were that price?
Andre
Don’t work out how much per gallon Polly S costs.
Pretty sure its four figures.