The Phase Out and the Stunned

Now that it's penny is being phased out, I offer the following get rich quick scheme. Every time you go shopping, bring a calculator (or use the one in your phone). Before you check out, calculate how much the total purchase will cost. Determine whether the price will be rounded up or down with chart below from the Canadian Mint. If it will be rounded up, pay with your credit card to avoid paying the extra 1 or 2 cents. If it will be rounded down, use cash to save 1 or 2 cents. At the end of the year, go out and buy yourself a coffee, a doughnut, and maybe, if you're some kind of shopaholic, a Timbit, with all the money you saved.

That don't make cents!

And that is why you don't ignore your math teacher.

Penny Problems

Last weekend, I went home. While there, my sister told me that, unlike me, she likes the penny. I didn't think to ask her why. While this disappoints me, it does provide me with a solution to two problems. First, I know what to get her for her birthday. Second, I know what to do with all of my pennies.

Since my most recent post on the matter, I've read a few more things here and there about the potential discontinuation of the penny. I don't feel like looking them up, so there will be many links. There may be no facts as well. In any case, here we go. CTV did one of their online polls, and there was a majority in favour getting rid of it. Some bank type group thinks we should have gotten rid of it long time ago. They suggest we get consider ditching the nickel too (though, according to them, that would mean ditching the quarter and adding a 20 cent coin (a quinter?)). Colby Cosh seems to advocate getting doing away with it, but thinks the reverse of the coin is a fine piece of art (though not botanically correct). I visited Pat Martin's website just now to see what progress the legislation has made. Here's the latest on the topic. It says nothing about the progress, and little about the details.

It's seems pretty clear that, based on the information available, the penny is not all that useful. There are only a couple of reasons for keeping, aside from tradition, which shouldn't have much currency when making decisions about something whose only purpose is to serve as a tangible symbol for how much money you have. Firstly, I agree with Cosh that it would be a shame to throw the artwork out with the coin. Not only that, but the penny does do the most to add some colour to a pile of change. The yellowish colour of loonie and the centre of the toonie just doesn't cut through the silvery colour of the more common coins like the copper of the penny. Now it's unlikely that we'll do away with the nickel just yet, even though that is advocated by the banky types. But let's face it. The beaver's not all it's cracked up to be. Supposedly the beaver is a national symbol in Canada because of it's industriousness, or some such thing. I think if you dig deeper, you'll find that's a crock (it might be the case the the beaver is particularly industrious, but the reason it became a national symbol is not quite so noble if Will Ferguson can be trusted). In truth it's just a rather large smelly buck toothed rodent with only one marketable skill. The beaver's right behind the pig in the make-up line, and ugly or not, at least we can eat the pig. When's the last time you needed a dam built at the level of sophistication that a beaver can provide? Never. That's when. So I propose that we stop embarrassing ourselves by lionizing the glorified rat, ditch the penny, make the nickel out of copper, and replace the beaver with the maple leaf that currently adorns the penny. Problem solved.

Out for the Penny, Out by Pounds [Updated]

Further to this post, NDP MP Pat Martin has finally introduced his private member's bill on the elimination of the Canadian 1 cent coin. The man himself appears not to have caught wind of his introduction of the bill in parliament. As of the writing of this post, there is not a mention of it on his website.

Despite my best efforts to spend my pennies, the number in my possession still seems to be increasing. At the very least, they're not decreasing nearly as fast as I would like them to. So get on it folks. Call your local MP and urge them to vote with Mr. Martin, before I can no longer manage my accumulating pounds of pennies.

[Update:03/04/08 11:24am] According to his website, Pat Martin has learned of the bill he has introduced. Good for Pat. Also, the poll of the day at CTV.ca (look at the right, near the top, just below the banner) is on whether or not the penny should be scrapped. As of 11:26, 56% say yes. The rest say no.

