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 Replies: 43 / Views: 2,783 |
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Pillar of the Community
United States
1952 Posts |
Quote:
The bill leaves unaddressed the states, such as New Jersey, where such rounding is illegal. Can you clarify this? I couldn't find it in a quick websearch.
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New Member
United States
10 Posts |
As a collector, I think they should have ended the "penny" a long time ago. Actually the word Penny or Pence is not the american name for them. We call them CENTS as in 1/100's a per cent. Get it? But did you know there used to be Half Cents? of course you did. I'm just being another old guy who says: I remember when you could buy a quart of goats milk for half a cent down at the creamery. Seriously, ending the 'penny over production' problem is a welcome event. If it costs 4 cents to make once cent that's a no brainer. In five years with the coming inflation, we will be talking about eliminating the nickel (5c) which costs 14 cents to make! The dime costs a lot less but are useless without the nickel. So let's start a movement. KILL LINCOLN, JEFFERSON, and ROOSEVELT I think almost all cash transactions should be rounded up or down to the nearest 5 cents immediately. As for the zinc rust monster cents, there may be a future for them in the collector world, as long as they are MS70 and in a PCGS or NGC holder, or are some extremely odd error. When you count the populations of something in the Billions, the rarity will never be enough to encourage collectability. |
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Pillar of the Community
United States
3201 Posts |
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Pillar of the Community
United States
1952 Posts |
That's about the calculation of sales tax, not the total amount of payment in general, and the federal bill doesn't require rounding if payment is made by means other than legal tender.
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Pillar of the Community
United States
3201 Posts |
Are we looking at the same thing? Sales tax often makes for odd totals, and that link gives an example of what the customer *must* be charged (NJ's choice of wording). As described at that link, the law requires the amount to be rounded to the nearest cent.
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Bedrock of the Community
 United States
18751 Posts |
Inordinately fascinated by bits of metal with strange markings and figures
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Pillar of the Community
United States
1952 Posts |
Quote:
Are we looking at the same thing? Sales tax often makes for odd totals, and that link gives an example of what the customer *must* be charged (NJ's choice of wording). As described at that link, the law requires the amount to be rounded to the nearest cent. It doesn't say "must be charged", it says "must collect". That page is also a simple example for the public, not the text of any legislation. The information on that page pretty much applies to every state that collects sales tax, in practice.
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Bedrock of the Community
United Kingdom
16752 Posts |
I'm amazed that legislation was really necessary. When I lived in France in 1976, the 1-centime coin had about the same purchasing power as a cent in the USA today. For instance, a stamp for an inland letter cost 80 centimes. The Monnaie de Paris had effectively stopped making the 1-centime coin for circulation in 1974, although old aluminium 1- and 2-franc pieces issued between 1941 and 1959 were still legal tender as 1c and 2c (the franc having been revalued by a factor of 100 in 1960). By 1976 it was quite rare to be given a centime in change and they were virtually unobtainable from banks: prices in most shops ended in .00 or .05 francs. I used to buy bars of chocolate regularly from a certain shop because they were priced at 1F18 and I hoped to get centime coins in change, but sometimes there weren't any in the till and I was charged 1F20. I never remember anyone being upset about being short-changed by 1 or 2 centimes! As far as I know the centime coin wasn't actually demonetised until the Euro was introduced in February 2002. It had died a natural death about 20 years before that.
Edited by NumisRob
05/03/2025 4:52 pm
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Pillar of the Community
United States
1693 Posts |
A nickel plated, steel core 5 cent piece would be much better than a plated zinc one. The cupronickel clads are low enough on nickel to still be cost efficient.
I expect the dual dated 1776-2026 cent to probably be the last circulation one.
The collectors cents should be the old pre-1982 alloy and come from the SF mint with a S mint mark.
Edited by DoubleEagle20
05/11/2025 11:50 pm
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Pillar of the Community
 United States
4381 Posts |
A lot of you are missing a key fact... it doesn't change electronic transactions, only cash ones... Quote:
To direct the Secretary of the Treasury to stop minting
the penny, to require cash transactions to be rounded
up or down to the nearest five cents, and for other
purposes. -----Burton 50 year / Life / Emeritus ANA member (joined 12/1/1973) Life member: Numismatics International, CONECA Member: TNA, FtWCC, NETCC, OnLine Coin Club Owned by four cats and a wife of 40 years (joined 1983) |
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Pillar of the Community
United States
4381 Posts |
As for New Jersey, that's interpretive text, not the law.
But it's pretty clear. In the example, the register would show $2.33 and **IF** paid in cash, the customer must tender $2.35. $2.33 by card.
-----Burton 50 year / Life / Emeritus ANA member (joined 12/1/1973) Life member: Numismatics International, CONECA Member: TNA, FtWCC, NETCC, OnLine Coin Club Owned by four cats and a wife of 40 years (joined 1983) |
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Moderator
United States
164456 Posts |
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A nickel plated, steel core 5 cent piece would be much better than a plated zinc one. Agreed, but they still have to placate the Zinc lobby to get rid of the cent.  Quote:
I expect the dual dated 1776-2026 cent to probably be the last circulation one. Seems like a fitting end.  Quote:
The collectors cents should be the old pre-1982 alloy... Amen, brother!
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Moderator
United States
164456 Posts |
Quote:
A lot of you are missing a key fact... it doesn't change electronic transactions, only cash ones... You know I have been banging that drum for a long time. 
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Replies: 43 / Views: 2,783 |
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Posted 05/03/2025 2:05 pm
