Poll of the Day > Found Out the Other Day

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that after we discontinued the penny, theyre actually valueless. The banks wont even take them; Theyre just collector metal now. Which is worrisome in the future for when they eliminate all forms of cash. Imagine if they were quarters, loonies or toonies, and you had rolls of them saved up, that they just say Those hundreds of dollars you had yesterday cant be spent today.

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Lol what the heck are toonies

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Double the value of a loonie. I think it can be spelled twonie, but its more rare. Loonies get their name from the bird thats on them.

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According to an internet search result I didn't bother checking for accuracy, they're still legal tender.

Also how tf is this not a Creed topic

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Can you take me higher?

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Red_Frog posted...

they're still legal tender

this. businesses still accept them, and still deposit them. not sure where you get that they're useless, but they definitely aren't. did you just make this up out of nowhere?
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Who has hundreds of dollars of pennies?? That would weigh like 70 lb.

I would say we should all get rid of it, but physical money is obsolete anyway, so problem solved.
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Fuck pennies.
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Are you sure its not just your bank? They should still be accepting them.
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The only thing physical money is good for is buying drugs
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Action53 posted...

The only thing physical money is good for is buying drugs

And for making it rain...
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That isn't true. Pennies are still legal tender despite being removed from circulation.
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Yeah, pretty sure pennies are still legal tender. If that were to change (pun not intended), there would be plenty of warning to give people a chance to deposit them before they became valueless (not that they aren't already pretty close to that). Nobody with the potential power to do so benefits from abruptly making everyone with large stockpiles of cash suddenly become broke.
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Privileges are being shown right now.

dedbus posted...

Privileges are being shown right now.

oh no

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The privilege of debit cards?

I hope so.
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a nice short video about how worthless pennies are

https://www.youtube.com/watch?v=FffTJk-gFKc" data-time="

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DirtBasedSoap posted...

a nice short video about how worthless pennies are

https://www.youtube.com/watch?v=FffTJk-gFKc" data-time="

I enjoyed that short video

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Has anyone saying they can be spent tried to spend them? We got rid of them not for the nuisance of them but because they cost more to make than theyre worth. Our prices round up or down to the nearest zero or five, which is actually not that great because businesses are taking a lot of extra money that they shouldnt be only because we got rid of pennies. There are people who will use their debit cards if the number is going to round up and pay with cash if it rounds down to save the extra two cents.

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I think you should try another bank. They cant just not let you trade in your money. It should still have value. They just try not to use them since you round now.
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You can still chuck them at stuff

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Yeah, I'm sure if a legal currency gets phased out to no longer become legal they definitely wouldn't have a grace period where people could exchange them for the appropriate currency...
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This is true. I might just save them, however. That topic about what you use to make purchases reminded me of that box of pennies I found, so I posted this. Maybe some collector one day will want them. I have one from 1916 with the kings face on it, but apparently its worth only $100 because of the year.

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zebatov posted...

Has anyone saying they can be spent tried to spend them?

I don't spend them, but I do count the ones we accept
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Sahuagin posted...

I don't spend them, but I do count the ones we accept

And youve taken them to the bank?

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zebatov posted...

And youve taken them to the bank?

we send them to the bank, yes
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The lady at the courthouse that told that to me, when I was paying a fine and after I dumped a ton of change on the counter, and brought up pennies, probably just didnt want me to come back with a bag full of them to pay the rest of the fine off.

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zebatov posted...

The lady at the courthouse that told that to me, when I was paying a fine and after I dumped a ton of change on the counter, and brought up pennies, probably just didnt want me to come back with a bag full of them to pay the rest of the fine off.

She lied to you.
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The police in the US have been called because clerks have thought people were trying to pass off counterfeit money by trying to pay with $2 bills. Just because one person who you think should be in the know says something, that doesn't make it true.
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I feel like a simple Google search would have worked.

https://www.mint.ca/store/mint/about-the-mint/faqs---businesses-6900006

Are businesses required to accept pennies after February 4, 2013?

While businesses do not have a legal obligation to accept any particular Canadian coins or bank notes in a retail transaction, the penny will continue to be legal tender like all other Canadian coins, and businesses may accept the coin as a means of payment if they so choose.

https://cba.ca/phasing-out-the-penny-in-canada

Can I still bring pennies into the bank to deposit?

Yes, financial institutions continue to allow customers to redeem or deposit their pennies as long as they are rolled or wrapped for deposit.

Do I need to roll my pennies before bringing them into the bank?

