This makes cents

[Buff]

Originally Posted by getbak

Drug dealers, prostitutes, strippers and casinos. There are some places that are still cash-only businesses.


Speaking of plastic, another thing that Australia has had for years that we're going to be getting next year is plastic money.

I see your point, but I suspect your examples don't do your argument justice.

[troutman]

Do we really need nickels and dimes?

[Weiser Wonder]

In regards to 4x4's post: Some people are moronic. There is no reason gas needs to be rounded, just the final price rounded by a couple cents in either direction. Which I don't see as a problem because probably less than 1% of the population actually wants their pennies when given to them in change.

[Canada 02]

Originally Posted by MarchHare

If pennies are going to be removed from circulation and cease being legal tender, will the government melt them all down for the copper content? I wonder how much all that copper is worth.

pennies are made with zinc these days, with hardly any copper

[4X4]

Originally Posted by Weiser Wonder

In regards to 4x4's post: Some people are moronic. There is no reason gas needs to be rounded, just the final price rounded by a couple cents in either direction. Which I don't see as a problem because probably less than 1% of the population actually wants their pennies when given to them in change.

Exactly. You can go to the gas station and buy $20.01 in gas, grab a thing of juice for $2.43, and a pack of gum for $1.19, for a total of $23.63. Then you pay $23.65. OMGZ! Two cents! Hit that $20 gas on the nose next time, and it'll be $23.62, and you'll only pay $23.60 and there's your two cents.

Some people are just so damn stupid.

[Hack&Lube]

Originally Posted by MarchHare

If pennies are going to be removed from circulation and cease being legal tender, will the government melt them all down for the copper content? I wonder how much all that copper is worth.

Pennies will never cease being legal tender, they will just stop being issued.

Pennies are 94% steel, they haven't been made of predominantly copper for decades.

[Coach]

they should nix everything below a quarter. Pennies, Nickels, Dimes all just endup in a bucket on my dresser than will never be touched. Waste.

[4X4]

Originally Posted by Hack&Lube

Pennies will never cease being legal tender, they will just stop being issued.

Pennies are 94% steel, they haven't been made of mostly copper for decades.

In the article they said the penny would cease to be legal tender 12 months after they are removed from circulation. Which makes sense. The last thing shop keepers need are dumdums with pennies two years after they're removed from circulation.

[Hack&Lube]

Originally Posted by Canada 02

pennies are made with zinc these days, with hardly any copper

post 1999 pennies are steel, not zinc.

[corporatejay]

How many times a day do people even use cash for this to be an issue. My understanding is debit/credit transactions will still be precise.

I probably use cash twice a week, if that, and it's usually at a place that doesn't take plastic.

[Canada 02]

Originally Posted by Hack&Lube

post 1999 pennies are steel, not zinc.

yeah, i was looking at the american penny, assuming it was the same

[chemgear]

Originally Posted by Madman

Why not just do away with all cash and go full plastic?

My God, have you seen the fools that try to pay with debit/VISA during lunch the hour/at food courts - they single handedly backup/slow down the entire line.

[Weiser Wonder]

Originally Posted by chemgear

My God, have you seen the fools that try to pay with debit/VISA during lunch the hour/at food courts - they single handedly backup/slow down the entire line.

Depending on the machine and card it can be faster than cash. However, if a card won't swipe or it's a slow machine, it can go way too slow. So as tech improves and even the smaller stores get up to date equipment, cards will become faster than cash.

On the other hand, I like cash, that way I know the gov'ment don't have their hands in it none.

[You Need a Thneed]

Let's say that they average person makes 3 purchases a day, and let's assume that the average person uses cash for half their purchases ( a high number I think), so 1.5 cash purchases a day (I probably do 1.5 cash purchases a month), and let's assume that for EVERY cash purchase, the total ends with a 3 or an 8, and gets rounded up.

That would mean that the average person would be spending a extra 3 cents a day, which works out to an extra $10.95 per YEAR.

Of course, we assume that the number of round downs is roughly the same as round ups, it is unlikely that anyone will be out by more than about a dollar at the end of the year, and the people out more than that will all be people that make a lot of purchases, meaning that they likely can afford losing $2 a year.

[Ducay]

Originally Posted by Hack&Lube

I want this in Canada. One card that can pay for everything in an instant without needing to open a wallet, swipe a credit card, wait for a reciept, sign a reciept, etc.

Sounds like something so magical and mystical that it could never happen in Canada.
I hereby declare this invention to be called the "pass to paying" ( or Paypass for short) should it ever come to Canada.

[4X4]

So what happens if someone gets their hands on your card? Does it require a PIN?

[FlameOn]

Originally Posted by Hack&Lube

Here in Hong Kong there's an RFID card you can just keep inside you wallet and you just put the whole thing down on a sensor many stores and services have from riding any public transport, eating at McDonalds, buying from IKEA, etc. all have it and it instantly pays.

I want this in Canada. One card that can pay for everything in an instant without needing to open a wallet, swipe a credit card, wait for a reciept, sign a reciept, etc.

Can we say stolen money without actually being mugged. There are a few cases in HK and other places where thieves have walked around with scanners and just picked of a lot of payments without victim noticing. I think there was a thread on a little while back on this.

[mykalberta]

This is a momentus week. I think its the first time the Canadaian Senate has proposed something I agree with 100%.

[Canada 02]

Originally Posted by 4X4

So what happens if someone gets their hands on your card? Does it require a PIN?

it does not require a pin; just swipe and go

you report it stolen, just like a credit card, and the company refunds you the stored amount, minus unauthorized transactions made in the first six hours after you report it stolen - obviously, thieves know that, so they use it right away then toss it

most people don't have more than HKD$500 (~$100) on the card, and use it primarily for public transportation;

[corporatejay]

Reading some comments of some of these people makes me wonder what our world is coming to.

The government is not getting rid of the numbers 1,2,3,4, 6,7,8,9 and replacing them with 0 and 5. IDIOTS!