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Ben2World 
Group: Members
Posts: 23917
Joined: Jun. 2005
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Posted on: Feb. 04 2013, 3:13 pm |
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Canada is phasing out its pennies. Methinks that's a great idea! I'd also like to see all stores show pricing inclusive of taxes -- rounded to the nearest dollar or half dollar -- so what you see on the tag is exactly what you pay??
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The world is a book and those who do not travel read only a page. -- St. Augustine
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TigerFan
Group: Members
Posts: 2003
Joined: May 2010
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Posted on: Feb. 04 2013, 3:27 pm |
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So... if the price for an item is $1.00 and the state charges 6% sales tax, the consumer than has to pay $1.50? Who gets the extra 44 cents?
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Duct tape is like the Force. It has a light side, a dark side, and it holds the universe together.
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treelinebackpacker
Group: Members
Posts: 412
Joined: Aug. 2011
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Posted on: Feb. 04 2013, 3:30 pm |
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Or you could pay 1.05, or 1.10.
They're talking pennies, not all change.
Or you could join the rest of the world and pay with a card.
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llamapacker
Group: Members
Posts: 658
Joined: Feb. 2010
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Posted on: Feb. 04 2013, 3:37 pm |
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It has been quite a few years since I was in Australia and I don't remember if they officially stopped using pennies or were just ignoring them. Franco would know. I do recall that prices were rounded up or down to the nearest 5 cents. It struck me as very civilized.
I've read that even our nickles are not cost effective to produce. Basically we are subsidizing the mining industry.
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Franco
Group: Members
Posts: 2705
Joined: Feb. 2005
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Posted on: Feb. 04 2013, 5:14 pm |
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The Australian one and two cents coins were taken out of circulations in 1992.
That saved me time when counting money in the tills at the end of the day...
We still have prices listed as 99c (or $1.47 ...) that gets rounded up or down by the cash register.
All our prices include tax, so if your cup of coffee is advertised at $2.50 , that is what you pay...
(not $2.50 plus service charge ,plus tax)
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Marmotstew
Group: Members
Posts: 8696
Joined: May 2006
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Posted on: Feb. 04 2013, 5:22 pm |
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See, this is why the metric system is so complicated.
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I'd rather be Facebooking watching videos of cats licking themselves
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JRinGeorgia
Group: Members
Posts: 298
Joined: Jul. 2012
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Posted on: Feb. 04 2013, 5:26 pm |
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I believe the proposal in the USA to get rid of the penny would result in rounding only on cash transactions -- credit cards would still be exact amount.
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- JRinGeorgia
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ol-zeke
me in the Tetons
Group: Members
Posts: 10792
Joined: Sep. 2002
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Posted on: Feb. 04 2013, 5:27 pm |
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[Eliminating the $1 bill makes much more sense. We should go to $1 coins for the savings to our Treasury. Would save us more than most of the cuts they are not talking about on Capital Hill.
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Everything I know, I learned by doing it wrong at least twice.
The easiest way to ruin a Friday is to realize it is only Tuesday.
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Raznation
Why surf when you can make waves!
Group: Members
Posts: 23541
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Posted on: Feb. 04 2013, 8:45 pm |
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They should make a 99¢ coin.
Sure would make shopping at the Dollar Store a lot easier! LuTz
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JRinGeorgia
Group: Members
Posts: 298
Joined: Jul. 2012
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Posted on: Feb. 04 2013, 9:02 pm |
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(Ben2World @ Feb. 04 2013, 5:53 pm)
QUOTE
(JRinGeorgia @ Feb. 04 2013, 2:26 pm)
QUOTE I believe the proposal in the USA to get rid of the penny would result in rounding only on cash transactions -- credit cards would still be exact amount. Not necessarily, if only because cash and credit prices tend to be the same for most purchases. Rounding out one (tax inclusive) means rounding out the other.
My source: Time Magazine Feb 4, p40, "The federal government would begin advising businesses and consumers on how to conduct cash transactions without pennies, which would likely include rounding up or down to the nearest nickel on the final bill of sale. Businesses would still use the penny as a price point for credit- and debit-card purchases." (emphasis mine)
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ol-zeke
me in the Tetons
Group: Members
Posts: 10792
Joined: Sep. 2002
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Posted on: Feb. 04 2013, 9:02 pm |
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Getting rid of the penny, which I am in favor of, would make room for the dollar coin in the cash drawer.
