10 Years After Ending Penny, Canada Considers Axing 5-Cent Coin As Well

[Economy 52,902]

https://www.cbc.ca/news/business/inflation-nickel-column-don-pittis-1.6666852

 

10 years after Canada got rid of the penny or 1 cent coin, the government has already started studying the pros and cons of getting rid of the 5 cent coin (nickle) as inflation continues to erode the value of money and making the smallest unit coins increasingly useless.

 

However the government also stated that at this time it will not get rid of the coin yet, but that in some years time that time may come

[misha4ever 2,077]

i thought this was about penny dreadful and i was going to cry

"10 years?! no way!"

[PunkTheFunk 125,719]

Honestly they should just get rid of coins entirely

[ScreamQueen007 415]

1 hour ago, PunkTheFunk said:

Honestly they should just get rid of coins entirely

[RAMROD 117,261]

IMHO is redundant for today standards. The vending machines can even accept bank notes and cashless payment now.

[LaLuna 12,732]

Damn. What's next, loonies and toonies? 

I don't like this. It feels like they want us to be dependant on cashless methods of payment, which is not a good idea to me. Look what happened a few months ago with the Rogers network outage. It impacted Interac systems and people who didn't have any cash on them were screwed. 

Also, has it already been 10 years since they axed the penny? My God, where did the time go 

[Economy 52,902]

21 hours ago, LaLuna said:

Damn. What's next, loonies and toonies? 

I don't like this. It feels like they want us to be dependant on cashless methods of payment, which is not a good idea to me. Look what happened a few months ago with the Rogers network outage. It impacted Interac systems and people who didn't have any cash on them were screwed. 

Also, has it already been 10 years since they axed the penny? My God, where did the time go 

Ughhhh they aren't talking about getting rid of money, they are talking getting rid of coins that are worthless and take space in ur wallet and in some cases cost more to make than are worth (which became the case with the penny)

 

23 hours ago, PunkTheFunk said:

Honestly they should just get rid of coins entirely

Why? I do not want bills replacing everything. Look at overused American $1 bills. They always look like they were purposely crumpled then thrown in the laundry 

[AnglerfishbraBENUS 5,734]

2 hours ago, Economy said:

Ughhhh they aren't talking about getting rid of money, they are talking getting rid of coins that are worthless and take space in ur wallet and in some cases cost more to make than are worth (which became the case with the penny)

 

Why? I do not want bills replacing everything. Look at overused American $1 bills. They always look like they were purposely crumpled then thrown in the laundry 

now that you mention, americans care very little about dollar bills. it’s hilarious

[Railing 2,799]

But then how do you get your exact amount of change back for a purchase 

[Economy 52,902]

On 12/30/2022 at 12:49 PM, Railing said:

But then how do you get your exact amount of change back for a purchase 

If u pay in cash, u don't. It gets rounded up or down (whichever is closer)

 

Were already doing that now since we don't have the penny. If something costs you $1.98 and u pay in cash you have to pay $2. Same applies if it rounds down. A $2.06 purchase would become $2.05

 

That's for cash only tho. Debit or credit still charge the exact cents