Canada Soon To Be Penniless
source: http://news.nationalpost.com/2013/02/04/canadian-penny-last-day/
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- cpad
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http://news.nationalpost.com/2013/02/04/canadian-penny-last-day/
Canada’s iconic penny gets one step closer to extinction Monday as the Royal Canadian Mint officially stops distributing the coins to financial institutions.Businesses are now beginning to round cash transactions to the nearest five-cent increment in a “fair and transparent manner” — but there are 35 billion of them still in circulation. There’s still a long way to go before they disappear from every day life.
Slowly but surely, 82-million kilograms of steel, nickel and copper plating will travel in patrons’ pockets to stores and banks. The pennies themselves will remain legal tender indefinitely, but it’s at the discretion of individual businesses if they’ll accept the coins. From there, businesses can hand them over to banks, who can pass them on to the Canadian Mint.
The coin’s last stop after the Mint will be a foundry, which will melt the pennies down and recycle the metal.
They should start showing up at the Mint in huge volumes soon, but the whole process could take years.
“We have never done this in Canada,” Mint spokeswoman Christine Aquino told the Vancouver Province. “We estimate three to four years [to get pennies out of circulation].”
The move comes nearly a year after Finance Minister Jim Flaherty announced the demise of the penny, whose production cost came to exceed its monetary value: it cost 1.6 cents to make each penny.
But as it faces extinction in the pockets and tills of most Canadians, the humble penny is still in demand in some artistic circles where it retains significant value.
Renee Gruszecki, a Halifax-based academic and archivist, has spent the past year making a living through a jewellery business devoted primarily to preserving the country’s stray cents.
About 30,000 strategically sorted pennies fill Gruszecki’s home and eventually find their way into the accessories produced at Coin Coin Designs and Co.
Gruszecki, a long-time collector of lucky pennies, believes her pieces will help preserve a symbol that is both an object of superstition and a Canadian icon.
“The maple leaf is synonymous with everything Canadian. We all identify with it,” she said in a telephone interview. “Now it’s just no longer going to be present among us, so I’m saddened by that.”
The Bank of Canada’s Currency Museum has already taken steps to preserve the penny’s place in Canadian culture.
A mural consisting of nearly 16,000 one-cent pieces has been assembled at the museum to commemorate the coin’s history, said assistant curator Raewyn Passmore.
The mosaic, which depicts a giant penny measuring about two square metres, is comprised of coins ranging from the lustrous to the tarnished.
Passmore said the design was meant to honour a coin which, while lacking buying power now, enjoyed many years of prominence since its first minting in 1858.
“It was probably the most common coin in circulation at one point and probably the most useful for ordinary people,” she said. “We wanted to make a tribute to a sometimes overlooked coin.”
The penny’s current lack of value was the impetus for its demise, a point recently driven home to Canadians hoping to use their discarded coins to raise money for charity.
It was probably the most common coin in circulation at one point .Jeff Golby, director of charity bank Chimp Fund, launched a publicity campaign shortly after the last penny was struck in an effort to persuade Canadians to discard their copper coinage into the coffers of cash-strapped organizations.
A massive penny party held in downtown Ottawa netted more than 120,000 cents, but it only served to starkly illustrated the coin’s economic shortcomings.
Story here: http://news.nationalpost.com/2013/02/04/canadian-penny-last-day/
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Debra_
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A penny saved is a penny earned. Looks like the cunucks/maple leaves, don't know how to save their money.
- 3 months ago
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Debra_
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s_peak
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Debra_:
If you're comparing them to the US, then it's mostly just uninformed... since the US was found to have laundered more than 16 trillion dollars from taxpayers recently through the federal reserve (actually it appears it was much more than that). Most people haven't heard of it because it wasn't talked about on TV, but the report is out, you can read it yourself. The US government is a PROFESSIONAL money waster/thief. TARP, the Iraq War, the Afghanistan war, the illegal occupation in Pakistan, the bank bailout, the federal reserve... all of these things WASTED the money of American taxpayers AGAINST their will (since we never voted on them, or they were forced on us)...
So I guess I fail to see your point, I'm pretty sure we waste a lot more money than they do. We also STEAL a lot more. Are you just being blindly hateful (in the US they call that "patriotism")? ... or is this sublimation?
