Canada Eliminates the Penny - What does it Mean?

asiamoney's picture
Rank: King Kong | 1,184

So, Canada decided today to remove the penny from circulation... http://www.bloomberg.com/news/2012-03-29/canada-el...
Should the U.S. do the same? What would some non-obvious effects be?

I was reading an interesting article in Barron's about how removing the penny here would not only impact Main Street, but also widen bid/ask spreads in trading. Thoughts?

http://online.barrons.com/article/SB50001424053111...

Comments (8)

Mar 30, 2012

The elimination of the penny would only take place on cash transactions. Anything done through debit/credit cards, cheques, stock quotes, etc. would still have normal decimalization and treatment.

Mar 30, 2012

I named my penis Penny

Mar 30, 2012
swagon:

I named my penis Penny

It all makes sense now; they've stopped using the penny due to lack of use.

Mar 30, 2012
Revsly:
swagon:

I named my penis Penny

It all makes sense now; they've stopped using the penny due to lack of use.

Zing!

May 29, 2016
Revsly:

swagon:I named my penis Penny

It all makes sense now; they've stopped using the penny due to lack of use.

That was the greatest burn of all time

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Mar 30, 2012

Btw...that has to be one the dumbest articles I've read in a while.

Mar 30, 2012
Bernankey:

Btw...that has to be one the dumbest articles I've read in a while.

this

Mar 30, 2012
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