Avenging Flame Posted October 12, 2015 Share Posted October 12, 2015 Get rid of the penny, rework our current system so that we have a 10 cent piece a 25 cent piece and a 50 cent piece. Then we stop losing money on nickels and pennys Link to comment Share on other sites More sharing options...
Studious Damon Posted October 12, 2015 Share Posted October 12, 2015 How about not abolishing it, but instead making it fair. See every president gets one fiat currency, however Lincoln gets both a coin AND a dollar. Let's say we make pennies out of plastic and have Obama or Trump on them. Link to comment Share on other sites More sharing options...
TheMightyPotato Posted October 12, 2015 Share Posted October 12, 2015 Link to comment Share on other sites More sharing options...
Python. Posted October 12, 2015 Share Posted October 12, 2015 I think they should just round everything to 5 or 10. Uh, no. Do some simple math, and you'll see why a penny makes a ton of difference in the long run. (Source: gas pumps and Office Space) We can't make everyone stop using pennies either, even if we're losing money on both that and the nickle Link to comment Share on other sites More sharing options...
Donnie Azoff Posted October 12, 2015 Share Posted October 12, 2015 Yeah it would be a hard fight when you get to big companies (there's a reason they care enough to put and 9/10 on the price of gas, as in +9/10 of a penny) Link to comment Share on other sites More sharing options...
Mr. Dr. Professor Hamster Posted October 12, 2015 Share Posted October 12, 2015 · Hidden by puddingkip, October 12, 2015 - No reason given Hidden by puddingkip, October 12, 2015 - No reason given I see the birthplace for a flame war in the US vs. Canada comments above. flame war!!! flame war!!! flame war!!!! Link to comment
Repose_ Posted October 12, 2015 Share Posted October 12, 2015 Yes. Now let me properly fill my piggy bank with REAL currency. Link to comment Share on other sites More sharing options...
a99Bomb99 Posted October 12, 2015 Share Posted October 12, 2015 · Hidden by puddingkip, October 12, 2015 - No reason given Hidden by puddingkip, October 12, 2015 - No reason given How about not abolishing it, but instead making it fair. See every president gets one fiat currency, however Lincoln gets both a coin AND a dollar. Let's say we make pennies out of plastic and have Obama or Trump on them. No. Trump can suck my left nut and eat shit. Link to comment
Draco Blaze Posted October 12, 2015 Share Posted October 12, 2015 Uh, no. Do some simple math, and you'll see why a penny makes a ton of difference in the long run. (Source: gas pumps and Office Space) We can't make everyone stop using pennies either, even if we're losing money on both that and the nickle The general notion is to round, not always up but down as well. $0.01 and $0.02 would be rounded down to $0.00 and $0.03 and $0.04 would be rounded up to $0.05. In the long run everything actually evens out based on averages. You can go ahead and try this out on a large sample size, the resulting averages are roughly the same. Link to comment Share on other sites More sharing options...
puddingkip Posted October 12, 2015 Share Posted October 12, 2015 Yes. Our stores haven't been giving out 1 and 2 cents for years now and I'm happy for it. Items still cost 12.99 but if you buy a total of xx.96 or .97 it gets rounded down to .95 and .98 or .99 gets rounded to xx+1.00. This only applies to cash payments though. And whenever I visit countries like Belgium and Germany I get annoyed by all the stupid 1 and 2 cents I get. They are still valid payment in our stores but it just takes so much fucking time to use 1 and 2 cents. I'm glad we got rid of them Link to comment Share on other sites More sharing options...
t0night Posted October 12, 2015 Share Posted October 12, 2015 · Hidden by puddingkip, October 12, 2015 - No reason given Hidden by puddingkip, October 12, 2015 - No reason given Aussie here we dropped the 1cents ages ago, we have nice different coloured plastic bills too Not sure you want people to being up what America has done to the world in the recent years also if Canada stopped drilling their oil reverse US wouldnt exactly be well off...Especially since peak oil is expected to be reached soon... i'm not american but it's not like my country doesn't have a brutal imperialist past either; the difference is that i'm not bragging about how much better my nation is over like the least significant monetary change ever. also why did my post get removed Link to comment
Python. Posted October 12, 2015 Share Posted October 12, 2015 The general notion is to round, not always up but down as well. $0.01 and $0.02 would be rounded down to $0.00 and $0.03 and $0.04 would be rounded up to $0.05. In the long run everything actually evens out based on averages. You can go ahead and try this out on a large sample size, the resulting averages are roughly the same. How do companies decide who to round up/down on? Link to comment Share on other sites More sharing options...
