Earlier quoted context omitted.
But add a $3.50 coin so that we can strongly incentivize coffee to stay below a certain price.
Just take a zero out of everything and change the name from dollar to something else!
USA Fun Ticket
The last-ever penny will be minted today in Philadelphia
331–340 of 981 posts
Re: The last-ever penny will be minted today in Philadelphia
#332Earlier quoted context omitted.
I know you're referencing more than pennies, but to speak to pennies, I find the current rounding noise in the US to be weird. Likely, it's just more of the media, talking heads, and youtube personalities trying to turn a nothing into something, story. Back when we did it in Canada, I don't recall a single person I knew concerned about penny rounding. Everyone was sick of pennies. No one cared. Everyone was happy. An…
When the US attempted to transition to the metric system, gas stations raised their prices per unit volume and the American consumer was convinced that the metric system was bad. I have family that think metric is bad because some fringe people thought there should be 10 hours in a day and 100 minutes in an hour, also something like 10 months a year, and the whole thing is bad because some awkward ideas were floated.…
During the French Revolution, they tried to make a right angle have 100 degrees and even recomputed all new trig tables for this new standard. It obviously did not catch on :)
Re: The last-ever penny will be minted today in Philadelphia
#333I'd say screw it, get rid of nickles and dimes as well. Quarters can stay, for now. It's a complete waste of money and time continuing to mint such low-value currency. It can't be used for just about anything. Unfortunately, I do see the problem with part of this. For a handful of items where it does matter, it will force people to use cards more if they want to avoid rounding. And the card providers already have a c…
I know you're referencing more than pennies, but to speak to pennies, I find the current rounding noise in the US to be weird. Likely, it's just more of the media, talking heads, and youtube personalities trying to turn a nothing into something, story. Back when we did it in Canada, I don't recall a single person I knew concerned about penny rounding. Everyone was sick of pennies. No one cared. Everyone was happy. An…
[deleted]
Re: The last-ever penny will be minted today in Philadelphia
#334Earlier quoted context omitted.
For the SNAP law, could they just round down SNAP purchases in the same way to be compliant?
They probably will, but that means a POS software update on a tight deadline.
It's not like pennies just cease existing. You just can't buy them from the mint anymore.
I bet if you give customers an easy and free way to deposit change or to turn it into larger denominations you easily get enough pennies to delay ther update a couple years
Re: The last-ever penny will be minted today in Philadelphia
#335I'd say screw it, get rid of nickles and dimes as well. Quarters can stay, for now. It's a complete waste of money and time continuing to mint such low-value currency. It can't be used for just about anything. Unfortunately, I do see the problem with part of this. For a handful of items where it does matter, it will force people to use cards more if they want to avoid rounding. And the card providers already have a c…
> It's a complete waste of money and time continuing to mint such low-value currency. It can't be used for just about anything. The problem: the dollar is almost global in its usage. The penny may not be important to the US, but it dam well is every where else where dollars are still in use frequently, along side, or in place of the local/native currency. Getting rid of the penny will have implications, getting rid o…
Approximately nobody uses US coins outside the US. Even in countries where the dollar is widely accepted, trying to use coins will get you weird looks at best.
Re: The last-ever penny will be minted today in Philadelphia
#336I'd say screw it, get rid of nickles and dimes as well. Quarters can stay, for now. It's a complete waste of money and time continuing to mint such low-value currency. It can't be used for just about anything. Unfortunately, I do see the problem with part of this. For a handful of items where it does matter, it will force people to use cards more if they want to avoid rounding. And the card providers already have a c…
> It's a complete waste of money and time continuing to mint such low-value currency. It can't be used for just about anything. The problem: the dollar is almost global in its usage. The penny may not be important to the US, but it dam well is every where else where dollars are still in use frequently, along side, or in place of the local/native currency. Getting rid of the penny will have implications, getting rid o…
In what part of the world do they use US pennies?
The US currency system sure. But pennies, specifically?
Re: The last-ever penny will be minted today in Philadelphia
#337We eliminated pennies in Canada in 2012 and the transition was a non-issue. The vast majority of retailers would round cash transactions to the nearest $0.05, but a few would round down to the nearest $0.05 in favor of the customer. https://en.wikipedia.org/wiki/Withdrawal_of_low-denomination... Canadian cash is better than American cash in several ways: No penny, durable polymer banknotes (instead of dirty wrinkly c…
Even though I never use cash, I’m really not a fan of coins, so I wish we did have $1 bills.
We do have $1 bills. And coins!
Re: The last-ever penny will be minted today in Philadelphia
#338Re: The last-ever penny will be minted today in Philadelphia
#339Earlier quoted context omitted.
What's stopping you from doing it now ?
There's not as much incentive to right now, because I don't have an excuse to round up prices, and customers don't have a case for rounding down prices. This discussion's about the possible effects of rounding, not about whether businesses are in control of their prices.
> There's not as much incentive to right now
Yeah, because stores don’t have an incentive to raise prices usually…
Re: The last-ever penny will be minted today in Philadelphia
#340Earlier quoted context omitted.
> Basically, if something is $1.01 or $1.02, you round down. If it's $1.03 or $1.04, you round up. So everything's going to be $1.03 or $1.04. Not sure why you think retailers (or any sellers) would ever, ever, ever let this play into customers' advantage. But apparently pointing out that obvious truth makes me a "moron," because you can think of some clever ways to get around it that retailers surely won't work arou…
If you buy two things at $1.03 or $1.04, it's $2.06 or $2.07 and rounds down to $2.05 more often than it's $2.08 and rounds up to $2.10. That's not "some clever ways." That's so basic it's absurd. They don't know how many things you're going to buy. They don't know how many things anyone is going to buy. There's no way to game the entire system for every combination of things people might buy. Never mind this: When w…
If there is no rounding down, it could amount to more.
Hypothetically if you incur 10,000 transactions per year with the max rounding up of $0.04 per transaction, you're out $400.
This doesn't make a huge impact to individuals, but it absolutely will to large volume businesses.