Should Canada get rid of the nickel? 50 cent coins were taken out of regular circulation years ago, so why not save money on one of the most useless and large coins out there. Some people like to pick on the penny, and it’s fair game too. Maybe it should be a two cent coin instead so it’s worth more than the metal that goes into it.
Slashdot reports that the US is making coin melting illegal.
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brem | 27-Dec-06 at 3:56 pm | Permalink
why don’t we just divide the value of things by like 100?
What cost 1$ would now cost 10 cents…
That way, those coins would become useful again!
Stephen Glauser | 27-Dec-06 at 5:39 pm | Permalink
I don’t think getting rid of the nickel is really that smart of an idea without reworking the entire retail industry. What about stuff that costs $9.94? Would I get six pennies back? Not cool.
Also, it does not cost one cent to manufacture a penny, it is quite a bit less actually.
Erik Abbink | 27-Dec-06 at 7:02 pm | Permalink
Get rid of the penny first; it would make my wallet a lot lighter.
I remember when I was still in Holland that getting rid of the penny was a good idea. Now they have the euro and the cent back…..nobody likes it.
Erik Abbink | 27-Dec-06 at 7:07 pm | Permalink
I just find out the Netherlands and Findland got rid of the euro cents too (in 2004).
See http://en.wikipedia.org/wiki/Dutch_euro_coins
Good for them. Indeed, it saves a lot of money and a lot of trouble. You get used to the rounding up or down quite fast. The rounding up/down isonly for the grand total; individual items are still priced the same.
Matt | 28-Dec-06 at 1:17 am | Permalink
I would love a life of no pennies, I am sick of asking customers at work if they want the stupid things! At the same time where do we stop in our coin ridding plans? Maybe we can ditch all coins in favour of mandatory tipping. If something costs 2.03 then the rest of your 5 spot is considered a tip. I guess I have become excessively generous, but it is simply an idea.
Saskboy | 31-Dec-06 at 2:05 pm | Permalink
Brem, I’ve thought the same thing, but the problem comes from how the world deals with inflation. It would leave a lot of people in the poorhouse to suddenly devalue/revalue their holdings, not to mention every other currency would need to be adjusted against our own. It’s a plan that is best left for when society is already in ruins.
In the 1800s, nickels used to be smaller coins than the dime.
Stephen, you’re right, my knowledge was out of date, before 2001 the penny was starting to cost more than a cent to produce, but then they started electroplating copper onto a cheaper steel metal coin, and put the mint mark of ‘P’ on the plated coins.
Erik that’s interesting stuff, thanks.
Ashley wants to get rid of the dime, and make the nickel smaller in diameter. I think we won’t do this because of the American coin currency, and how we want to mimic it - which makes no sense anymore since they don’t make Canadian coin holders in cars, and no machine cares about nickels or pennies any longer.
Matt, I understand your idea, but it wouldn’t fly because of the vast expense incurred by consumers.
supercashexpress | 21-Feb-07 at 2:50 am | Permalink
We can’t just get rid of the 5 cents coin, because we need it – Aside from gumball machines that requires coins, stuff that we usually purchase are priced as $1.95, $3.35, $5.95….they are priced this way so that instead of consumers thinking that an item is $6, it is only $5.95, still in the five dollar range. If we get rid of the 5 cents coin, then the $5.95 will cost $6 – think of how much you can actually spend extra on your purchases if items will cost 5 cents more? For instance, buying 10 items at the grocery which are priced at $2 instead of $1.95…you can spend extra of .50 cents - It can accumulate, you know.
Adney Joe
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Abandoned Stuff by Saskboy » Blog Archive » Ditch the Penny, the Nickel, or both? | 23-Feb-07 at 9:36 am | Permalink
[...] I’ve written about ditching the Nickel before. We can add up to 5¢ with our penny. We could otherwise get rid of the dime, but since it’s [...]