They won't have to do anything, prices will still be in odd amounts, ending in 9's for that psychological kick. 3.20 pounds of ground beef at $3.99 a pound is $12.77 with 7% sales tax is $13.66 which the register will automatically round to $13.65 It takes an act of Congress to change a coins design, or composition, or to authorized a new denomination or to eliminate a denomination. But the Federal reserve can decide on their own to simply stop ordering a denomination from the mint, in which case the mint stops making them for circulation. They did this with half dollars in 2002, with nickels and dimes in 2009, with dollar coins in 2012. The denominations were still authorized, but they stopped making them for circulation. They could do the same thing with cents. No action from Congress needed. No I didn't start with gold, I started with nickels and most started with cents. If you got rid of cents and five cents new collectors would have to start with dimes. But is that really that great a hardship? Todays dime has 66% the purchasing power that a cent had when I started collecting. It has 13% of the purchasing power a nickel had when I stated collecting those. So starting with dimes today is much cheaper than it was when I started with nickels
Already responded to. Please go back and read. But, I appreciate the input from a prestigious Wharton Grad.
As far as I’m concerned the cent can be eliminated. Everything else I collect is obsolete so why not the US cent?
I don't think it would that simple with the cent, because it requires price changes from .01 to .05 as the base unit of coinage. Eliminating halves and dimes didn't affect the underlying monetary system, so it was much easier. That's why there was a "Price Rounding Act" introduced in 1989 that went nowhere. It introduced rounding prices to .05 rather than .01. A 2017 bill that would stop the cent for 10 years also failed to pass. These factors likely complicate removal of the cent, or at least make it not quite as easy as the other examples.
I actually heard that the mint was going to stop producing pennies in 2022 and that they would mint them for a few months in 2022 and then stop only printing proof coins from then on. But of course that might not happen
Why stop at the one cent. Are Nickels and Dimes also obsolete? Can the funds that are used to make them go to better use. Don’t worry collectors, I think that purpose Will always be alive but maybe as a currency value most change is already dead.
It doesn't require price changes at all. Prices are still to the cent, odd cent if desired, sales are totaled, sales tax, if any, applied, and the FINAL amount is rounded up or down to the nearest five cent. The difference up or down will never be more that 2 cents and since half the time it will round up and half the time it will round down in the long run it will average out to a net difference of zero. The argument that it will cause prices to go up doesn't hold because there is nothing other than competition that keeps merchants from raising them now, and that competition will still be there. The argument that merchants will price their goods so that it always rounds up doesn't hold. Because it rounds after the final total and taxes the only way to guarantee that it always rounds up is to never allow customers to purchase more than one item at a time. Customer has 25 items and you require them to be processed as 25 separate transactions? That isn't going to go over very well. Registers with the rounding software turned on will round fairly and you should see a price that always ends in .00 or .05. If the software isn't turned on and you see a price displayed that should round down, but the merchant quotes a rounded UP price are you just going to accept it or complain? And if they insist on charging the rounded up price anyway, are you going to come back again? What if they have a competitor who does the same thing, but they always round down? Which one is going to get the customers?
It's simple and complicated at the same time. And the rules regarding it are posted in the rules - https://www.cointalk.com/threads/coin-talk-rules.34131/ - in rule #8. Now I know that some might say that it is impossible to discuss coins sometimes without mentioning politics since it is the politicians that make the decisions regarding coinage – and that is quite true. And since we have phrases like “In God We Trust” on our coins you could say that the discussion of religion is necessary in a way – and that is quite true. Therefore, it will be up to the sole discretion of the Coin Talk Administrators and Moderators as to what constitutes a permissible discussion on these subjects – period. That said, just about everybody here has a good bit of experience regarding this, (because it's been posted since 2008), and just about everybody here has a pretty good understanding of what is allowed and what is not allowed because they have seen ever so many examples of it ! But then there are those who it seems just can't control themselves, and they simply "have to" push the limits beyond the line. Typically, knowing full well that they are doing so when they do it. And how do I know this ? Because more often than not - they admit to it - once they have suffered the consequences for doing so. Where people usually get into trouble is when they start blaming specific people and or parties for doing things. That is never going to be allowed. You can mention what was done, a specific rule or law that was passed, and you can disagree with the law and say so. You could even propose new laws. Nobody, no mod or admin, is going to have problem with that. But when you start pointing fingers and naming people/parties, either directly so or by implication - then yeah we're gonna have a problem with that. Are the rules ambiguous ? Of course they are, they are ambiguous by design - specifically so we can allow certain conversations to take place. In simplest terms, it's all in how you say things, how you word things, that matter. And yes, it is quite possible, even easily possible, to express one's opinions and thoughts without making it a political discussion. A great many members, I would even say the majority of the members, do it all the time, on a daily basis even. And of they can do it, everybody can. And how ? It's really simple - it's called self control. And everybody here has been taught how, and when, to exercise self control since they were born.
I've made this point any number of times. I've concluded that some people simply do not want to understand how rounding works.
If they get rid of the 1,5 and 10 cent coins , that leave me nothing to find on the ground. That would really hurt @paddyman98 that’s half his income
