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 Replies: 47 / Views: 3,513 |
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Valued Member
United States
104 Posts |
What about aluminum coins? I know it feels like play money but the price of aluminum looks to be about $1.24/lb which makes it 1/3 of copper 1/10 of nickel and almost on par with zinc according to kitco.
Perhaps an aluminum/bronze alloy like the 20th century French centimes were. They seem pretty durable, have a bronze color, and feel better than pure aluminum. Any thoughts?
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Pillar of the Community
Canada
965 Posts |
quote:
Prices *will* be rounded in favor of merchants, essentially driving them up. If you make a purchase at a store with coins in which the price ends with an amount less than 5¢, you'll automatically have to pay 10¢. The next time you have to pay for an item at the store, the same will occur. Merchants don't have a running tally of what you pay, and even if they did it's highly doubtful they would round your purchases up to anything that is less favorable to them.
It will be a per transaction rounding, having the customer lose each time. The more individual transactions, the more the customer loses. Those who purchase in bulk more often lose less. Unfortunately, those with fewer resources cannot often afford to do so, and so must make smaller purchases over more time, leading to additional loses, in both overall cost and rounding.
What a load of crap! Don't believe everything you hear, folks! Please explain how this is ALWAYS going to hurt the consumer? Rounding goes both ways, up AND down, and is ONLY based on the final price, and ONLY done when paying with cash. Electronic transactions will be unchanged, as will your bank account. They will still go to the exact cent. When buying one item, yes, it's likely that the price will be rounded up by a cent or two, but when buying multiple items, you are just as likely to round down as you are to round up. It's worked in so many other countries (Australia, New Zealand, Finland, etc.) How is it that they can pull it off, yet the US can't? Too many backwards-minded individuals who can't seem to wrap their brains around a $1 coin. That's how! Edited by Topher
03/20/2008 10:51 am
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Pillar of the Community
United States
4541 Posts |
How can you go to the exact cent on an electronic fund but not with cash its like ok sir your total it $314.16. Umm ok I am paying with cash oh I'm sorry I didnt realize that your new total it $314.20. I mean I get the whole electronic funding and how you will be able to go to the exact cent but for everything to work properly everyone would have to go to the electronic funds. I can see it now a new cashier has people in their line paying with credit cards then all of a sudden someone wants to pay with cash. Can I get a manager to come to register 7 please we have someone paying with cash and we need to round it up. I mean I'm just asking?
Edited by daviscfad
03/20/2008 11:13 am
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Pillar of the Community
 United States
4867 Posts |
I don't think this has been brought up but if the cent is eliminated, what becomes of the trillions of cents that are circulating now? Will those be denied as a form of payment if retailers choose to round up or down?
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Moderator
 United States
187446 Posts |
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Try stopping the pump at $15.643 for example
I did, and my credit card was charged $15.64, not $15.65!  quote:
Rounding goes both ways, up AND down, and is ONLY based on the final price, and ONLY done when paying with cash.
Thank you for backing me up, Topher!  quote:
The more individual transactions, the more the customer loses. Those who purchase in bulk more often lose less.
There is great wisdom is buying in bulk. Make a list and shop less often. Save gas, time, and, oh money! I once again point to the calculation of sales tax! It is already being properly rounded on everything you buy! Do the math yourself after your next purchase; you are being taxed and properly rounded on the total, not always up and not on each and every item you purchased. The only real casualty with the elimination of the cent is going to be the demise of the "need a penny, take a penny; have a penny, leave a penny" containers at the convenience stores!  |
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Moderator
United States
187446 Posts |
quote:
I don't think this has been brought up but if the cent is eliminated, what becomes of the trillions of cents that are circulating now? Will those be denied as a form of payment if retailers choose to round up or down?
Good question! I think it depends on how the cent is eliminated. If they just stop making them, they will probably retain legal tender status and be used until the disappear. They may even linger on for years. But what if legal tender status is revoked and one is required to cash in before a certain date? Does anyone know how the elimination of the half-cent, three-cent, and twenty-cent pieces was handled? How long did they circulate after production stopped? |
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Pillar of the Community
United States
533 Posts |
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By the way when did you ever see a gas pump read $3/gallon? Isn't it always something like $2.978/gallon. Try stopping the pump at $15.643 for example
One time on "60 Minutes" Andy Rooney went to a bunch of gas stations, pumped one gallon of gas, payed in exact change and demanded his 1/10th of a penny back. It was pretty funny actually. Why not just do away with the cent, but make a Two Cent coin? So big deal, round up a penny. Also, keeps currently circulating cents from becoming obsolete. Baby steps people, baby steps. |
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Valued Member
United States
255 Posts |
BLUF: Steel didnt work before and will not work now.
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Valued Member
United States
342 Posts |
Kinda funny, Moys objections are about timing, 180 days are not enough time to produce a steel cent and 5 years is too long to wait to change composition of a coin that is produced at a loss.
He want both more and less time. :)
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Valued Member
United States
342 Posts |
quote:
How can you go to the exact cent on an electronic fund but not with cash its like ok sir your total it $314.16. Umm ok I am paying with cash oh I'm sorry I didnt realize that your new total it $314.20.
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Without the cent he purchase would be rounded to the closest nickel, so the total would be $314.15. The register would automatically calculate both totals and your card would be charged the $314.16.
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Moderator
United States
187446 Posts |
quote:
Steel didnt work before and will not work now.
The 1943 US steel cents were a flop. But the copper coated steel cents in Canada appear to work just fine. quote:
He want both more and less time.
I would think that a yearly review would be fine, with the following year available to make the change. |
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Pillar of the Community
United States
4541 Posts |
hey dock they were talking about getting rid of 5 cent piec too
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Moderator
United States
187446 Posts |
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hey dock they were talking about getting rid of 5 cent piec too
True, this discussion has been all over the map! I don't see the nickel leaving us soon. It has better possibilities for changing the composition and making it cheaper. Whereas eliminating the cent is an attractive option, from a cost standpoint. |
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Valued Member
United States
393 Posts |
We're well on our way to ending up with coins that are actually worth less than dirt. I know a merchant that doesn't take cents. He always rounds in favor of the customer. He says the cent is so worthless it doesn't matter. Because of inflation, our cent is worth 1/25 of what it was in 1850. I wish they would eliminate the cent and the nickel from circulation.
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Pillar of the Community
Canada
965 Posts |
quote:
How can you go to the exact cent on an electronic fund but not with cash its like ok sir your total it $314.16. Umm ok I am paying with cash oh I'm sorry I didnt realize that your new total it $314.20. I mean I get the whole electronic funding and how you will be able to go to the exact cent but for everything to work properly everyone would have to go to the electronic funds. I can see it now a new cashier has people in their line paying with credit cards then all of a sudden someone wants to pay with cash. Can I get a manager to come to register 7 please we have someone paying with cash and we need to round it up. I mean I'm just asking?
Take a trip outside the US and see it done. It ain't rocket science. Why would a manager need to override a price? It's not like they haven't figured that into the cash register. If I still had some receipts from Australia, you'll see there is a line at the very end called "rounding" and it adds or subtracts one or Two Cents when needed. It's a shame that so many people can't think "outside the box". If and when the mint ever decides to drop the cent, you'll come to realize that the world will continue to spin on it's axis. |
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Posted 03/20/2008 10:50 am