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Everything I know, I learned by doing it wrong at least twice.
The easiest way to ruin a Friday is to realize it is only Tuesday.
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Ben2World
Group: Members
Posts: 23917
Joined: Jun. 2005
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Posted on: Feb. 04 2013, 9:03 pm |
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(JRinGeorgia @ Feb. 04 2013, 6:02 pm)
QUOTE
(Ben2World @ Feb. 04 2013, 5:53 pm)
QUOTE
(JRinGeorgia @ Feb. 04 2013, 2:26 pm)
QUOTE I believe the proposal in the USA to get rid of the penny would result in rounding only on cash transactions -- credit cards would still be exact amount. Not necessarily, if only because cash and credit prices tend to be the same for most purchases. Rounding out one (tax inclusive) means rounding out the other. My source: Time Magazine Feb 4, p40, "The federal government would begin advising businesses and consumers on how to conduct cash transactions without pennies, which would likely include rounding up or down to the nearest nickel on the final bill of sale. Businesses would still use the penny as a price point for credit- and debit-card purchases." (emphasis mine)
I see. But I also see it as optional. In any case, as hide-bound as we can be sometimes, any change will probably still take a while yet...
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The world is a book and those who do not travel read only a page. -- St. Augustine
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Montanalonewolf
Group: Members
Posts: 4795
Joined: Mar. 2010
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Posted on: Feb. 04 2013, 9:26 pm |
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(Ben2World @ Feb. 04 2013, 3:55 pm)
QUOTE
(ol-zeke @ Feb. 04 2013, 2:27 pm)
QUOTE [Eliminating the $1 bill makes much more sense. We should go to $1 coins for the savings to our Treasury. Would save us more than most of the cuts they are not talking about on Capital Hill. Subjective, I know, but I much prefer bills than %$#@ coins jingling in my trouser pockets. Many countries prolong the useful lives of their lower-denomination currencies with a thin 'plastic' coating.
My brother is "into" money (as in collecting samples of odd currency) and explained why we still have $1 bills and $1 coins... 2 different branches of the Treasury. The coins come from the mint, paper bills are produced by the Bureau of Engraving and Printing.
Dump the penny.
The one thing I'd really like done away with is that $@#&!*^ 9/10¢ at the gas pump. It may have made sense when a gallon was 0.05.9¢ but hasn't for more than 50 years. I don't care who gets it or where it goes. Just get rid of it.
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Ignorance is curable with education. Stupidity is refusing to be educated.
Those who don't read have no advantage over those who can't.
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Lamebeaver
trail? I don't need no stinkin trail!
Group: Members
Posts: 16223
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Posted on: Feb. 04 2013, 10:32 pm |
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First it's 30 round magazines, next pennies. Just like the NRA told us.
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ol-zeke
me in the Tetons
Group: Members
Posts: 10792
Joined: Sep. 2002
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Posted on: Feb. 04 2013, 10:57 pm |
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I now read where it costs the US 2c to produce and distribute each penny to banks. That cost us $5.8 billion last year alone. As for the $ bill, switching to a $1 coin would save us $4.4 billion over the next 30 yrs. Not as significant, but still worth the savings.
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Everything I know, I learned by doing it wrong at least twice.
The easiest way to ruin a Friday is to realize it is only Tuesday.
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big_load
Group: Members
Posts: 21831
Joined: Jun. 2004
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Posted on: Feb. 04 2013, 11:09 pm |
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I'd be happy with any reasonable approach to killing the penny. It really bugs me that they're so hard to get rid of. I can't even deposit them at the bank without paying a ridiculous change-counting fee.
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cgaphiker
Hen Wallow Falls
Group: Members
Posts: 11005
Joined: Apr. 2006
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Posted on: Feb. 05 2013, 12:32 am |
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uh oh 
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GoBlueHiker
Obsessive Island Hopper...
Group: Members
Posts: 14069
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Posted on: Feb. 05 2013, 2:39 am |
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I'm all for it. The penny has been completely obsolete for decades.
How will businesses round? The exact same way they used to when the penny was worth 10x what it is today. It worked then.
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Wealth needs more. Happiness needs less. Simplify.
www.RainForestTreks.com
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Survival Skills 101 • Eat Better
