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?
Mark Green
Working on Civil 3D in Canada
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.
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.
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
Regards, Charles Shade
CSHADEDESIGN | AUTOCAD LT | LT-KB | DYNAMIC BLOCKS
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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. 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.
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.
Mark Green
Working on Civil 3D in Canada
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.
Mark Green
Working on Civil 3D in Canada
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
Mark Green
Working on Civil 3D in Canada
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). He's got a point there.
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
CSHADEDESIGN | AUTOCAD LT | LT-KB | DYNAMIC BLOCKS
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Haven't used pennies as currency in a while, so they're being used as bases for infantry miniatures.
A lot of privatly owned buissness near me have started rounding to the nearest 5 or 10¢. I find no problem in dropping pennies or even nickles and having everything to the nearest 10¢.
I would NOT want tax added to the price before purchase. Gas is the one thing that they do post the price including tax [to the nearest 10th of a cent
Boy the groups are wackey today. When I hit the Smiley-LOL icon it included the quote from the OP. I deleted it, finishe the sentence and added another paragraph. When I post the quote is back and the rest is gone. Not importent enough to recreate at this time. And I also see all my spelling corections were lost. I can't even spell check this. It find the misspeled words but doesn't replace them even when I chose replace!
@troma wrote: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?
Allen Jessup
CAD Manager - Designer
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@dgorsman wrote:Haven't used pennies as currency in a while, so they're being used as bases for infantry miniatures.
My husband has been replugging (not sure if that's the correct term) shaving brushes, both for himself and friends, and he uses pennies in the handles to add weight and get the desired depth for the hair.
Circumstance more than choice. Most of my purchases are in the values where digital is more convenient than carrying around that amount of cash.
What! no foldin' money?
Regards, Charles Shade
CSHADEDESIGN | AUTOCAD LT | LT-KB | DYNAMIC BLOCKS
Please mark Accept as Solution if your question is answered. Kudos gladly accepted. ⇘
Heh. Last night DH and I had to remember to swing by the ATM on the way home... don't know why our darned babysitter can't accept plastic like everyone else. 😉
Just give her a Square and a 2.75% tip for the privilege.
Regards, Charles Shade
CSHADEDESIGN | AUTOCAD LT | LT-KB | DYNAMIC BLOCKS
Please mark Accept as Solution if your question is answered. Kudos gladly accepted. ⇘
@Charles_Shade wrote:Just give her a Square and a 2.75% tip for the privilege.
D*mn skippy. Paypal is sending me their credit card swiper for my phone. Now that's progress!
Right on about the VAT too. I hope they never pass that here. Idiots in every government...