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Thread: The nickel. Time for it to go?

  1. #1

    Default The nickel. Time for it to go?

    Should the nickel follow the the penny into the history books?


    In fact, since say the 1940s or so I wonder how far the purchasing power / value of our currency has been devalued? This isn't your grandfather's dollar anymore.

    http://www.connect2edmonton.ca/forum...t=Penny+nickel

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    Actually expand the question a bit further, rarely do you ever need to use cash in Canada. Last place I had to use it is Peter's Drive In in Calgary, asides then garage sales and other small sales, physical cash is going bye bye. I think we might want to get rid of the dime too. It is a long time since F.W. Woolworth had five and dime stores they are now dollar stores.

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    I use cash for most of my purchases under $20 to avoid debit transaction fees. I would support eliminating the nickel, but not the dime. I think $0.1 is a substantial enough difference to justify the existence of a coin of that value, and dimes are small and lightweight. Eliminating the nickel would also suggest eliminating the quarter to allow us to just drop the last digit of prices. When this happens, a smaller new $0.5 coin (sized in between the old nickel and the old quarter) would be useful.

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    It's rare that I use cash as well. Maybe one or two transactions a month. The rest all goes on credit card for points/cash back. Even for transactions of under $2. Under $1 I'll try to avoid.

  5. #5

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    I was for eliminating the penny but not the nickel. Eliminating the penny was supposed to save taxpayers money, now they say it will cost us.

    http://www.huffingtonpost.ca/2012/12...n_2331812.html

    As far as cash, 20 years ago I used to carry $100 on me and later with the debit cards I often carried no cash what-so-ever. I now carry cash, so great for smaller purchases, better for small businesses who pay a percentage to Moneris and works great when the Interact is down.
    Advocating a better Edmonton through effective, efficient and economical transit.

  6. #6

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    Nothing you buy costs less than a dollar anyway. Eliminate everything smaller than a loonie.

    Inflation is a lot easier when you can nickel-and-dime it. Raising prices by a dollar at a time is much harder, and so eliminating the non-cents is long overdue.

  7. #7

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    AShetsen logic would work, if in a cash-only society.

    We are eliminating the physical penny, not the decimal place it takes up. When you use interact or credit, pennies will still apply. Things wont be rounded up or down, unless using cash, which in todays world, might make up 30% of transactions.

    Eliminate everything smaller than a loonie wont prevent incremental increases...

  8. #8

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    I get some billing for my business to four decimal places.
    Advocating a better Edmonton through effective, efficient and economical transit.

  9. #9

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    I'd be ok with getting rid of the nickel and even the dime. I tend to toss anything smaller than a quarter into the first donation jar I see.

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    [QUOTE=Edmonton PRT;498284]I was for eliminating the penny but not the nickel. Eliminating the penny was supposed to save taxpayers money, now they say it will cost us.
    QUOTE]

    The cost quoted in the article is a one-time expense, the cost of removing pennies from circulation, but the savings are annual into perpetuity. In the long run, we taxpayers still come out way ahead.

  11. #11

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    I still use cash often, and I use my change as well.

    I have no use for pennies, though.

  12. #12
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    A loonie for your thoughts? That will cost you a pretty loonie. Loonie anti. Don't take any wooden loonies. Thats my eight bits worth.

  13. #13

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    Quote Originally Posted by Doppelganger View Post
    Quote Originally Posted by Edmonton PRT View Post
    I was for eliminating the penny but not the nickel. Eliminating the penny was supposed to save taxpayers money, now they say it will cost us.
    QUOTE]

    The cost quoted in the article is a one-time expense, the cost of removing pennies from circulation, but the savings are annual into perpetuity. In the long run, we taxpayers still come out way ahead.
    $7.3M per year for at least 6 years. That is an estimate. They don't even know how many are in circulation.

    http://news.nationalpost.com/2012/03...e-nickel-next/
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    still want the nickel but need to 5Buck coin more
    Still waiting for the Arlington site to be reborn .......

