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 Replies: 60 / Views: 5,663 |
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Pillar of the Community
United States
2272 Posts |
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So now, without the cent, rounding means $38.60. Chopping off that .02 with 14.040 billion annual customers means 280 million dollars, for just this one retailer. I don't know how anybody thinks these major players are just sitting on the sidelines going "whatever, business as usual". I'm willing to bet they've analyzed this to death, and have an opinion. That simply is not how math works. Exactly half the time they'll round up and half they'll round down. Everyone works out exactly the same... ...to a few nickels. Everybody will gain with no pennies because pennies cost far more to produce, count, and handle than they are worth. You know the IRS now forces you to round to the dollar and there was no windfall and no apocalypse. Time don't fly, it bounds and leaps.
Edited by cladking
08/07/2018 8:22 pm
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Bedrock of the Community
United States
74494 Posts |
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I do not hate them. I want them to continue in mint and proof sets for collectors (in 95% copper at that). However, they are an unnecessary burden for commerce. Oh okay jbuck. I get it. You want them to be still made out of 95 percent Copper. I do agree with you on that. It would be much better than the Zincolns.  Errers and Varietys.
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Moderator
 United States
188921 Posts |
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All arguments made when Canada phases it out. No one here really misses it, franchises didn't collapse, and everyone easily adapted to rounding up and down for cash transactions. The penny was a useless coin for transactions in this day an age. It's going to ok guys. It's going to be ok. There there. Lol. Well said.  Last time I checked, Canada still exits. (Looking north yet again...) Yup, still there. |
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Moderator
United States
188921 Posts |
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That simply is not how math works. Exactly half the time they'll round up and half they'll round down.
Everyone works out exactly the same... ...to a few nickels.
Everybody will gain with no pennies because pennies cost far more to produce, count, and handle than they are worth.
You know the IRS now forces you to round to the dollar and there was no windfall and no apocalypse. Quoted for Truth.  kbbpll just needs a hug.  I think COST, CVS, HD, KR, LOW, TGT, WBA, and WMT will do just fine without the cent. |
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Moderator
United States
188921 Posts |
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Oh okay jbuck. I get it. You want them to be still made out of 95 percent Copper. I do agree with you on that. It would be much better than the Zincolns. |
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Rest in Peace
10197 Posts |
The gubmint should make all future "pennies"  out of. 999 fine gold. Give the "people" something to make hoarding worthwhile!  |
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Moderator
United States
188921 Posts |
Uh, no.   |
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Pillar of the Community
United States
743 Posts |
Regarding the change in Canada, I thought I read somewhere that any credit card charges made were still to the cent while transactions made with cash were rounded to 5 cents. Why couldn't that work here in the US?
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Rest in Peace
10197 Posts |
Quote:Quote:Uh, no. Why not? I hear they have all these nice give-a-way money programs, make it the incentive to , ah....save? Ya, I know, that's an unheard of word. Edited by Crazyb0
08/08/2018 6:36 pm
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Pillar of the Community
United States
2023 Posts |
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Regarding the change in Canada, I thought I read somewhere that any credit card charges made were still to the cent while transactions made with cash were rounded to 5 cents. Why couldn't that work here in the US? Because we're resistant to change.  |
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Pillar of the Community
Canada
1723 Posts |
Jason, you are correct in the way it is done.
When dealing with cash, there is no way of knowing what your total will be so sometimes you hold onto a few cents and sometimes you pay. It works out in the wash. Now if you really want to be petty over it, you can pump $20.02 worth of gas and walk in with your $20 bill. And believe me, a lot of people did that lol. Cheap thrills I guess.
Edited by samsnate
08/08/2018 8:26 pm
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Pillar of the Community
United States
5029 Posts |
Well played Alpha |
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Moderator
United States
188921 Posts |
Quote:
Regarding the change in Canada, I thought I read somewhere that any credit card charges made were still to the cent while transactions made with cash were rounded to 5 cents. Why couldn't that work here in the US? Correct. And it could work here. People are adaptive even if they are resistant to change. |
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Bedrock of the Community
United States
17884 Posts |
Quote:
So now, without the cent, rounding means $38.60. Chopping off that .02 with 14.040 billion annual customers means 280 million dollars, for just this one retailer. I don't know how anybody thinks these major players are just sitting on the sidelines going "whatever, business as usual". I'm willing to bet they've analyzed this to death, and have an opinion. If they use you figures they will think it is great. (and the math doesn't really work that way) You are saying that on average their customers will save 280 million dollars. And the retailer doesn't care because that isn't money they would be getting anyway. The retailer doesn't get that money it goes to the State. So the retailers still loses nothing. And look at it this way, if their customers get to keep that 280 million dollar windfall, they are likely to then spend it and the retailers would get to keep 91.55% of it rather than sending it to the government. So in the long run it would cause more of the money being remitted to the state staying in their hands. If it really worked that way the retailers would LOVE it! Quote:
All arguments made when Canada phases it out. No one here really misses it, franchises didn't collapse, and everyone easily adapted to rounding up and down for cash transactions. Yes but Canadians are obviously smarter than we are. Got rid of the cents, added a dollar coin and two dollar coin, got rid of the one and two dollar bills. And it worked every time  Edited by Conder101
08/09/2018 1:29 pm
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Moderator
United States
188921 Posts |
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Yes but Canadians are obviously smarter than we are. Got rid of the cents, added a dollar coin and two dollar coin, got rid of the one and two dollar bills. And it worked every time |
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Replies: 60 / Views: 5,663 |
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Posted 08/07/2018 10:28 pm
