If the penny goes away, will prices be rounded up or down to the nearest nickel?
Prices are computed to the nearest penny for electronic transactions (credit/debit cards, for example). Cash transactions are rounded up or down to the nearest $.05.
“If the penny goes away, will prices be rounded up or down to the nearest nickel?”
If the idea is to ELIMINATE all paper money. Make Everything electonic, taxable and trackable by local, stat and feds as well as “relevant parties” ..
Then YES.
mr Smith.. this is you MD.. You know your BMI is quite high, and we notice you are buying a lot of Twinkies and Coke. We are going to need to stop those purchases going forward.
“If the penny goes away, will prices be rounded up or down to the nearest nickel?”
Pretty darn obvious round up!
no more $1.99 sales.
Going to make cash sales and sales taxes more interesting for states that have a sales tax expressed as a percentage of a sale.
I bought my wife a Toyota 4 runner. I went to write a check That I knew they would call and confirm funds, they said they only accepted checks up to $8,000, her 4 runner cost a lot more than that!
So I took the 4 runner for a test drive and obtained the rest of the car’s cost in cash including pennies from my credit union account(I don’t finance cars).
The dealer was lucky I didn’t clean out the Credit unions stash of pennies and dump it on the sales managers desk!
BTW pennies are not legal tender Per-Se so a seller can refuse to accept them.
The dealer was plainly upset that I paid cash and did not finance the purchase, That is where they make the real money. I paid too much for the car but used car prices (as in Edmunds) don’t apply in Hawaii.
I could have got the same vehicle in Oregon(no sales tax)
cheaper, but my airfare and car shipping would have made it virtually the same cost as here in Hilo.
If they were honest, they would take us back to when the Fed was created, and before the orgy of welfare, warfare and fiat money. That would require getting rid of all change and realizing that the Dollar is not worth much more than a penny back then.
Now when grandpa said he went to the movies with a dime and had popcorn, that’s why. When Abraham Lincoln once walked more than two miles to return six cents to a woman who overpaid for some merchandise she purchased... it was a decent amount of purchasing power when he was young.
I am fine with them ending the penny as long as it is used as a massive lesson in the devaluation of our money.
If the penny goes away, will prices be rounded up or down to the nearest nickel?
Reminds me of an episode of Married With Children. Steve was against the penny (cent) and wanted prices rounded to the nearest nickel. After arguing his position. Al replied. “What about taxes?” Poor Steve slumped in despondment.