Get rid of the penny?

[Carmudgeon]

I'd get rid of all but the largest coins, which could be kept around for "token" type uses (parking meters, tolls, transit fares). It's not just the cost of making them, but handling them. Think that banks and retailers would balk at not having to deal with so many coins?

Also get rid of itemized sales taxes; price tag is what you pay.

And tipping.

It's refreshing when visiting places that work that way.

 

[y_p_w]

I'd get rid of all but the largest coins, which could be kept around for "token" type uses (parking meters, tolls, transit fares). It's not just the cost of making them, but handling them. Think that banks and retailers would balk at not having to deal with so many coins?

Also get rid of itemized sales taxes; price tag is what you pay.

And tipping.

It's refreshing when visiting places that work that way.

I’ve been a customer at several places that factored the sales tax into their price. That’s allowed. But basically what they need to do is count the revenue and figure out what the tax is based on the total receipts. It could theoretically be off by a little bit, but no tax authority really cares. My income tax software rounds everything to the nearest dollar and I’ve never had an issue with it with the IRS.

 

[Skippy722]

The coin organizer in my truck doesn’t even have a slot for pennies

 

[mr_boring]

I needed a penny yesterday. Badly.

The reason: I needed a washer. Piece of sheetrock in my garage started sagging. I ran a couple of screws through it up into the stud but I like to use a washer on old sheetrock that's been exposed to damp (humid summers now for 24 summers) and I didn't have a sheetrock screw sized washer. A few seconds with a drill, and instant washer.

I've probably made washers out of pennies 25 times in the last 35 years.

Luckily I had 30 or so in my truck.

One of my credit union branches has a coin machine. Swipe my debit card, toss in the 2 handfuls of change out of the truck that accumulates every 6 months or so, and it deposits it straight into my checking account.

 

[GSCJR]

Post #34: Once, during heavy covid times, a Popeye's wouldn't handle cash so I had to pay my $5.40 with a credit card.
I'd love to see a graph of increased plastic use (or decreased specie use) 2018 to present.

+1, my daughter went to Starbucks and only had some cash that I had given her; they refused the cash and the beverage was complimentary as a result. I thought it was against the law to refuse legal tender, but good on Starbucks during Rona.

 

[TimeFlies]

I think it's stupid that Canada has kept the nickel, lets get rid of it to, like we did the penny.
While making changes, how about a $5, $10, $20, $50, and $100 dollar coins, instead of paper bills.

 

[burbguy82]

I refuse to get rid of cash. While I don't use cash 100% of the time, it does come in handy for situations I don't want to use my card for, and I believe that using cash is the best way to avoid an all-digital currency system. The dangers of an all-digital currency world are staggering contrasted to the cost of making pennies.

hear, hear!

Miss seeing 1000 dollar bills, and 10000.

If the power goes out, how much money do you have?

 

[burbguy82]

Just make everything free! Problem solved.

Or change tax rate to 5%across the board

One uncommon use of pennies is to press AK barrels out of the receiver. For that, they are worth much more than a penny.

 

[LDB]

There are no magic numbers for prices or percentages that will make things magically come out even and correctly all the time. So the only question is how much money is one willing to throw away each and every time to fulfill some idiotic desire to eliminate certain denominations. So just give away all your pennies. And nickels if so inclined. Dimes also and even quarters for those espousing the notion. You've got what you want and everyone else is still able to not throw away money all the time.

 

[Kira]

I thought it was against the law to refuse legal tender

I'm pretty sure you know you're incorrect in saying that.
I would like to hear a precise explanation of why giving a product/service, and thus eliminating a payable bill, is against the law.

 

[GSCJR]

I'm pretty sure you know you're incorrect in saying that.
I would like to hear a precise explanation of why giving a product/service, and thus eliminating a payable bill, is against the law.

I apologize, maybe I wasn't clear. Is it legal to deny cash payment? I thought it was. For example, if I don't carry plastic, can cash be refused? Is that even legal?

 

[Kira]

^^I agree with your last 2 questions being totally valid ones.

The kicker with my story is that I was happy to overpay / let 'em keep the change by putting $5.50, say, on the counter and leaving (hoping they wouldn't call the cops) BUT I didn't have anything on me but bank machine $20s.

All God's chillens need cash.

 

[SC Maintenance]

I apologize, maybe I wasn't clear. Is it legal to deny cash payment? I thought it was. For example, if I don't carry plastic, can cash be refused? Is that even legal?

It is 100% legal for a merchant to refuse cash, period. I have encountered many such businesses - they typically have a sign displayed - card only. In fact I went to a walmart a day or two ago that had a had printed sign on every till and the door - no cash. I assumed they had a drop safe issue or no change - as walmart is usually happy to take cash.

I have often wondered this myself. If its "full faith and credit" and your a licensed business you should be obligated IMHO, but your not.

Your daughter should have posted the no cash starbucks on Twitter, so the rest of us could line up for free drinks

 

[Snagglefoot]

Given how worthless one cent is, it would not hurt me if everything was rounded to the dollar—heck those are worthless too.

Getting rid of coins would not have to mean getting rid of cash altogether.