- 3 months ago
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s_peak
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dudefromtherock
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We need to dump the nickel and dime too better yet go with e money
- 3 months ago
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dudefromtherock
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Debra_
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dudefromtherock:
You need to be chipped. The kunucks are always losing money. Better to keep it always inside your person.
- 3 months ago
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Debra_
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WalmartRamen
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At 1.6 cents to make each penny. X 35 billion!
What about the 1/2 penny????
http://www.youtube.com/watch?v=wAPwBFIBKG4 - 3 months ago
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WalmartRamen
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Saladin
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There's some fun youtube videos on this subject.
Death to pennies!
http://www.youtube.com/watch?v=y5UT04p5f7U
and....
- 3 months ago
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Saladin
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letsliveinpeace
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There’s no way the US can get rid of pennies, everything will be rounded up to the nickel, which at the end of the year could cost three or four hundred dollars per person. Great post, thanks for sharing.
- 3 months ago
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letsliveinpeace
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northernexpat
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letsliveinpeace:
In Canada it's only when you pay cash and it is either rounded up or down - not just up - so the US could do it as well. If the total comes to .01 or .02 you pay .00. If the amount is .03 or .04 you pay .05. However, if you are paying by debit card or credit card, you pay the exact amount.
- 3 months ago
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northernexpat
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letsliveinpeace
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northernexpat:
Canada is also a country with reasonable people in the government. We're not nearly as fortunate. It's a solid bet that the US Chamber of Commerce will enact this exactly in a manor to increase their profits, and the republicans will snap to attention and execute their orders.
- 3 months ago
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letsliveinpeace
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Saladin
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letsliveinpeace:
Dude, the US Chamber of Commerce is a lobbying organization, not a branch of government.
Furthermore, I'm not even sure you need Congressional approval to get rid of the penny. I'm pretty sure the President could just order the Treasury to stop making them.
In any case, it's also ridiculous to suggest that it would cost the average American much of anything. That's based on some kind of math that assumes you pay an extra ten cents at every transaction or something, which is silly.
- 3 months ago
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Saladin
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mybologna
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Not only should we get rid of pennies, we should get rid of dollar bills and substitute with dollar coins.
- 3 months ago
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mybologna
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northernexpat
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mybologna:
Canada got rid of the one dollar bill and the two dollar bill a number of years ago and have replaced them with coins. The only problem with this is your change gets heavy.
- 3 months ago
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northernexpat
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Culdee
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The US will continue to use pennies, as it turns out.
- 3 months ago
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Culdee
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MSII
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More of what I generally expect from Canada, sanity, and sensibility - what would it feel like to have such a government! I envy you Canadians! We in the u.s should have gotten rid of the pennies years ago as has on occasion after occasion been discussed.
- 3 months ago
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MSII
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sedwin [removed]
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MSII: This comment was removed by its owner.
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sedwin [removed]
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MSII
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sedwin:
don't know if he'd appreciate that.....
- 3 months ago
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MSII
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hoosierdaddy
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We should do this, too. Also, we need to get rid of dollar bills and adopt their Loonie and Twonie system. Would be a LOT cheaper.
- 3 months ago
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hoosierdaddy
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northernexpat
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hoosierdaddy:
Although the Loonie and Twoonie last longer they do make your change heavy. Also, I think most people in Canada absolutely hate the new $20, $50, and $100 dollar bills. They are plastic, stick together and even though they don't get ruined in the wash, they can melt and look like play money.
- 3 months ago
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northernexpat
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LivingPong
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One of my favourite pastimes was once dumping a couple of handfuls of coins on the desk and asking for help to count as I'm innumerate when I'm tripping balls. The introduction of 5c really took the fun out of it. :(
- 3 months ago
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LivingPong
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coolplanet
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As Benjamin Franklin wisely said. 'A penny saved is a penny earned.'
But isn't that an oxymoron? ;} - 3 months ago
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coolplanet
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cpad
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coolplanet:
Hmmm.....I'll have to think about that, and then you can give me a penny for my thoughts, or as we like to say up here now, a nickel for my thoughts :)
- 3 months ago
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cpad
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coolplanet
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cpad:
Bucky Fuller proposed that we went from the gold standard to the mind standard back when Nixon took us off the gold standard in 1972. So in today's economy that would translate into a billion dollars for your thoughts.....