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hat tip David Koyzis

Copper Stop

A proposal to scrap the penny. It's not the first. It probably won't be the last, as long as that crimson coin continues to circulate.

The mint itself is clearly not nearly as enthusiastic about the penny as they are about other coins. The only special reverse that it's ever had was in 1967, to commemorate Canada's centennial, and that was quite a while ago, long before the current binge.

I myself rarely use pennies. They might get tossed in with the tip on one of those rare occasions when I pay for my meal at a restaurant with cash and one comes with my change. Even then, it seems kind of rude. I feel like I'm just offloading an unwanted encumbrance. "Here. In exchange for your exquisite service, may I offer you the burden of carting around some copper discs that may be worth more in copper than their value as currency." Plus, I like nice round numbers, even when giving tips, and if I'm getting pennies with change, my bill wasn't round, so neither would be the tip. If I happen to have one or two of them in my pocket, they might get used to make giving change easier for a cashier. Otherwise they get tossed in a container with the rest of my change, unlikely ever to be used. So, while my change wouldn't be quite as colourful, from a practical standpoint, I wouldn't miss it much.

Australia gave up their penny in 1992. Our currency and theirs are often fairly close, relative to the US Dollar. If they can live without it, why should we be so attached? They also melted down the copper to make bronze medals for the 2000 Olympics. We've got some Olympics coming up here in a few years, of which we know the mint is aware. Perhaps, if our legislators get on it quickly enough, the mint can make a more sensible contribution to the Olympics.

If we actually went through with it, those evil people who run businesses could round up to the nearest nickel, thereby increasing their ill-gotten gains up to four cents (not four pennies, for they would be no longer) at a time. Certainly this could be cause for revolt! (Why revolt? Why wouldn't we just protest the legislation before it passes. One quote says it all: "I moved here from Canada, and they think I'm slow, eh?") Then again, before or during 1973, when our precious penny was worth what a nickel is now, there weren't pleas for the production of a 1/5th of a cent coin on the basis that those shady shopkeepers were rounding up to the nearest penny. In fact, that would have been absurd! So really, rounding up is immaterial.

Of course, in contrast to Australia, our penny does bear our national symbol, the maple leaf, which might make it tough to sell (or not to sell, as the case may be). Theirs only had the feathertail glider. Is that even a real animal? Probably not! Surely the coin must stay on this basis alone, even beyond the point at which the nickel has diminished in value so much as to warrant its abolishment!

According to the article, it's not like it would save the mint a mint, though. $30,000,000.00 is quite a lot for you and me, and even quite a lot for the Liberal Party of Canada to launder. But it's peanuts in comparison the national budget. So even the purportedly penny pinching party presently in power may not be persuaded on the premise of pecuniary prudence. If it is a good idea, it probably won't happen since, just like annexing the Turks and Caicos Islands, it's just not a priority.

Some other facts about pennies:

• I have $2.12 in Canadian pennies. Or, better, I have 212 Canadian pennies. Giving them a dollar value is misleading, since I am unlikely ever to spend them (except perhaps to a copper depot in exchange for twice their face value). One of these pennies is a centennial penny, featuring the rock dove.
  
• When I was in high school, one of my classmates would chase after pennies if someone rolled them down the hallway. This was discovered when some of my other classmates, having discovered already then that pennies were more or less worthless, would flick them at people. After people noticed this, they would bring bags of pennies to school for the sole purpose of throwing them down the hallway to watch my classmate chase them. It seems cruel now, but still I don't think he minded all that much. I think he really enjoyed the candy that he would purchase with his hard earned money.
• In Canada, a penny was known as a copper. It is not surprising that a penny would be called, but it is surprising that only Canadians would call it that. But perhaps I am inferring too much from my source. I discovered this after I chose the title for this post, while looking for an archaic sounding phrase involving the terms "two bits" and "fortnight", neither of which have anything to do with copper or pennies, aside from the fact that 25 pennies, all of which contain at least some copper, are worth two bits.