Back in 1985 I rode a bus in downtown Shanghai. In the packed bus I noticed people would pass money down through the crowd, to be passed to the attendant standing by the ticket machine and then she would pass back a ticket back in the opposite direction until the ticket reached the purchaser. I had no idea what the ticket should cost so I passed a Chinese coin worth maybe 10 cents to the crowd and they passed it to the ticket girl. She pulled off 15 tickets and they passed them back to me. The cost per ticket was less than 1 cent. I gave them away to new folks who hopped on the bus. This was during the days when spotting a Caucasian in China was worthy of a supper time discussion.

 

[SC Maintenance]

Back in 1985 I rode a bus in downtown Shanghai. In the packed bus I noticed people would pass money down through the crowd, to be passed to the attendant standing by the ticket machine and then she would pass back a ticket back in the opposite direction until the ticket reached the purchaser. I had no idea what the ticket should cost so passed a Chinese coin worth maybe 10 cents to the crowd and they passed it to the ticket gorilla. She pulled off 15 tickets and they passed them back to me. The cost per ticket was less than 1 cent.

Did this in a little Mexican bar in the late 90's.

I was at a Mexican plant with a senior engineer putting in a new line. He liked to go local - he was at least 30 years my senior. We asked around at the plant and took a cab to a little neighborhood place, sat down, pulled out 100 pesos - which was about $10 at the time and said "dos cerveza por favor". The bartender started talking to different people in the bar, and there was quite a curfuffel. We wondered if we were doing something wrong.

Turns out they couldn't break 100 pesos. We communicated beer for as many people as possible until they ran out. They only had Takata. I think everyone got at least one. We had many new friends.

 

[4WD]

Some might recall the comments in Daddio where Sean Penn said taxi fare tips have gone down since people moved away from cash
May well be true in other things as well

 

[4WD]

Did this in a little Mexican bar in the late 90's.

I was at a Mexican plant with a senior engineer putting in a new line. He liked to go local - he was at least 30 years my senior. We asked around at the plant and took a cab to a little neighborhood place, sat down, pulled out 100 pesos - which was about $10 at the time and said "dos cerveza por favor". The bartender started talking to different people in the bar, and there was quite a curfuffel. We wondered if we were doing something wrong.

Turns out they couldn't break 100 pesos. We communicated beer for as many people as possible until they ran out. They only had Takata. I think everyone got at least one. We had many new friends.

Real tongue twister to order XX beer that way

 

[Kira]

I got on a bus in Greece and tossed my correct fare, a palmful of coins, into a hopper.
The driver OKed me into the bus. I didn't think anything of it.

However, the hopper had clogged. A simple 'log jam' at the funnel end.
Eventually, someone shook the hopper and the accumulated coins fed themselves into the metering device.

The metering device was a narrow slide down which the coins slid. A long strip of paper was paid out atop the slide and an ink roller was atop that.

What spat out was a yards long strip with "embossed rubbings" of the coins. An inspector could see exactly what coinage you deposited, assuming you got the segment made by your own coins.

The passengers up front took the long, long strip of paper, tore off an appropriate segment and passed it rearward.
I took a 7" long segment and passed it back....GREAT FUN

That strip -quite appropriately- went into my scrapbook.

 

[burbguy82]

Is it legal to deny cash payment?

It depends

It is 100% legal for a merchant to refuse cash, period

No not 100%

It depends on when the transaction occurs, and the agreement before the transaction.

It is 100% legal for a place or person to refuse a cash payment, with the caveat of they can not hold you liable for the bill, should they choose not to accept cash.

If you go into a store and want to buy a $1 item. If you grab the $1 item hand the cash to the clerk and leave.........whether they take cash or not.....you are not stealing, you have traded legal tender for an item. Our transactional process of checkout is a learned portion of storekeeping.....for inventory of the store etc.....it has nothing to do with the law.

Cash is legal tender in all transactions.

In fact, some states in the USA required cash for alcohol purchases between vendor and wholesale. ON DELIVERY. There is a special "cash" system in place now for safety.

So sure, someone can refuse cash, but they cannot both refuse cash and hold you liable for the bill, and report it as a crime or place a bang on your credit.

 

[SC Maintenance]

It depends

No not 100%

It depends on when the transaction occurs, and the agreement before the transaction.

It is 100% legal for a place or person to refuse a cash payment, with the caveat of they can not hold you liable for the bill, should they choose not to accept cash.

If you go into a store and want to buy a $1 item. If you grab the $1 item hand the cash to the clerk and leave.........whether they take cash or not.....you are not stealing, you have traded legal tender for an item. Our transactional process of checkout is a learned portion of storekeeping.....for inventory of the store etc.....it has nothing to do with the law.

Cash is legal tender in all transactions.

In fact, some states in the USA required cash for alcohol purchases between vendor and wholesale. ON DELIVERY. There is a special "cash" system in place now for safety.

So sure, someone can refuse cash, but they cannot both refuse cash and hold you liable for the bill, and report it as a crime or place a bang on your credit.

Possibly you have a state law. I know we do not in South Carolina, and the federal reserve confirms.

"There is no federal statute mandating that a private business, a person, or an organization must accept currency or coins as payment for goods or services."
https://www.federalreserve.gov/faqs/currency_12772.htm