A Nickel for your Thoughts?

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Indiana 266
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A Nickel for your Thoughts?

Postby Indiana 266 » Tue May 01, 2012 1:37 pm

http://www.cbc.ca/news/business/story/2012/03/29/federalbudget-flaherty-penny-cent.html
I was wondering what you guys thought of this development set to start in September.
I was also wondering if the U.S. is considering anything like this any time soon.
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ITB
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Re: A Nickel for your Thoughts?

Postby ITB » Tue May 01, 2012 4:26 pm

America talks about this all the time. That's all they do though. Talk.

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Re: A Nickel for your Thoughts?

Postby SBG » Tue May 01, 2012 5:51 pm

There's a really good stand up comedy bit about getting rid of pennies, but I can't remember who does it.

I'm indifferent, but I could see people getting taken advantage of. If something costs an odd number, they're not gonna round down, they're gonna round up, therefor you will be spending more money.

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Re: A Nickel for your Thoughts?

Postby Indiana 266 » Tue May 01, 2012 11:58 pm

No, if something costs 1.96 it will become 1.95.
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Re: A Nickel for your Thoughts?

Postby SBG » Wed May 02, 2012 12:09 am

They wouldn't do it like that in America I'm sure.

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Indiana 266
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Re: A Nickel for your Thoughts?

Postby Indiana 266 » Wed May 02, 2012 12:16 am

It's not like they are losing money by doing that, they get the 5 mil back from the production costs.
(Each penny costs around 5 cents to make)
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Re: A Nickel for your Thoughts?

Postby Mr.Numbers » Wed May 02, 2012 12:51 am

lol where did you get 1 penny = 5 cents to make?! :P

And if something costs 1.96 now, I bet itl cost 1.68 after this takes effect :D Or 1.69
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Re: A Nickel for your Thoughts?

Postby Indiana 266 » Wed May 02, 2012 1:02 am

Mr.Numbers wrote:lol where did you get 1 penny = 5 cents to make?! :P

And if something costs 1.96 now, I bet itl cost 1.68 after this takes effect :D Or 1.69


1. To be exact, it's 2. something to make, and about 3 cents per penny for the shipping.

2. Where are you getting that from? The point was that pennies are going to be out of production, making the nickel the smallest coin, meaning every price must be rounded to an equal 5.
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Re: A Nickel for your Thoughts?

Postby Mr.Numbers » Wed May 02, 2012 1:06 am

Not for anything electronic :P Your total can still come to 1.98, and you can still pay the exact amount using pennies after they are discontinued... Though for a price of 1.96, 1.95 would be accepted.

Canada's base amount will STILL be 0.01 (A penny), though they will simply round the amounts now if you do not have any pennies/not paying electronically.

You will still be able to write a check for 100.91 if you wanted :P
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Re: A Nickel for your Thoughts?

Postby Indiana 266 » Wed May 02, 2012 1:44 am

Ok yea yea yea, but I still don't understand why you said from 1.96 to 1.68 or 1.69?
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Re: A Nickel for your Thoughts?

Postby Mr.Numbers » Wed May 02, 2012 11:55 am

Its most likely that all products will go up a cent if they "Round Down" obviously. I bet 90% of the product in canada will take advantage of the "Round Up" thing. Think about it, if you owned a shop, would you rather sell your product for 1.66 to have it round down to 1.65, thus loosing a penny? Or would you rather up the price 2 pennies and sell it for 1.68 thus making an extra four cents.

Doesnt mean EVERYWHERE is going to do it, theres just a really great chance of it happening lol Cause think about it, 1000 times 0.02, thats 20$ on a measly 1000 items. Think of Tim Hortons, they sell like a million cups of coffee a day, if they upped the price two cents... thats like an extra 20,000$ every day >.>

aka its screwing everyone over a couple pennies, which alone they are worth practically nothing, but when multiplied on a large scale can amount to quite a bit of extra profit for these companies.
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Re: A Nickel for your Thoughts?

Postby Indiana 266 » Wed May 02, 2012 1:16 pm

And in my opinion they can have it; I have thrown pennies out on purpose.
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Re: A Nickel for your Thoughts?

Postby Mr.Numbers » Wed May 02, 2012 1:26 pm

To you maybe, but what about everyone else? :S Pennies in small amounts are nothing, I agree there. Though they can add up pretty fast... Imagine how much money could be wasted in a lifetime over a couple cents every time you purchase something for the rest of your life?
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Re: A Nickel for your Thoughts?

Postby Indiana 266 » Wed May 02, 2012 1:38 pm

Actually, wouldn't all the rounding go to HST anyways?
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Re: A Nickel for your Thoughts?

Postby Mr.Numbers » Wed May 02, 2012 3:04 pm

Rounding is done after taxes :P
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Re: A Nickel for your Thoughts?

Postby 2cool4me4 » Wed May 02, 2012 5:21 pm



Jus' sayin.

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Re: A Nickel for your Thoughts?

Postby tower07 » Thu May 03, 2012 8:41 am

If this goes through, imagine how much a penny will be worth in like, 70 years? :o

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Indiana 266
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Re: A Nickel for your Thoughts?

Postby Indiana 266 » Thu May 03, 2012 12:45 pm

The video shows truth!
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Re: A Nickel for your Thoughts?

Postby Rico » Thu May 03, 2012 5:23 pm

I like pennies.
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Adam
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Re: A Nickel for your Thoughts?

Postby Adam » Fri May 04, 2012 6:56 am

Pennies are the devil.
Somewhere out there, is a planet with no war, no hunger, no poverty, no killing, and no evil.
It also has no oxygen

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Re: A Nickel for your Thoughts?

Postby RamchuK_Ntertainment » Thu May 10, 2012 12:17 am

Pennies are just unnecessary, I guess. With the economy going down and all, even since it costs 1.8 cents to make 1 cent... I mean, like really? This means to make profit you have to sell something for 1.9 cents, or better yet 2 cents... that's a 0.2 cent profit. Well, then it takes some money to pay the people who make those pennies and other services that come along with it... It's almost pointless nowadays, since honestly, a penny is worth nothing and can't buy nothing. A dollar can, but that's 100 pennies, which most modern humans wouldn't want to carry with them. Obama's plan to round up to 5 cents on everything seems like a worthy idea to try, since as I understand instead of selling something for 1.37, you're selling for 1.40, a 5 cent difference will be rounded up. This, will indeed make profit, now going back to 1.8 cents for each penny, turns into 2 cents, that's if we round that cost up too, and now whenever we sell something, numbers will be rounded up to the nearest 5 cent added value, resulting in profit every time, that's only if we consider a 1.37 dollar value of a product being sold for 1.40, now if there is a 1.36 dollar product, this will result in a 0.4 cents of profit, while the 1.37 is only 0.3. Prices matter, and in an economical struggle such as now, any strategy is worth applying, as long as there is a way of not endangering the economical welfare of so many people.
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Indiana 266
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Re: A Nickel for your Thoughts?

Postby Indiana 266 » Thu May 10, 2012 12:21 am

Huh, Canada is implementing it come September. Eh? :)
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