Pennys! Let's be Rid of the Pesky Things!

[TallPaul]

In most cases, stores advertize like this $19.99 and so the rounding is going to be to $19.95 not $20 because the psycological effect of the 19 vs the 20 is more advantage than the few pennies. So we win!

 

[javacontour]

Why would prices need to change? It's more about the final total.

So I could see that items were still $19.99, but it's the final tally that gets rounded up or down, not individual prices.

And that would be merely for cash purchases, credit, debit or checks would still be for the total on the register.

 

[Gary Allan]

jc - that assumes that it stops with pennies. What assures you that electronic money will remain the same too?

Now, given my predisposition to assuming that every evolution in our emerging new world is going to shove a telephone pole further into a dark region .....

..I'd say that electronic money will be manipulated to reflect the cash register total ..but will be further defined for the transferer ..at the expense of the transferee. That is, you'll pay the rounded up version ..while the institution (and those who subscribe to the institutions investment profile) will get to shave .0X ..and keep it.

Programmed filtering.

Just my eco-paranoia showing itself.

 

[Kestas]

Quote:

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... Why not eliminate $1 bills? $5?...

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I read that as a sarcastic remark, but there may be some merit to this thought. If you average the currency around the world, and it's relative value, most countries use coin up to $1 and $5. Above that, they use paper currency.

On the other hand, the argument against coin is that people don't like to carry it in their pockets. They prefer to carry paper currency in their wallet.

 

[moribundman]

All money is dirty, but paper money is nothing but a vile pathogen trap.

 

[Shannow]

Our notes are plastic.

 

[moribundman]

Ours here are like half cotton half linen. Does your polymer money survive a hot dryer cycle?

 

[Shannow]

Apparently it was designed that way.

I've never had a drier, so I can't perform a test.

It's apparently much, much harder to forge than the U.S. stuff

 

[Cutehumor]

Quote:

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We lose 70 million dollars on producing the penny each year. The production cost of each penny is 1.4 cents.

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get rid of the penny and save that 70 million and put it in social security!

 

[crinkles]

yes the Aus polymer notes survive dryer cycles. pretty much anything.

just to confirm, here if you pay cash, its rounded to the nearest 5c, up or down, but if you pay by card, the exact amount stands.

 

[Jethro]

Many countries' lowest denomination is their dollar. There are no percentages of a dollar at all. Prices are set at round numbers and everyone gets by okay.
Of course, this doesn't work with sales tax.......

 

[Auto-Union]

What was that movie where the acct got rich rounding fractions of cents from paychecks down and kept the money?

Some pizza parlors price in odd amounts so that the tax is figured into it to make an even amount. Large pie = $10 w/tax or whatever.

 

[globey]

That movie was Office Space.

 

[Gary Allan]

Richard Prior also did it in one of the Superman movies. Robert Vaughn caught him ...and figured that he was his type of corrupt person.