Yes, financial institutions allow customers to redeem or deposit their pennies as long as they are rolled or wrapped for deposit.

How long will I have to bring in my pennies for deposit?

Pennies continue to retain their value indefinitely, so there is no time limit on when pennies can be deposited.

https://www.mint.ca/store/mint/about-the-mint/faqs---businesses-6900006

Are businesses required to accept pennies after February 4, 2013?

While businesses do not have a legal obligation to accept any particular Canadian coins or bank notes in a retail transaction, the penny will continue to be legal tender like all other Canadian coins, and businesses may accept the coin as a means of payment if they so choose.

Will businesses be able to redeem pennies with their financial institutions?

Businesses can continue to deposit pennies at their financial institutions. Some financial institutions may require large amounts of pennies to be rolled or wrapped for deposit. Businesses should consult their financial institutions in advance to determine how best to make deposits in large volumes.

Sounds to me like you shouldn't have taken what she said at face value.

zebatov posted...

Our prices round up or down to the nearest zero or five, which is actually not that great because businesses are taking a lot of extra money that they shouldnt be only because we got rid of pennies.

Not really. With $X.99 prices, you're being rounded up if you buy one or two items, and down if you buy three or four. The absolute most you'll ever miss out on is two cents per cash transaction, and that's roughly balanced out by all the times you make an extra two cents. Using the magic of Excel, I just took a look at my debit/credit statements up to the end of July (I haven't done August yet) and rounded all of those numbers to the nearest $0.05, and apparently I would have lost 28 cents if I'd used cash for every single one of those transactions (which is unrealistic, especially where some of them were online bill payments). I'm okay with missing an absolute maximum of 28 cents in seven months. That's not particularly significant on that scale.
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Maybe stop stealin my fuckin posts, adjl.

zebatov posted...

Sahuagin posted...

I don't spend them, but I do count the ones we accept

And youve taken them to the bank?

I just took a shit load of pennies nickles and dimes to the bank like last week and exchanged them for paper money. I also do occasionally spend pennies when making a purchase. If i already know what the exact amount is gonna be for something I like using exact change to save the cashier some time on not having to give me back change.
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adjl posted...

Not really. With $X.99 prices, you're being rounded up if you buy one or two items, and down if you buy three or four. The absolute most you'll ever miss out on is two cents per cash transaction, and that's roughly balanced out by all the times you make an extra two cents. Using the magic of Excel, I just took a look at my debit/credit statements up to the end of July (I haven't done August yet) and rounded all of those numbers to the nearest $0.05, and apparently I would have lost 28 cents if I'd used cash for every single one of those transactions (which is unrealistic, especially where some of them were online bill payments). I'm okay with missing an absolute maximum of 28 cents in seven months. That's not particularly significant on that scale.

note also that this effect is still occurring with pennies. some transactions technically have partial pennies that are rounded up or down to the nearest penny. only difference is that before the maximum gain/loss from rounding was like $0.005, and now it's $0.02.
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adjl posted...

https://www.mint.ca/store/mint/about-the-mint/faqs---businesses-6900006

Sounds to me like you shouldn't have taken what she said at face value.

Not really. With $X.99 prices, you're being rounded up if you buy one or two items, and down if you buy three or four. The absolute most you'll ever miss out on is two cents per cash transaction, and that's roughly balanced out by all the times you make an extra two cents. Using the magic of Excel, I just took a look at my debit/credit statements up to the end of July (I haven't done August yet) and rounded all of those numbers to the nearest $0.05, and apparently I would have lost 28 cents if I'd used cash for every single one of those transactions (which is unrealistic, especially where some of them were online bill payments). I'm okay with missing an absolute maximum of 28 cents in seven months. That's not particularly significant on that scale.

If thats an average, then $0.28 x 37.6M people = $10,276,000 per month to businesses. And to clarify for others, when paying with cash, after taxes, prices ending in $X.X3 round up, and prices ending in $X.X2 round down. So people will use their debit card when its three cents or more to save those extra couple of pennies.

Its good to know they dont have any obligation to take our money, however. Which would be strange if they refused in a normal situation.

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zebatov posted...

If thats an average, then $0.28 x 37.6M people = $10,276,000 per month to businesses.

it "should" average out to zero, almost. but it should actually depend on the specific prices. a business can strategically choose prices that will end up rounding up in their favor, for example. given perfectly random prices, it would average to zero, but given a store's particular set of non-random prices (as well as other things like discounts and quantities), it may tend to round up more or down more.
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i literally throw my pennies in the trash
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