Do away with the penny and the nickel. Round everything to the dime.
Judging by the price of a gallon of gas, a dime now has less value that a penny did in 1960.
Judging by the price of a gallon of gas, a dime now has less value that a penny did in 1960.
According to the website Economic History Resources, a penny in 1960 was worth as much as 7 cents today, I consider that understated. I think the truth is at least a ten to one ratio, in fact I am almost certain it is worse.
I can carry one hundred dollars worth of groceries in to the house in one trip without much trouble and I am not nearly as strong as I used to be. In 1960 you would have needed a pickup truck and probably raised sideplanks on it to haul one hundred dollars worth of groceries.