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 $.05.
The change (pun intended!!) would hardly be noticed.
Nope it shouldn't affect sales taxes at all: we'll just add the rounding line to all cash transactions, the same way the do in Australia.
Cash register receipts down-under total up the prices, add general sales tax, then have a line which is either blank, or says 'rounding -0.02', 'rounding -0.01', 'rounding 0.01' or 'rounding 0.02', depending on the deviation from the nearest amount divisible by 5 cents Australian.
It's like having one of those 'take a penny, leave a penny' bins, with everyone required to participate.
I've been advocating it for years, and have taken to calling the little bins or cups 'Currency Reform Bins'.
If I had a dollar for every time this has been mentioned over the years...... oh never mind.
You'd round to the nearest (or, given the state, to the next highest) quintuple AFTER the tax is calculated.
Nobody would be fooled into 10 percent tax. That is wholly unnecessary whatsoever.
FWIW, I have been saying for years the penny should be done away with. Just take the price and round it.$.02 or less becomes $.00, $.03 or more becomes $.05.
The change (pun intended!!) would hardly be noticed.
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.
This just doesn't make cents.
Libertarian ping.To be added or removed from my ping list freepmail me or post a message here(Just my 2 cents!)
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To this day, and I even teach my daughter that, if I find a penny on the ground and it's "heads up" I pick it up for good luck!
If the penny is "tails up" I flip it over and leave it there so that someone else can have good luck when they find it.
Silly, huh?
Yup. What're we going to do with gas that sells for $2.999.
If they got rid of the penny what would pay a bill to someone your mad at.
What happen when the mil went away. I saw then at my grandmothers house in a candy dish. I know there real.
You are assuming that any amount greater than $.05 and less than $.10 will go up to $.10. Ever heard of 5/4 rounding?
Oz got rid of their penny years ago.
Not true! In 1982, the one cent piece was changed from 95% copper to 97% zinc with only a thin copper coating, because there was more that 1¢ worth of copper in the coin.
As with most other issues, there's a song for the situation:
http://www.eveselis.com/music/nbtt.php#6
"Mr. Lincoln I don’t think that I can save ya
But you’ll go down in history."
I gotta tell ya this one...
Working in the garage I found myself in need a washer but did not have one the right size. For some reason a penny was in the bin of washers. So I drilled it out and used it.
I thought to myself, I'll be at the hardware store and pick up some washers.
Those washers cost between .08 and .10 each.
And I want to make it clear that the ugly hand in that pic is NOT mine.