Spiritwalker Posted October 12, 2015 Share Posted October 12, 2015 Yes. Our stores haven't been giving out 1 and 2 cents for years now and I'm happy for it. Items still cost 12.99 but if you buy a total of xx.96 or .97 it gets rounded down to .95 and .98 or .99 gets rounded to xx+1.00. This only applies to cash payments though. And whenever I visit countries like Belgium and Germany I get annoyed by all the stupid 1 and 2 cents I get. They are still valid payment in our stores but it just takes so much fucking time to use 1 and 2 cents. I'm glad we got rid of them Austria (where I study) sadly didn't catch up with this rounding thing as well. Nothing pisses me off nearly as much as these goddamn 1/2 cent coins. Thing is in switzerland/liechtenstein the smallest coin is 5 Rappen (which is approximately 5 cent), and I already though we should abolish that. And these were around waaaaay before the euro, so the EU could have taken the goddamn hint. I'm not the only one who thinks this. Just makes me think the EU should have never made the 1/2 cent coins to begin with. Link to comment Share on other sites More sharing options...
soo...hey Posted October 12, 2015 Share Posted October 12, 2015 I say pennies should be made of a cheaper material, so that we can still have pennies. Link to comment Share on other sites More sharing options...
Chilled Soda Posted October 12, 2015 Share Posted October 12, 2015 Yes, if they cost more money then they are worth to make then they're just pushing us further into debt. OT; here in Europe (Maybe not all of Europe, but Ireland) the tax is included into the price on the wall. Meaning if something says it's 2 Euro, you hand them a 2 Euro coin and you're on your way. So much better than in the US where you have to add the tax, and it means you have to carry a lot less coins. Link to comment Share on other sites More sharing options...
Draco Blaze Posted October 13, 2015 Share Posted October 13, 2015 How do companies decide who to round up/down on? They round up/down on everyone based on what the cent digit is. Link to comment Share on other sites More sharing options...
Space Jesus Posted October 13, 2015 Share Posted October 13, 2015 Pretty sure they have done the math, and the additional time cashiers spend on grabbing the correct number of pennies for change, is worth more money than the pennies lol Link to comment Share on other sites More sharing options...
♠Derpeh♤ Posted October 13, 2015 Share Posted October 13, 2015 How do companies decide who to round up/down on? Not sure if this would apply to all countries but in Aussie (we got 1$, 2$, 20c, 5c, 50c, 10c coins) rounding up/down is basic maths? 0.06-0.07 = rounding down to 0.05 0.08-0.09 = rounding up to 0.10 This would only apply for transactions which you pay with cash on hand, for online/bank...etc you still pay via exact amounts tho. Link to comment Share on other sites More sharing options...
Python. Posted October 13, 2015 Share Posted October 13, 2015 I don't think either of you understand They round up/down on everyone based on what the cent digit is. Not sure if this would apply to all countries but in Aussie (we got 1$, 2$, 20c, 5c, 50c, 10c coins) rounding up/down is basic maths? 0.06-0.07 = rounding down to 0.05 0.08-0.09 = rounding up to 0.10 This would only apply for transactions which you pay with cash on hand, for online/bank...etc you still pay via exact amounts tho. If you pay with cash, and they round up, you pay more and they make more If they round down, they lose money A cent may not seem like much, but if it happens thousands of times it can become a huge profit or loss Link to comment Share on other sites More sharing options...
♠Derpeh♤ Posted October 14, 2015 Share Posted October 14, 2015 If you pay with cash, and they round up, you pay more and they make more If they round down, they lose money A cent may not seem like much, but if it happens thousands of times it can become a huge profit or loss That's the point when taken on a large scale the difference is negligible since the amount of money they profit will be balanced out by the amount taken in the negative so to companies it is a negligible difference the only ones suffering a loss is the American government who continuously mints out pennies and taking a loss since it costs more to make the coin than it is worth. Link to comment Share on other sites More sharing options...
SirSkelly Posted October 22, 2015 Share Posted October 22, 2015 what if you pay 20$ in cash for a 19.99 item? this is why we need pennies. Link to comment Share on other sites More sharing options...
A Cyan Stone in Mustard Posted October 23, 2015 Share Posted October 23, 2015 what if you pay 20$ in cash for a 19.99 item? this is why we need pennies. Round to $20.00. $.98 - $.99 = round up, $.96 - .$97 = round down. Link to comment Share on other sites More sharing options...
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