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No More Pennies Tomorrow, Feb. 4, Rounding Up Or Down?


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#1 DonLever

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Posted 03 February 2013 - 01:24 PM

Tomorrow, the Mint stops sending pennies to banks and other financial insitutions. While the Mint has stopped making the pennies for a few months now, they were still sending them out to banks.

http://www.montrealg...6195/story.html


So when will businesses do this rounding up and down of pennies? I suppose when they run out of pennies and can't get anymore from the bank.

And how does rounding works?

Is it like this?

.91 will be .90
.92 will be .90
.93 will be .95
.94 will be .95
.95 will be .95
.96 will be. 95
.97 will be 1.00
.98 will be 1.00
.99 will be 1.00
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#2 Opmac

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Posted 03 February 2013 - 01:29 PM

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http://www.mint.ca/s...08#.UQ7IbFNwq5I
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#3 PlayStation

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Posted 03 February 2013 - 01:36 PM

Can I pay for coffee with a cheque?
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"Real Men" :bigblush:

#4 Shift-4

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Posted 03 February 2013 - 01:40 PM

Not concerned either way
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#5 hudson bay rules

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Posted 03 February 2013 - 01:40 PM

If I was a retailer I'd alter my prices so that the amount including taxes would come out nice and even.

Rather than charging $1.85 plus 13% for $2.09 I'd charge $1.86 plus 13% for $2.10.

Pennies have been useless for more than a decade.
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I love rock and roll, just put another dime in the juice box baby.

#6 key2thecup

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Posted 03 February 2013 - 01:47 PM

So can we still go to the bank with all our pennies and exchange for dollars?
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#7 Shift-4

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Posted 03 February 2013 - 01:50 PM

If I was a retailer I'd alter my prices so that the amount including taxes would come out nice and even.

Rather than charging $1.85 plus 13% for $2.09 I'd charge $1.86 plus 13% for $2.10.

Pennies have been useless for more than a decade.


So have nickels

Should just round off to the dime now
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Hockey is the only sport, the rest are just games.

#8 hudson bay rules

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Posted 03 February 2013 - 01:51 PM

So can we still go to the bank with all our pennies and exchange for dollars?


probably for a long time if not forever.
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I love rock and roll, just put another dime in the juice box baby.

#9 hudson bay rules

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Posted 03 February 2013 - 01:52 PM

So, how many pennies does everyone think you have?

I'd say about 70 or so myself. One roll and a bit.

Edited by hudson bay rules, 03 February 2013 - 01:53 PM.

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I love rock and roll, just put another dime in the juice box baby.

#10 Shift-4

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Posted 03 February 2013 - 02:01 PM

So, how many pennies does everyone think you have?

I'd say about 70 or so myself. One roll and a bit.


I would say less than half that for me
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Hockey is the only sport, the rest are just games.

#11 Champions of Nothing

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Posted 03 February 2013 - 02:08 PM

Where I work we've been rounding for years. We don't work with pennies.
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#12 SkeeterHansen

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Posted 03 February 2013 - 02:14 PM

So, how many pennies does everyone think you have?

I'd say about 70 or so myself. One roll and a bit.


Oh god, I've probably got $10 worth in a jar.
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#13 CIA

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Posted 03 February 2013 - 02:23 PM

I work in retail and we have been told to always round in the customers favour. So if we're giving back change say 0.62 cents...the customer gets 0.65. If the customer has to pay 0.62 (or even 0.64), we only charge 0.60.

Weird but I guess it's to keep people from complaining.
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#14 Cromeslab

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Posted 03 February 2013 - 02:25 PM

My Canuck piggybank is full of pennies
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#15 WHL rocks

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Posted 03 February 2013 - 02:30 PM

I'm going to the bank to buy me $100 in pennies.
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#16 hudson bay rules

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Posted 03 February 2013 - 03:31 PM

I'm going to the bank to buy me $100 in pennies.


I tried to buy a couple of rolls of brand new ones in Dec. The clerk had never heard of such a thing. :shock:

Needless to say I was unsuccessful
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I love rock and roll, just put another dime in the juice box baby.

#17 Buggernut

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Posted 03 February 2013 - 04:46 PM

Tomorrow, the Mint stops sending pennies to banks and other financial insitutions. While the Mint has stopped making the pennies for a few months now, they were still sending them out to banks.

http://www.montrealg...6195/story.html


So when will businesses do this rounding up and down of pennies? I suppose when they run out of pennies and can't get anymore from the bank.

And how does rounding works?

Is it like this?

.91 will be .90
.92 will be .90
.93 will be .95
.94 will be .95
.95 will be .95
.96 will be. 95
.97 will be 1.00
.98 will be 1.00
.99 will be 1.00


.97 rounds down to .95. Where were you in math class?
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#18 Heretic

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Posted 03 February 2013 - 04:51 PM

Remember - this only affects cash transactions.
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#19 Wetcoaster

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Posted 03 February 2013 - 06:28 PM

Remember - this only affects cash transactions.

