New British coin

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May 4th, 2017 at 7:37:52 PM permalink
kenarman
Member since: Oct 24, 2012
Threads: 14
Posts: 4470
Quote: Aussie
No but if you buy several items then you could end up with any digit at the end which is when the rounding takes place.


The rounding is also after taxes. The rounding is immaterial to both the retailer and the consumer. The kids in Canada were throwing the pennies away if they got any before they were abolished.
"but if you make yourselves sheep, the wolves will eat you." Benjamin Franklin
May 4th, 2017 at 9:00:15 PM permalink
Aussie
Member since: May 10, 2016
Threads: 2
Posts: 458
Quote: kenarman
The rounding is also after taxes. The rounding is immaterial to both the retailer and the consumer. The kids in Canada were throwing the pennies away if they got any before they were abolished.



Taxes are included in the advertised price in Australia (as they should be but that's another discussion) but yes, it's all at the end when you go to pay the final total bill.
May 4th, 2017 at 9:29:50 PM permalink
Wizard
Administrator
Member since: Oct 23, 2012
Threads: 239
Posts: 6095
The answer to the penny problem is simple, just stop making them.

Eventually stores will find there is a storage of them as they probably give more out than they take in. So they will adopt policies to round to the nickel. Then we will all be weaned off of them.

As for the existing pennies, once everyone starts rounding to the nickel, it should be allowed to recycle them and banks doing business with the government should be required to accept them.

BTW, I also favor eliminating the nickel, as those cost more than 5 cents to make.
Knowledge is Good -- Emil Faber
May 4th, 2017 at 10:42:15 PM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 1068
Posts: 12569
Quote: Wizard
BTW, I also favor eliminating the nickel, as those cost more than 5 cents to make.


Lincoln pennies were first minted in 1909 and they had the buying power of a present day quarter. Half pennies were minted only from 1793 to 1857. So logically, it would make sense to reduce US coins to just dimes and quarters.


As part of Sweden's currency reform they will only has four coins, worth 11 cents, 22 cents, 55 cents and $1.13
But there will be very few coins issued, as almost all meters and vending machines will take electronic purchases done with phones or cards.
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