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The Break Room (Non-Technical Discussions)

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troma
Posts: 2,520
Registered: ‎05-21-2008
Message 1 of 19 (859 Views)

Penny for your thoughts on pennies

859 Views, 18 Replies
02-04-2013 02:09 PM

Canada is getting rid of one cent coins.  (They don't have two cent coins either.)

 

I hear that Australia, New Zealand, Denmark and Norway have all done this a while ago.  So how did it go for you?  Or if you live somewhere that still has pennies or the equivalent and  you've never thought about it before, what do you think of the idea?


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TBasich
Posts: 182
Registered: ‎11-07-2012
Message 2 of 19 (848 Views)

Re: Penny for your thoughts on pennies

02-04-2013 03:49 PM in reply to: troma

As annoying as the penny can be, I still find myself using them in the rare instances I'm paying for something with cash.

 

That being said, I'm also one of the few people I know who still writes checks. :smileyhappy:

 

An interesting tidbit from this blog post: it costs 1.6 cents to produce a penny in Canada, so they were definitely losing money to keep up penny production. Looks like it makes sense (cents? punny!) for them.



Teresa Basich
Community Manager
Autodesk, Inc.
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Charles_Shade
Posts: 8,204
Registered: ‎04-10-2005
Message 3 of 19 (835 Views)

Re: Penny for your thoughts on pennies

02-05-2013 04:47 AM in reply to: troma

I'm sure here in the States the penny cost more to produce than it is worth but we will never be so bold to do away with it.

I also think that it is a way to gain potential tax revenue and certainly windfall (not used here as a pejorative) profit for business'. Does anyone honestly think that any cost will be rounded down to get everything to the nearest five cents?

As an aside; when the Susan B Anthony and other $1 coins made of metal were stamped they instantly became worth their face value. Therefore there are billions in $1 coins sitting in US vaults that cannot be melted down because the Tresaury would have to show a this as a loss in the ledger.

 

With electronic transfers and all the plastic being used; pennies, and paper $1 dollar bills, are relics that do need be retired.

 

Sorry $.02 cents worth :smileywink:

Regards, Charles Shade            Win8 FAQ
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Distinguished Contributor
Wanderer-MOTD
Posts: 204
Registered: ‎03-04-2004
Message 4 of 19 (819 Views)

Re: Penny for your thoughts on pennies

02-05-2013 09:18 AM in reply to: Charles_Shade

I have rarely ever used cash myself. I started working when Debit cards first became popular (late 90's) and always conduct my business through my bank, not with cash (unless for a specific reason like purchasing form a small local vendor, in which case, we give the change to our kids for their piggy banks). So, I'd be fine with getting rid of the penny and rounding to the nearest nickel in cash transactions, there would be no effect on electronic transactions.

 

I don't have a problem with getting rid of paper dollars either. Dollar coins are much sturdier. :smileyvery-happy: I did give myself a ~facepalm~ on my first trip back from England, when I changed in my paper currency, but, not my coins, and I had like 30 pound coins in with the other smaller change. I just kept them around for my next trip, which was alright, having a few dollars in my pocket for the train and a sandwich or whatever. 

 

We currently keep a little bag of american dollar coins at home... so the tooth fairy can make a withdrawal.

Melanie Perry
***not all those who wander are lost***
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troma
Posts: 2,520
Registered: ‎05-21-2008
Message 5 of 19 (818 Views)

Re: Penny for your thoughts on pennies

02-05-2013 09:18 AM in reply to: TBasich

I try to use pennies when I can too, for the few times I pay in cash.  Figured I'd do what I can to save the mint (& taxpayers!) some money.  Saves the shopkeepers too, since they have to pay for delivery of cash to keep giving people change that then disapears into jars....

Wonder if there'll be any layoffs at Brinks due to less need for them to deliver as much change?

 

And the puns are endless:

Canada doesn't make cents anymore.

We're all going to be penniless!

.....I'm sure there's more that have escaped me.


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troma
Posts: 2,520
Registered: ‎05-21-2008
Message 6 of 19 (813 Views)

Re: Penny for your thoughts on pennies

02-05-2013 09:26 AM in reply to: Charles_Shade

The States does seem to be rather resistant to change doesn't it!  Metrication, anyone?

 

Don't think I've ever seen a dollar bill.  Can't imagine using paper for so small a sum.  There's not going to be any paper money here either soon, it's all going plastic.  I wonder how long before we have plastic coins....

 

And yes, certain places are saying they will always round down, so now the pressure is on others to follow suit.  Officially the government recommends rounding to the nearest 5c (up or down) but there's no law on it.  And as long as we have pennies they can choose to accept them in transactions, or choose not to; and choose to give  them in change if they want, so there'll be a few floating around for a while.


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troma
Posts: 2,520
Registered: ‎05-21-2008
Message 7 of 19 (807 Views)

Re: Penny for your thoughts on pennies

02-05-2013 09:35 AM in reply to: Wanderer-MOTD

At least people on this forum seem to be sensible enough to understand how the rounding works.  There's been some nutjobs thinking that every item will be rounded, and then tax added on, and then rounded again making some incomprehensible mess.  You're right, no effect on electronic (or cheque) transactions, just on cash.  And rounded once only, to the full total amount.

Really, if you're adding the tax at the till (my personal anoyance with North American shopping) then how many purchases work out to the even penny?  So it's all being rounded already, just be a lillte more round for cash transactions.

 

I think we should just round everything to the nearest 10c, and abandon the last decimal place altogether.  Then we can call the smallest coin 1d, same as the old English penny.  1d x 10 = $1


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Distinguished Contributor
Wanderer-MOTD
Posts: 204
Registered: ‎03-04-2004
Message 8 of 19 (791 Views)

Re: Penny for your thoughts on pennies

02-05-2013 12:09 PM in reply to: troma

Well, I have already seen it discussed on another cad mangler's forum, I have had the benefit of shopping overseas, and I completely agree how silly it is that America doesn't add the tax in the cost until you're paying.

Further, my husband (british/irish transplant) is irrated with the slightly different tax rates in each state (and yes, even county and town within each state). :smileyvery-happy: He's got a point there.

Melanie Perry
***not all those who wander are lost***
http://AUGI.com/Surveys
http://MistressOfTheDorkness.blogspot.com

My defunct profiles:
http://forums.autodesk.com/t5/user/viewprofilepage/user-id/651859
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Charles_Shade
Posts: 8,204
Registered: ‎04-10-2005
Message 9 of 19 (785 Views)

Re: Penny for your thoughts on pennies

02-05-2013 12:31 PM in reply to: Wanderer-MOTD

Sorry all the VAT sucks and you can keep it where you got it.

If you put the tax in the cost you never feel the pain. This is why payroll taxes are successful.

Imagine if you had to write that withholding check every month (Don't forget to double the FICA and MCARE [said with snark]).

I bet you would be asking for less of your "fair" share to be taken out; and asking with gusto.

Regards, Charles Shade            Win8 FAQ
CSHADEDESIGN|AUTOCAD LT|LT-KB|DYNAMIC BLOCKS

 
Please mark Accept as Solution if your question is answered. Kudos gladly accepted.
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dgorsman
Posts: 5,356
Registered: ‎10-12-2006
Message 10 of 19 (754 Views)

Re: Penny for your thoughts on pennies

02-06-2013 11:15 AM in reply to: troma

Haven't used pennies as currency in a while, so they're being used as bases for infantry miniatures.

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