FWIW, I have been saying for years the penny should be done away with. Just take the price and round it.$.02 or less becomes $.00, $.03 or more becomes $.05.
The change (pun intended!!) would hardly be noticed.
Posted on 07/02/2006 9:43:43 PM PDT by freepatriot32
Nope it shouldn't affect sales taxes at all: we'll just add the rounding line to all cash transactions, the same way the do in Australia.
Cash register receipts down-under total up the prices, add general sales tax, then have a line which is either blank, or says 'rounding -0.02', 'rounding -0.01', 'rounding 0.01' or 'rounding 0.02', depending on the deviation from the nearest amount divisible by 5 cents Australian.
It's like having one of those 'take a penny, leave a penny' bins, with everyone required to participate.
I've been advocating it for years, and have taken to calling the little bins or cups 'Currency Reform Bins'.
If I had a dollar for every time this has been mentioned over the years...... oh never mind.
You'd round to the nearest (or, given the state, to the next highest) quintuple AFTER the tax is calculated.
Nobody would be fooled into 10 percent tax. That is wholly unnecessary whatsoever.
FWIW, I have been saying for years the penny should be done away with. Just take the price and round it.$.02 or less becomes $.00, $.03 or more becomes $.05.
The change (pun intended!!) would hardly be noticed.
I think the more pennies we see on the ground, it's a sign that they'll stop producing them.
Pennies are not worthless to me. They saved my life last summer, when I was without money for groceries for 3 months. The pennies and nickels I had saved and thrown in a drawer bought me bread, bologna and cheese to live on.
I'd never throw a penny away.
The US needs to do a 1 for 10 reverse split on the money. A $1 loaf of bread would be 10 "new cents" etc etc. Pennies would be useful again and more worth while to mint. Content could be "adjusted" to material costs.
It is a cent, not a "penny".
Pennies were 1/240 of a pound silver derived from the roman denarius.
Bless your heart. I'm with you....if I see a penny on the ground, I pick it up! They do add up. :)
Yes, I still pick up a penny when I find one anywhere.
This just doesn't make cents.
I was in that same financial shape not long ago. Things got better. Now when I go to the store, I usually surreptitiously scatter my change in the parking lot on the way out. You never know who it might help, and little kids still get a charge out of finding a penny or a nickel, even if we jaded grown-ups don't!
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Yes. There is no one centime/rappen coin in Switzerland. The 5 is the smallest and prices are determined accordingly. Any % off sale just rounds it to 5. Big Whoop.
What we need are some dollar coins that are common and circulated.
We actually had hundreds of $ worth in jars. At 9/11 we donated them to the Red Cross so they could waste them on unneeded blood that they threw away.
(Just my 2 cents!)
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I saved $50 worth of pre 1980 pennies and I thought I could cash them in to a copper recyler when the prices were high......but found out you can't destroy US coins or paper ......
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