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Mon Feb 4, 2013, 02:17 PM

CBC: The death of the Canadian penny

Obituary: Canadian penny, 1858-2013
Royal Canadian Mint stops distributing the copper-coloured coin on Feb. 4


The penny's demise had been anticipated since March 29, 2012, when federal Finance Minister James Flaherty announced in the budget that his government had decided to phase out the smallest denomination of Canada's currency.

The Canadian penny traces its origins to 1858, when the then-province of Canada adopted the decimal system for its currency. Initially, it was struck at the Royal Mint in Great Britain. The 1858 penny had Queen Victoria on the obverse (or "heads") side and a vine of maple leaves on the reverse (or "tails") side.

Penny production moved to Canada in 1908, when the Ottawa branch of the British Royal Mint opened. Countess Grey, the wife of Canada's governor general at the time, struck the first penny at the mint's official opening on Jan. 2. Until 1997, the penny's composition was at least 95.5 per cent copper.

The year 2006 was a significant one for the Canadian penny, as it reached peak production. More than 1.26 billion pennies were minted that year. The last penny was minted in Winnipeg on May 4, 2012.

http://www.cbc.ca/news/canada/story/2013/01/31/f-penny-obit.html

Can the US penny be far behind?

18 replies, 1563 views

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Arrow 18 replies Author Time Post
Reply CBC: The death of the Canadian penny (Original post)
pampango Feb 2013 OP
gcomeau Feb 2013 #1
Duer 157099 Feb 2013 #2
SidDithers Feb 2013 #6
jberryhill Feb 2013 #3
apocalypsehow Feb 2013 #4
Art_from_Ark Feb 2013 #8
jberryhill Feb 2013 #9
Art_from_Ark Feb 2013 #10
jberryhill Feb 2013 #11
Art_from_Ark Feb 2013 #12
jberryhill Feb 2013 #13
Art_from_Ark Feb 2013 #14
jberryhill Feb 2013 #15
Art_from_Ark Feb 2013 #16
jberryhill Feb 2013 #17
dballance Feb 2013 #5
SidDithers Feb 2013 #7
Name removed Jun 2013 #18

Response to pampango (Original post)

Mon Feb 4, 2013, 02:21 PM

1. Can the US penny be far behind? Yes.

Canada scrapped dollar bills in favor of dollar coins 25 years ago, how's that transition coming along in the US?

And don't make me bring up the metric system...

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Response to pampango (Original post)

Mon Feb 4, 2013, 02:21 PM

2. Well then I guess there will be a limit to how low they can pay us

At least the new minimum wage will have to be limited at 5cents.

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Response to Duer 157099 (Reply #2)

Mon Feb 4, 2013, 03:35 PM

6. Minimum wage in Ontario is $10.25...nt

Sid

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Response to pampango (Original post)

Mon Feb 4, 2013, 02:40 PM

3. "Canada adopted the decimal system for its currency"


And there you see how it works.

First, the metric system. Then, taking God out of schools. And eventually, they get our guns!

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Response to jberryhill (Reply #3)

Mon Feb 4, 2013, 02:44 PM

4. I see what you did there.

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Response to jberryhill (Reply #3)

Tue Feb 5, 2013, 12:44 AM

8. But the US beat Canada in adopting the decimal system for its currency

Canada was a Johnny-come-lately, adopting the decimal system a full 65 years after the United States Mint introduced its dollar that was based on 100 cents or 10 "dismes"

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Response to Art_from_Ark (Reply #8)

Tue Feb 5, 2013, 07:47 AM

9. But we put "In God We Trust" on ours

So that keeps us safe.

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Response to jberryhill (Reply #9)

Tue Feb 5, 2013, 07:50 AM

10. And they put "D.G." (Dei Gratia) on theirs

which means that Elizabeth II is queen "by the grace of God".

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Response to Art_from_Ark (Reply #10)

Tue Feb 5, 2013, 07:52 AM

11. Well, there you are

They even put a foreign language on their currency.

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Response to jberryhill (Reply #11)

Tue Feb 5, 2013, 07:58 AM

12. We do, too

E Pluribus Unum

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Response to Art_from_Ark (Reply #12)

Tue Feb 5, 2013, 08:05 AM

13. Whose side are you on, son?

#t=49s

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Response to jberryhill (Reply #13)

Tue Feb 5, 2013, 08:11 AM

14. Son?

Is that you, Dad? The guy who deserted my mom back in 1962? If you are, we would like to talk to you about some back alimony!

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Response to Art_from_Ark (Reply #14)

Tue Feb 5, 2013, 08:13 AM

15. Only if you take Canadian pennies

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Response to jberryhill (Reply #15)

Tue Feb 5, 2013, 08:15 AM

16. As long as they're exchangeable

The way we figure it, "Dad" owes a *minimum* of $40,000, and that is based on 1962 prices!

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Response to Art_from_Ark (Reply #16)

Tue Feb 5, 2013, 08:17 AM

17. I'll pick up a fresh batch on February 5 from the Canadian mint


Consider it done.

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Response to pampango (Original post)

Mon Feb 4, 2013, 03:33 PM

5. I Guess There Won't be Any More $NN.99 Sales or Prices.

So yes, it does beg the question. Now I guess all the retailers and anyone else who sells things will have to price them in increments of five cents.

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Response to dballance (Reply #5)

Mon Feb 4, 2013, 03:38 PM

7. No. It just means that totals will be rounded to the nearest nickel...

an item might still be $12.99 plus 13% sales tax = $14.68 total.

Most stores are rounding down, so $14.68 becomes $14.65.

I don't think retailers will give up the psychological impact of a $xx.99 price on an item.

Sid

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