The death of the penny

[Robotic]

Sorry if this has been addressed before, but are we still able to roll our pennies up and cash them into the bank a year from now? I have a piggy bank with who a ton of pennies and wondering if I'll need to roll them up now, or can I do it later with no issues? Thanks.

[The Yen Man]

Originally Posted by Robotic

Sorry if this has been addressed before, but are we still able to roll our pennies up and cash them into the bank a year from now? I have a piggy bank with who a ton of pennies and wondering if I'll need to roll them up now, or can I do it later with no issues? Thanks.

I'm pretty sure you can. They're phasing out the penny by not producing it anymore, but it's still legal tender. It's treated as any other type of cash by the bank.

[Sr. Mints]

As long as its got someone who supposedly is important to us' face stamped on it, it's legal tender. The pennies will retain their value indefinitely.

[You Need a Thneed]

Royal Canadian Mint on the elimination of the penny.

The penny will retain its value indefinitely and can continue to be used in payments. However, as pennies are gradually withdrawn from circulation, price rounding on cash transactions will be required.

[Hilch]

Just like the old $1 and $2 bills people might look at you funny in 10 years but they are still good.

[Huntingwhale]

Went to my usual sammich place for lunch and the lady said they are starting to phase out pennies and she would no longer accept them.

[Robotic]

This morning at work I read an article about the last penny being produced tomorrow and someone commented on it saying that banks won't accept more than 25 pennies at a time. I can't confirm whether this is true or not.

[jammies]

Originally Posted by Robotic

Sorry if this has been addressed before, but are we still able to roll our pennies up and cash them into the bank a year from now?

What a waste - just roll them up in your fists and use them to beat up hobos like everyone else.

[Arsenal14]

Originally Posted by Robotic

This morning at work I read an article about the last penny being produced tomorrow and someone commented on it saying that banks won't accept more than 25 pennies at a time. I can't confirm whether this is true or not.

I can't see why banks would stop taking pennies in any quantity. On the other hand stores have always been able to limit how many pennies were acceptable in a transaction. 25 does sound familiar for what they are obligated to take.

[Hilch]

Originally Posted by Arsenal14

I can't see why banks would stop taking pennies in any quantity. On the other hand stores have always been able to limit how many pennies were acceptable in a transaction. 25 does sound familiar for what they are obligated to take.

My understanding of the law is that businesses can deny any denomination they please unless it is a debt. So if you owed Sears $200 they would have to take $200 in pennies, but if you went to Sears and bought a $200 item they could tell you they will only except $20's.

[ken0042]

Originally Posted by Arsenal14

stores have always been able to limit how many pennies were acceptable in a transaction. 25 does sound familiar for what they are obligated to take.

Yes, that is exactly it:

Limitation
(2) A payment in coins referred to in subsection (1) is a legal tender for no more than the following amounts for the following denominations of coins:
[snip]
(e) twenty-five cents if the denomination is one cent.

Which means you cannot walk into a store and pay with a bag of pennies. Banks have often required large quantities of coins be rolled, so they have themselves covered there.

[4X4]

I'm surprised this thread hasn't been bumped. Today is the first day that the penny will no longer be given out as change. I'm sure most of you already know the details, but I just read an article that had some neat facts at the bottom. They are quoted below, and the link to the article is here.


— Canada's first penny was struck by the British Royal Mint in London in 1858.
— There have been five distinct designs of Canadian pennies: 18581910 - maple leaves on a vine; 19111920 - maple leaves on a vine with the word 'Canada'; 1920-1936 - two maple leaves; 1967 - Centennial design featuring a rock dove; 19372012 - maple twig design by G.E. Kruger-Gray.
— From 1982 to 1996, the shape of the penny was changed from perfectly round to 12-sided.
— Until 1996, pennies were made mostly of copper. Since 1997, pennies have been made of copper-plated zinc or copper-plated steel.
— Each penny weighs 2.35 grams, roughly the same as a small hummingbird.
— Since 1908, 35 billion pennies have been minted. Stacked up, they would be 52,600 kilometres high or almost as high as 100,000 CN Towers (you know, that thing in Toronto). Side by side, the pennies would circle the Earth 16 times. That number of pennies would weigh almost twice as much as the ill-fated Titanic.
— Most valuable penny is the 1936 'dot', which is supposed to be worth more than $400,000. There are only three known specimens.
— The last Canadian penny was made on May 4, 2012.

[Cowperson]

You can take unbundled pennies in any amount into Royal Bank branches in the next week and donate them to the banks clean water initiative which is building access to clean water in developing communities.

Lets face it, putting pennies in a sleeve is a pain. Throw em in a bag and get rid of them for a good cause.

Cowperson

[KOgear]

NOooo my glorious penny candies!

[Mean Mr. Mustard]

Originally Posted by KOgear

NOooo my glorious penny candies!

They round to the nearest five cents... you can purchase two at a time and they are free with the only cost being your dignity.

[Dion]

Originally Posted by jammies

What a waste - just roll them up in your fists and use them to beat up hobos like everyone else.

I thought Locke was the only one allowed to do that

[ken0042]

They had signs up at Superstore today; and they said they will only be rounding down. Then of course I realize I left my wallet and had to pay with the cash in my pocket. My bill came to $24.76- and I got it down to 1¢ and it still wanted more cash. I put in a quarter and it spit out 24¢.

So thanks to Superstore the penny was able to give me one final "fata you!"

[Daradon]

Originally Posted by Robotic

Sorry if this has been addressed before, but are we still able to roll our pennies up and cash them into the bank a year from now? I have a piggy bank with who a ton of pennies and wondering if I'll need to roll them up now, or can I do it later with no issues? Thanks.

Originally Posted by Robotic

This morning at work I read an article about the last penny being produced tomorrow and someone commented on it saying that banks won't accept more than 25 pennies at a time. I can't confirm whether this is true or not.

As long as they are your bank I'm sure they will take them for years to come. I do know some banks hate to do it if you don't have an account there, happened to me once a few years ago.

[WhiteTiger]

Can't say that I'm sorry to see the penny go. PITA coin, to be sure.

[Street Pharmacist]

Originally Posted by ken0042

They had signs up at Superstore today; and they said they will only be rounding down. Then of course I realize I left my wallet and had to pay with the cash in my pocket. My bill came to $24.76- and I got it down to 1¢ and it still wanted more cash. I put in a quarter and it spit out 24¢.

So thanks to Superstore the penny was able to give me one final "fata you!"

Can they do that? Only round down??? Seems like that would be kinda stupid and unfair