You can have my pennies when you pry them from my cold dead grasping hands!!!

FREEDOM!!!!!!!!!!!!!!!!!!!!!!!
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#20 Tearloch7

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Posted 03 February 2013 - 09:24 PM

If I was a retailer I'd alter my prices so that the amount including taxes would come out nice and even.

Rather than charging $1.85 plus 13% for $2.09 I'd charge $1.86 plus 13% for $2.10.

Pennies have been useless for more than a decade.


Wrong .. they are great for crowd control if you load em into your 12 guage cartridges .. "you dirty copper" ..

Edited by Tearloch7, 03 February 2013 - 09:25 PM.

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#21 Markus Alexander Cody

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Posted 03 February 2013 - 09:32 PM

So we can still pay with pennies then...
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#22 Common sense

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Posted 03 February 2013 - 09:40 PM

Can I pay for coffee with a cheque?


No joke - I actually saw this done one time at a Safeway Starbucks. A person paid for 2 coffees and some beans and the proceeded to write a cheque. The barista had to call the front supervisor over because she forgot how to process cheques (that's how frequent they are used).
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#23 Squeak

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Posted 03 February 2013 - 09:48 PM

So I guess I will just be using my debit card for every single purchase... and then transfer the money, that would've been spent on 'rounding' into a TFSA.

Sounds like a more logical plan to me.

Edited by Squeak, 03 February 2013 - 09:49 PM.

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#24 Common sense

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Posted 03 February 2013 - 10:00 PM

NDP MP Pat Martin is planning on launching a private member's motion to get rid of the 5-cent coin as well - http://news.national...ghts-on-nickel/

This makes no sense; the 5-cent coin doesn't take more than 5 cents to produce, and thus isn't debilitating to the Canadian Mint. Whereas it took 1.6 cents to produce a penny (thus wasting money), with 5-cent coins, the Mint is actually making money out of this air. Any more and my head would obviously explode from the notion that government can simply make money out of nothing (hello, Monopoly!), but hopefully you get the point.

Edited by Common sense, 03 February 2013 - 10:00 PM.

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#25 nucklehead

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Posted 03 February 2013 - 10:04 PM

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#26 nucklehead

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Posted 03 February 2013 - 10:05 PM

dp

Edited by nucklehead, 03 February 2013 - 10:06 PM.

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#27 vavoom

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Posted 03 February 2013 - 10:10 PM

I remember stuffing a giant piggy bank with pennies when I was a kid. Have no idea where it went now, must of been 40-50 lbs of pennies. I remember trying to ride buses with little bags of pennies, back when transit was 70 cents for concession. Bus drivers were not impressed, that was the last time I actually tried to use of my pennies.

Personally, by the time they get rid of nickels, we might have already moved on to a cashless economy.
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#28 Raoul Duke

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Posted 03 February 2013 - 10:17 PM

Anyone ever remember the Tom Green show when he dumped a big bowl of pennies into his mouth? Sick stuff.
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#29 ronthecivil

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Posted 04 February 2013 - 02:20 PM

NDP MP Pat Martin is planning on launching a private member's motion to get rid of the 5-cent coin as well - http://news.national...ghts-on-nickel/

This makes no sense; the 5-cent coin doesn't take more than 5 cents to produce, and thus isn't debilitating to the Canadian Mint. Whereas it took 1.6 cents to produce a penny (thus wasting money), with 5-cent coins, the Mint is actually making money out of this air. Any more and my head would obviously explode from the notion that government can simply make money out of nothing (hello, Monopoly!), but hopefully you get the point.


Of course the government can make money out of nothing, and it doesn't have to print out 100 dollar notes that cost pennies to make to do it.

All it has to do is keep interest rates low enough and the population will go around taking out loans and VOILA! you have created money out of thin air.

Cash is just a widely held futures contract that goes up and down in value based on it's scarcity (deflation/inflation) and what the market decides it wants to value it at.

FYI creating money out of thin air is all the rage these days. When you happen to owe a lot of it (as the people that happen to control the ability to create money almost universally do) nothing is sweeter than seeing it's value erode, so if you get upset by the printing presses (be they the real ones at the mint or the virtual ones done with a simple bank transaction) I would recommend finding a way to to console yourself!
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#30 ronthecivil

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Posted 04 February 2013 - 02:30 PM

So I guess I will just be using my debit card for every single purchase... and then transfer the money, that would've been spent on 'rounding' into a TFSA.

Sounds like a more logical plan to me.


Since you will "loose" just as much as you "win" the 2-3 cents per transaction it should actually even out. You would be better off making less transactions (aka spend less) instead of hoping a couple pennies here and there leftover from a transaction might add up to anything.

Oh, and don't be shocked that in the future they start charging you for using that debit card. There's already a strong push to start putting in fees to use a credit card in the retail industry and fees for not using cash have shown up in places like Australia.
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