There's a list of countries which have removed their smallest denomination coins on Wikipedia.
Is It Time to Kill the Penny?
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Re: Is It Time to Kill the Penny?
#32Earlier quoted context omitted.
> Why not just re-value it instead? > For example, make its value $1000. The US used to have $1000 bills (and $10,000 bills, but those were only for internal gov't use). I'm pretty sure we're stuck with $100 as the top denomination to make organized crime more difficult. Also, it's WAY easier to counterfeit a coin than a bill.
Singapore & Brunei (1) had a $10000 bill until 2014 (worth ~7400 USD), and still have a $1000 bill (as does Switzerland with its better exchange rate) (1) I don't know what the word is (linked?) but their currency is interchangeable. You can go to a Singapore bank with $100 BND and get $100 SGD (no fee) and vice versa.
> I don't know what the word is (linked?) but their currency is interchangeable. You can go to a Singapore bank with $100 BND and get $100 SGD (no fee) and vice versa.
I believe the term is "pegged"[1], although what you describe sounds like it is much more involved.
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Re: Is It Time to Kill the Penny?
#33Go further. I haven't used coins in 10 years. Get coins - put them all in the 'penny tray'. Or give them to the cashier. Or hand them to somebody nearby. All else fails, toss them in the trash as I leave the store.
>All else fails, toss them in the trash as I leave the store
That Joe is a BIG Asshole move.
Re: Is It Time to Kill the Penny?
#34Yes. Canada stopped producing pennies in the fall of 2012. [0] The sky didn't fall. There was no great debate, no public opinion polls and politicians swearing heartily about the demise of our great nation. (Ok that's probably not true. For too many politicians that's all they do.) There was resistance when Canada dropped the $1 bill in favour of a Loonie (a $1 coin with the image of a loon on it). People bitched abo…
>> $0.01-$0.02 per transaction * millions of transactions per day has got to make some accountants happy. You'd think, but actually no. That's because it's per transaction, so the accumulated amount is well pennies compared to the turnover. For example, say you always rounded in favor of the company. That means an average of 2c gain per transaction. If you do 2 million transactions a day that's... 40 grand! yay. Exce…
> Except that if the average transaction is say $50 (which seems kinda low) that means your turnover for the day was $100 million.
I don't think that seems low. A grocery store or a bakery probably sees a lot of transaction in the 2$ to 5$ range.
But, to be fair, even at 'only' 4 million $ turnover your point still stands.
Re: Is It Time to Kill the Penny?
#35Yes. Canada stopped producing pennies in the fall of 2012. [0] The sky didn't fall. There was no great debate, no public opinion polls and politicians swearing heartily about the demise of our great nation. (Ok that's probably not true. For too many politicians that's all they do.) There was resistance when Canada dropped the $1 bill in favour of a Loonie (a $1 coin with the image of a loon on it). People bitched abo…
> This is a key difference between US policy & Canadian policy that I have informally noticed while growing up on the border (with family ties on both sides).
My wife's Canadian and I'm American, and we've discussed this point too. My theory is that Canada's parliamentary system generally puts one party in charge of the executive and legislative, so it's easier for that party to get things done. Of course there are times when a party in the US controls both branches and we still struggle to get things done. I would assume that most larger changes happens on this scenarios though.
And of course the US seems to suffer from partisanship in general more than Canada, but I can't back that up.
Re: Is It Time to Kill the Penny?
#36Yes. Canada stopped producing pennies in the fall of 2012. [0] The sky didn't fall. There was no great debate, no public opinion polls and politicians swearing heartily about the demise of our great nation. (Ok that's probably not true. For too many politicians that's all they do.) There was resistance when Canada dropped the $1 bill in favour of a Loonie (a $1 coin with the image of a loon on it). People bitched abo…
Transactions on credit/debit cards are not rounded so it's rarely an issue these days when even corner stores are not handling much cash.
Also, the rounding algorithm is in the article you linked to:
> If the price ends in a one, two, six, or seven it gets rounded down to 0 or 5; and rounded up if it ends in three, four, eight or nine.
That tends to work out pretty even for consumer/store if you are buying groups of randomly priced items.
Re: Is It Time to Kill the Penny?
#37Yes you are right agreed with you
Re: Is It Time to Kill the Penny?
#38I remember reading years ago that the reluctance to get rid of a penny is usual the unease in the central bank of a particular country to accept that the currency has inflated. I imagine retailers would still price things at £9.95 instead to perpetuate the 'psychological trick' that "it's not really £10!".
They certainly have continued the $xxx9.99 tradition here in Canada.
Re: Is It Time to Kill the Penny?
#39Yes, we don't need such small amounts of money. Just always round up, when paying and when giving the rest back. > All those $9.99 products? The prices would be jacked up to an even $10! Only logical thing, I know this "wow less than 10$" tricks people into buying stuff, but it's just stupid that it's the default to give me back 1 penny whatever I buy.
Interestingly, I've noticed that in certain parts of the Amazon website these prices are rounded up for display. Maybe the price jumps out more when given in this format, since it breaks the pattern? I also notice that multibuy deals in supermarkets are invariably multiples of 50p (e.g. 2 for £3).
Makes you wonder how much of this stuff is calculated decision making and how much is just dogma.