  15. #15

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    Quote Originally Posted by AShetsen View Post
    Nothing you buy costs less than a dollar anyway. Eliminate everything smaller than a loonie.

    Inflation is a lot easier when you can nickel-and-dime it. Raising prices by a dollar at a time is much harder, and so eliminating the non-cents is long overdue.

    Makes it really hard to add the GST.


    Next time you buy a chocolate bar that used to cost $1.25 and they rounded up to $2, you might think twice of the complications
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    Actually that $1.25 would be $1.00 if you rounding to the dollar the way you're supposed to...
    $1 0.50-1.49
    $2 1.50-2.49 ...

    But if you eliminated the nickel and dime you'd round to 12.5 (or 13) cents
    1.00 = 0.88-1.12
    1.25 = 1.13-1.37

    Canadian Revenue Agency's guidelines are here;
    http://www.cra-arc.gc.ca/gncy/lmntnpnny/menu-eng.html

  17. #17

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    Quote Originally Posted by sundance View Post
    Actually that $1.25 would be $1.00 if you rounding to the dollar the way you're supposed to...
    $1 0.50-1.49
    $2 1.50-2.49 ...

    But if you eliminated the nickel and dime you'd round to 12.5 (or 13) cents
    1.00 = 0.88-1.12
    1.25 = 1.13-1.37

    Canadian Revenue Agency's guidelines are here;
    http://www.cra-arc.gc.ca/gncy/lmntnpnny/menu-eng.html
    Do you really think that a retailer is going to sell a item that they get for 75 cents and mark up 66% to $1.25 and round DOWN to a dollar rather than rounding Up to $2?

    That is why AShetsen's suggestion to eliminate all coins small than a loonie was just that, loonie.
    Last edited by Edmonton PRT; 30-01-2013 at 02:30 PM.
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  18. #18

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    I use debit for all purchases that I can. However I always have a bit of cash on hand just in case
    FREE THE LOOPING .GIF MEMES
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    Quote Originally Posted by Edmonton PRT View Post
    $7.3M per year for at least 6 years. That is an estimate. They don't even know how many are in circulation.
    $7.3M x 6 may seem like a lot, but it's chump change compared to the $130Mper year that the National Post article says it supposedly costs the Feds to keep the penny in circulation. The problem will only get worse in the future as inflation continues to erode the value of the coin while at the same time world demand for steel keeps increasing. I'm glad that the Feds are grabbing the bull by the horns now; I'll learn to do without the penny quite quickly, I think.

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    Default We already have issued a $5.00 coin

    Still waiting for the Arlington site to be reborn .......

  21. #21

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    Yeah, the $5 coin is a steal at $875.00...
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  22. #22

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    Quote Originally Posted by Doppelganger View Post
    Quote Originally Posted by Edmonton PRT View Post
    $7.3M per year for at least 6 years. That is an estimate. They don't even know how many are in circulation.
    $7.3M x 6 may seem like a lot, but it's chump change compared to the $130Mper year that the National Post article says it supposedly costs the Feds to keep the penny in circulation.
    Not only that, but I have seen estimates that there are a good $18 million or more worth of pennies sitting in peoples' jars and piggy banks that could be put back into circulation when the mint buys them all back.

  23. #23

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    So the penny is gone. Does anyone miss it? I doubt it. And no one would miss the nickel either.

    With all the inflation over the years the nickel is essentially a half-penny in term of its purchasing power a generation or so back. I still think it should be tossed and thus we'd essentially make the dime the 'new penny'.
    Last edited by KC; 11-02-2017 at 11:18 AM.

  24. #24
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    ^ A little more than a generation back - to get 10-fold inflation you need to go back to about 1950. Nonetheless, the penny was the smallest unit of cash then so it would not be unreasonable to make the dime the smallest now and drop the last decimal place.

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