681–690 of 981 posts
I think we should issue a new dollar that’s 10x the value of the current dollar, and / 10 the value of everything. I mean it wouldn’t make a substantive difference, but psychologically, I think it would feel better if the mean value of the house in the US was 52k instead of 522k, and I could start carrying cash again and have 100 bucks not go by in like 2 fast food orders.
If there are no pennies you round to the nearest 5 cents. If there were no coins, you would round to the nearest dollar.
Earlier quoted context omitted.
There's no reason you can't have 400 degrees in a circle and therefore 100 for a right angle. It's a degree scale: you can choose any number you want.
But I can't subdivide 400 in to as many ways as 360. Think about the pie industry. They could be put out of business!!
(720720 might be OK too so we can cut 16 pieces, but honestly, if you're cutting 16 pieces, you're not going to measure. You're just going to divide pieces in half until you have 16. 360360 is the future.)
Some interesting complications with rounding I had not heard about before were mentioned here, worth noting I think, especially given the prominence of SNAP in the news lately: >Four states - Delaware, Connecticut, Michigan and Oregon - as well as numerous cities, including New York, Philadelphia, Miami and Washington, DC, require merchants to provide exact change, according to the National Association of Convenience…
Earlier quoted context omitted.
> there are laws that say Hmm, maybe this is why it should be handled by Congress and not at the whim of the executive. They can handle all this in one piece of legislation.
If the law is slow to change or there are no available pennies, the stores can adjust the prices to match the expected rounding of prices. I can't imagine someone being prosecuted from rounding a penny but it's a quick and easy way to avoid any doubt.
Not necessarily. Anything measured by weight will still be subject to this issue.
We 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…
Very similar to the Australian system. We eliminated the 1 and 2 cent coins in 1992 without issue. Also has the polymer based colouful bank notes. Far easier to tell what you are handing over. Also given us some good names. $5 (Pink) = Prawn/Piglet $10 (Blue) = Bluey $20 (Red) = Lobster/Red back $50 (Yellow) = Pineapple/Banana $100 (Green) = Avacado So you get sentences like "They needed cash so I threw a pineapple a…
Yes, and in fact:
> Once the design and substrate were chosen, the Bank of Canada negotiated a contract with Note Printing Australia (NPA) for the supply of the substrate polymer and the security features implemented in the design. The substrate is supplied to NPA by Securency International (now known as Innovia Films Ltd). The Bank also negotiated for the rights to the use of intellectual property associated with the material and security features owned by the Reserve Bank of Australia.
-- https://en.wikipedia.org/wiki/Frontier_(banknotes)
And the material is https://en.wikipedia.org/wiki/Polypropylene#Biaxially_orient...
Copper pennies weigh 3.11 grams. Copper is currently US$10987 per tonne https://www.metal.com/en/prices/LME_CA_3M so a copper penny is worth 3.4¢. This is a surprisingly low number to me; I would have expected it to be closer to 10¢ or 20¢, since presumably it was about 1¢ of copper when it was still copper. By comparison, a silver dime (90% silver, 10% copper) is 2.268 grams, and silver is US$1486.77/kg https://www.…
Pennies are not 100% copper any more. Mostly zinc.
Earlier quoted context omitted.
If it means shops stop charging $4.99 and start charging $5.00, I will be ecstatic.
Problem is it isn't just the $5.99 rounds to $6.00 it is tax. If the end cost is $6.36 will the state be happy with that one penny less? For any state 1 penny per transaction is millions of dollars per year! (note that I had to change your price from 4.99 to 5.99 - 5.00 times any tax rate is an even multiple of 5 and so cannot make the point).