We're pennyless!

[Peatmoss]

Canada has no pennies!

http://fullcomment.nationalpost.com...canadian-penny-fell-victim-to-changing-times/

They were so stupid!

*throws jar of pennies out window*

 

[LeafKirby]

Yay?

 

[Vbkid]

Now if only America can follow suit...

 

[swords]

What would happen to penny stocks? If they round up to the next 5 cents that's up to a 400% increase and would make their holders millionaires overnight...

 

[carnivoure12]

Pennies will remain in circulation, they just won't mint anymore I believe.

 

[Nepenthesis]

IMO delete the use of the penny and melt the remaining ones down, separate the copper and sell. Especially the ones before the 80s when they were using pure copper.

 

[jesse]

What would happen to penny stocks? If they round up to the next 5 cents that's up to a 400% increase and would make their holders millionaires overnight...

Don't worry, here over in Europe we have several countries that have no 1/100 splitting of their currency since dozens of years, because the smaller coins have vanished after some inflation.

The prices will remain as they are today (accurate to one penny), but on checkout the amount will be rounded.

Let's say you buy
1 item at 0,99 = 0,99 ==> You pay 1,00
2 items at 0,99 = 1,98 ==> You pay 2,00
3 items at 0,99 = 2,97 ==> You pay 2,95
4 items at 0,99 = 3,96 ==> You pay 3,95
5 items at 0,99 = 4,95 ==> You pay 4,95

If the smallest fraction of local currency is 0,05, then prices below 0,05 in local currency at checkout make no sense and are avoided, so perhaps for penny stocks at a share price of 0,01 there would be a minimum order of 5, 10 or 100, I suppose.

 

[Peatmoss]

Yes, we are still allowed to use them. And I think that there are enough in circulation that they will still be common for at least a few years.

 

[scottychaos]

I think its funny that people assume prices will actually be rounded *down*..
of course that will never happen..
it will look more like this:

Let's say you buy
1 item at 0.99 = 0.99 ==> You pay 1.00
2 items at 0.99 = 1.98 ==> You pay 2.00
3 items at 0,99 = 2.97 ==> You pay 3.00
4 items at 0,99 = 3.96 ==> You pay 4.00
5 items at 0,99 = 4.95 ==> You pay 4.95

and..if there is no penny, why would something be sold for 99 cents?
wouldnt the old ruse of "99 cents *sounds* cheaper than $1.00" just go away?
no more "$49.99" or even "$999.99" which has always been used to make people
*think* something is cheaper than it is..
if there is no penny, how can you even have 99 cents in the price of anything?

Scot