51–60 of 428 posts
Earlier quoted context omitted.
Yeah but what will the gas pumps do? Their prices are “$3.29.9” per gallon, do they Mae it “$3.29.5“ now? Personally yeah, I don’t think we need pence.
They're already denominated in a unit that doesn't exist. Why would they change?
Yes. 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 t…
On one hand, beneficial change can be painstakingly slow. On the other, malevolent change can be stymied indefinitely
Edit: clarify my statement was in reference to the US
Yes, 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.
Actually, the pricing of individual items doesn't change. (Not least because of GST the price you pay at the till is not the sticker price.) Where I live the 1c and 2c coins were killed some time ago. The smallest coin now is a 5c. The way it works is that you go to the checkout, get a final total. If you pay cash then the change is "rounded up" to the nearest 5c mark. If you pay via card you pay the exact amount. It…
Found the Australian!
Earlier quoted context omitted.
>> $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…
This is similar to how HFT firms make a profit. Except it's generally less than a penny but it's per share per transaction (trade). We can thank the Sub-Penny Pricing Rule of Regulation NMS for this feature. An order for 1000 shares of XYZ stock that is front-run for half a penny per share is $50 dollars profit. Rinse and repeat.
I come from France, where we use pennies and live in the Netherlands where we don't. It's always a great deal of fun seeing the family come over and try to hand over / or wait for their pennies after doing the groceries; struggling to really understand each other because of the language barrier. There is something very charming about it .
You should be able to pay with 1 and 2 cent coins in The Netherlands. You just won't get them as change and the amount charged will be rounded to the nearest 5 cents in most, but not all, shops. But I wouldn't be surprised if many cashiers don't know they should accept those coins.
Do it. In NZ, we got rid of everything below $0.10 and pretty much no one cares. That said, a large portion of the country is cashless anyway. I almost never have cash on me.
It's not like we have a low-value currency unit either (e.g. Yen). Prices in NZ dollars are usually less than double the US dollar price in the US (and our prices include sales tax and shipping to NZ).
Earlier quoted context omitted.
They're already denominated in a unit that doesn't exist. Why would they change?
The US dollar was designed to be subdivided into cents (hundreds) and mills (thousands). https://en.wikipedia.org/wiki/Mill_(currency)#Usage
Yes. 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…
I'm totally with us ditching the penny, but I really wish we had a paper (plastic) $1. Any time you break a $5 bill you're left with a pocket full of change!