- 3 months ago
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coolplanet
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northernexpat
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cpad:
ROFL! That's a good one.
- 3 months ago
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northernexpat
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LivingPong
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cpad:
We now say, "A polymer for your thoughts?" We used up all our coins for disaster relief, and now even the polymers are getting low. Though I have kept a few pennies for experiments and wearing as monocles.
- 3 months ago
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LivingPong
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sedwin [removed]
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cpad: This comment was removed by its owner.
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sedwin [removed]
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cpad
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sedwin:
Indeed. And those people, we elect to Parliament :)
- 3 months ago
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cpad
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jackhole
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Good! I'm tired of having some penny that's worth less than our own in my pocket. :-)
- 3 months ago
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jackhole
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northernexpat
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jackhole:
HA HA HA. That may have been the case a few years ago, but the Canadian dollar is worth more than the US dollar these days. So I'd say that the Canadian penny is worth more now.
- 3 months ago
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northernexpat
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cpad
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jackhole:
Pfffft! I don't think so. Check the exchange rate. It's at least on par, if not above.
- 3 months ago
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cpad
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jackhole
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northernexpat:
I still can't use i them at the mini mart without pissing off the clerks.;-)
- 3 months ago
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jackhole
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northernexpat
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jackhole:
I guess they don't like the maple leaf on the back of the penny. I'm surprised they even take the time to notice that they are Canadian pennies though. But, I'll bet you ten-to-one that is where you got them from in the first place.
- 3 months ago
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northernexpat
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LivingPong
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jackhole:
Take like $40 worth in there. :)
- 3 months ago
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LivingPong
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thedirtman
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jackhole:
That does remind me. A clerk at Taco Bell gave me a Canadian penny for change one day, and the next day would not accept the very same penny as payment.
- 3 months ago
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thedirtman
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Andover
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My Planet Gave Me Currency...
- 3 months ago
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Andover
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northernexpat
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Andover:
Love it.
- 3 months ago
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northernexpat
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cpad
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Andover:
Niiiiice.
- 3 months ago
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cpad
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bailey78
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Andover:
if we are going to start useing those again I'm rich
- 3 months ago
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bailey78
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cpad
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I'm just remembering how much I used to be able to buy with a few pennies. When I was a little girl, candies were either 4, 3, 2 or one for a penny. Small jawbreakers were 3 for a penny. Wrapped Kraft caramels and wrapped pieces of Dubble Bubble or Bazooka bubble gun were a penny each. Popsicles were 6 cents each. ((((sigh))) I guess that dates me. Anyone else remember what a few pennies could buy back in the day?
- 3 months ago
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cpad
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northernexpat
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cpad:
I miss all the penny candy. I used to get $3.00 a week allowance and even after buying my weekly supply of candy and a pint of 45 cent ice cream, I'd still have money left over. Now that same pint of ice cream costs almost $5.00, more if it's Ben and Jerry's. However, we do have a store in town that sells the old fashion candy from jars, but forget buying anything for a penny today.
- 3 months ago
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northernexpat
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wolfess
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When I get pennies at stores I give them back and tell the cashier to give them to the next customer who's short b/c I can't tell you how many vacuums I've ruined by vacuuming up pennies :-)!
- 3 months ago
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wolfess
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cpad
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wolfess:
That's interesting. Most stores here have a system for that - they leave on the counter by the till a dish marked "take a penny, leave a penny" or some similar thing so customers can do what you've just described - it's a good system.
- 3 months ago
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cpad
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wolfess
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cpad:
We have some stores here that do that but not all of them do but I give them back anyway :-).
- 3 months ago
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wolfess
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wolfess
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I read just the title and thought something TOTALLY different :-)! I'm glad neither Canada or us are really broke!
Pwr 2 the PENNILESS peons!
GUILLOTINE WALL STREET! (b/c it'll be their fault if we ever do go broke :-)!! - 3 months ago
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wolfess
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cpad
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wolfess:
:) Hey there, girlfriend. Getting excited about spring? I'm already poring through my seed catalogues - going to try do my tomatoes from seed this year instead of buying nursery plants.
