Mint Begins Trial Strikes In Composition Tests

As much as jbuck jumps on these topics I can't help but to try and thing of the other side of the *ahem* coin.

It got me wondering how many times a penny much change hands before the penny is taken in taxes. Think about it, everytime money changes hands somebody payes taxes on it, and usually it is somebodies and many taxes.

So say I go out with my gold pan and mine an ounce of gold. So that is basically "new" money right? It is not really dependant on the existing economy, it's something I brought from outside and injected into the economy. So I take it and sell it to a refiner. I'm probably taxed on it, the refiner is, etc. The refiner sells it to a jeweller, the jeweller sells it to a jewellry store, some guy buys the gold band for his future wife and so one. If you take the taxes off that amount that the original gold ounce was, at what point is the amound $0? If no the guy buying the ring some where around there maybe? Is it after money changes hands ten times? I am not sure. I tried looking for some information on this but couldn't find much.

So I guess my question is how many times does a penny need to circulate between hands until the penny is collected in taxes? I'm sure many pennies circulated many times that number. If not in reality at least digitally. If something costs me 5 cents to make but I make back $3 worth of taxes in the first year it is in circulation do I really care it is worth 1 cent and took me 5 cents to make? Something about straining gnats maybe?

Just a question that I can not find a lot of data for.

"Irrelevant. They are already useless and we no longer need them. Just look at how many have accumulated in change jars or on the ground."

Those are basically intrest free loans there the way I see it.

Any way.

Sales tax is already rounded to the nearest cent.

Rounding to the neared five or ten cents is elementary.

Yes. I have mentioned it... and it has been discussed... a LOT...

https://goccf.com/t/107445
https://goccf.com/t/105399
https://goccf.com/t/93819
https://goccf.com/t/76980
https://goccf.com/t/72480
https://goccf.com/t/73938
http://www.coincommunity.com/forum/...PIC_ID=68648
https://goccf.com/t/34971

Total        7% Sales Tax   Rounded Tax
 $21.99          $1.53930         $1.54
 $33.99          $2.37930         $2.38 
 $67.99          $4.75930         $4.76
$113.48          $7.94360         $7.94
$499.99         $34.99930        $35.00
$245.88         $17.21160        $17.21

We eliminated the half-cent rather easily, granted it did not have the tenure of the cent. Other countries have managed to do away with lower denominations. I think that we should be able to do the same thing.

Even if the cent is gone as a coin, it will remain as a unit. Electronic transactions will still be to the cent. People paying cash will likely have everything rounded down for simplicity, since the vender will be saving on the electronic transaction fee. As I have mentioned in other threads, several places around here already do this.

Thanks jbuck, I didn't want to ask the same questions that have already been answered.

No problem.

Amazing how people who worry about getting cheated out of 2¢ on a $40.18 purchase think nothing of paying $15 for a pizza they could make at home for five bucks.

I would think you would want the change to be as little noticed as possible in which case a design change is the LAST thing you would want to do.