- 3 months ago
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cpad
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wolfess
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cpad:
I am definitely getting excited for Spring -- esp since we've been getting snow about once a week here. I'm hoping that translates to a better growing season this summer. Now that my garden is fenced I'm going to plant it the 1st of April. But hey, I got 25 pears off my pear tree -- put them in abrown paper bag in the laundry room and they actually ripened :-)! I wanna plant a peach tree this year. Thnx for askin' :-)!!!!
- 3 months ago
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wolfess
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cpad
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wolfess:
I so wish we could grow peaches here. They're my favorite fruit, fresh or home canned. They do grow in nearby communities, but not in ours. Mmmm....good luck with the peach tree - there's so much one can do with peaches.
My mom used to can all her own fruit and make her own bread. My school lunches always consisted of sandwiches on homemade bread, home baked goods and often home-canned fruit, usually peaches. A friend of mine whose mother never baked or canned used to go gaga over my lunches, as I did over hers - wow! store-bought bread! store-bought cookies! Unbeknownst to our mothers, we'd trade lunches nearly every day.
- 3 months ago
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cpad
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cpad
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wolfess:
Right on!
Or as we say here now: Pwr 2 the NICKELLESS peons! - 3 months ago
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cpad
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wolfess
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cpad:
Since Mike has gotten so sick and has had to watch what he eats I have been making our bread -- buttermilk, sugar free maple syrup, olive oil, 2 eggs, and half white flour and half wheat. We both love it and it smells soooo good baking in the oven :-)!
My Aunt Bernice had a peach tree in her yard and when we went to visit she and I would go to the local dairy (seriously, a real dairy!) and buy cream to pour over her homegrown peaches -- nothin' better!!!
And ... a number of years ago when we were young I always had a garden and at the end of the growing season I would gather all the tomatoes and make homemade catsup :-) -- nothing's better than homemade ANYTHING :-)!!! - 3 months ago
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wolfess
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wolfess
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cpad:
Thank you dear friend -- I love it when internet buddies copy my 'pwr peon' comments :-)!
- 3 months ago
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wolfess
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cpad
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wolfess:
Your bread sounds delicious. With the ingredients you listed, it must be moist and tender. I'll bet it's heavenly toasted. Yes, I'm convinced that if everyone had access to REAL food we would not have an obesity epidemic. When my grandchildren visit in summer, they would MUCH rather have anything fresh from the garden than packaged foods.
- 3 months ago
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cpad
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northernexpat
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I understand it's going to save the Canadian Mint a pretty penny - LOL! By the way, have a collection of pennies - one penny for every year from 1956 - 2011. I'm starting on nickles now, since they will probably be the next to go. I also have saved several one dollar and two dollar bills, as they are no longer in production. I am saving them for my grandchildren, when they may actually be worth something.
The funny thing is that when we first started using debit cards they claimed it would eliminate paper money. I'm still waiting for that to happen as the new $20s, $50s, and $100s are terrible. You have to be careful, as they have a habit of sticking together and feel fake.
- 3 months ago
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northernexpat
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cpad
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northernexpat:
Oh, I know - the new bills are hideous! Who on earth conceived of them? Yes, I'm hearing stories as well from retail workers about the bills sticking together - not to mention the damn things melting. What a debacle.
That's an awesome idea re: the collection. I should save some for my grandchildren as well - thanks for the idea.
- 3 months ago
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cpad
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northernexpat
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cpad:
Your welcome.
- 3 months ago
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northernexpat
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cpad
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northernexpat:
Oh, we're both so Canadian ;)
- 3 months ago
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cpad
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northernexpat
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cpad:
In spirit at least. I've lived in Canada for 43 years, but I'm still a landed immigrant. It's procrastination on my part more then anything. But, I've been thinking about it more and more since I cannot imagine ever moving back to the States as my children and grandchildren are all Canadian.
- 3 months ago
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northernexpat
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Leen61
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The US should be next because it's the same here....it costs MORE to make them.
- 3 months ago
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Leen61
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cpad
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Leen61:
I'll bet they will be, Leen - apparently their usage has dropped dramatically in the U.S.
- 3 months ago
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cpad
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cpad
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Other countries that have eliminated the penny include Great Britain, New Zealand, Australia and Sweden.
- 3 months ago
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cpad
