Is the Cent Wothless?

i stand corrected...:kewl:

 

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Regarding debit and credit cards, I wish that they only took two seconds per transaction. they take like ten times as much time to do. I know how some have made having a cashless society as being something to aim for, I would prefer a cash rich society. They used to say that the streets were paved with gold, now they pave the streets with plastic, thats progress?

 

I don't think that's a big issue. I think the key is just to stop producing them...that's the money waste. In time, they will be pulled out of circulation, but they don't have to all stop circulating when they stop producing them.

 

If the cent is so useless why do I get so many of them in change? Why would you want the "lack of coin" tax added to our burden? Why do I have to round up? Maybe you should round down? The big deal about the penny was to stop the melt and or export of the "copper" half of 1982 and back cents. Zink is about as cheap as it gets. Next step is plastic.

 

...and yet it's still more expensive to make then it's face value. That's why it should be gotten rid of more than anything, it's a waste of taxpayers money. We are trading in about 1.5 cents to make 1 cent.

 

And making billions of them.

 

In some foreign counties they have, indeed, gotten rid of the 1-cent (or their equivalent), and, in fact, they don't always round up, they round to the nearest nickel-equivalent. It's no biggie. All the prices end with an .05 or .10. (This is my best recollection, after spending a week in Norway about 20 years ago).

 

...yeah, I should have mentioned that too. It's just an amazing waste.

 

that's their government. do you think ours knows how to round down? 6% sales tax won't become 5%, it will become 10%. if the yogurt costs 26¢ after tax, it won't be rounded back down to 25¢, it will go up to 30¢.

 

Yes -- our governments do know how to round down.

Go to a state where the sales tax is 6%. If you pay for a item that's worth $0.90, the tax would be 5.4 cents, and the clerk only adds 5 cents, not 6. That's the way it works in every state, as far as I know.

 

Exactly, the same thing would happen but it would be to the nearest 5 cents not the nearest cent. It would work out just fine and wouldn't be hard.

 

Umm, sales tax in Norway (or what comes closest to a sales tax) is between 7 and 25 percent depending on the product/service. The tax rate in % is of course not rounded; why would anybody want to do that?

What they do in NO is round the total amount of a cash payment. The smallest denomination they have is the 50 øre coin, so every cash total is rounded to the nearest multiple of that. And yes, by law that means "up" or "down" depending on what is closest. Non-cash payments are not rounded. Now whether a store adapts the price of a single product, or not, is of course up to the store. In the Netherlands for example (where the 1 and 2 cent coins are legal tender but most stores do round cash totals) prices ending in .48 or .99 are very common.

Now prices in Europe are usually end prices, ie. the price tag simply says what the customer pays. But the idea behind rounding cash totals works the same way even when taxes, fees etc. are not indicated until you "check out".

Christian

 

Lets not do anything here like they do in Europe. Lets just make the cent smaller. Then again if the extra money spent making cents is money not given to: pick one a)lay abouts b) artists who want to" shock" c)ear marks d)politico's pockets. e)global warming f)acorn g)airplane rides for government workers to expensive vacation spots.Then we can make the cent out of copper again

 

QUICK QUESTION. If the cent was to be eliminated, what would happen to the 4 cents in my pocket?

Someone would lose whether it be the FED. or the citizen, probably the later. IF they were to eliminate the cent and round up or down, I'd take in 4 cents at a time to change for a nickel, rounding down I'd be screwed. Its too late now to get rid of the cent!

 

Fine with me; I sure would not want to use rag notes for low denominations for example like they do "in America". But it seems odd to me that some people in your country are against rounding totals when it comes to the penny but do not have a single problem with, say, gas prices per gallon being in tenths of a cent, with the total being rounded ...

Quick answer - You could start by making businesses round their cash totals. This way pennies could still be used for a long time, but the mint would not have to make new ones. Now whether a setup that works elsewhere will also work in the US or not, I don't know.

Christian

 

I was SOoooooooo embarrassed when after moving to the U.S I went shopping. I went into a store with a certain amount of dollars, picked my items (added them up in my head), and went to the checkout, only to find that prices were more than what was listed. I must have argued for about 10 minutes before being escorted out by security. I'll never forget that day. It was so much easier in England where the price you see is the price you pay.

 

Aluminum. Or we could do like the canadians and make them out of steel (correct me if i'm incorrect on that):goofer:

 

I like to pump my free 8 tenths. A cash register is not a calculator 2 decimal points are final it doesnt go on like PI. Its not a thought. A whim. No. Its a fact! Cold hard cash. You dont take the nippers out and use em on a Quarter. Then you got 2 bits, but bits of what? not worth anything. Cant even buy a bit o gum with that. Vandals I say! Coin cutters. None of that here. And Two: we want to know just what the vig is, not all hidden. Take the jersey off the pig and turn on the light lets see what we got. And our sales tax is to the state not the fed. Some states dont have a sales tax. Got to love that VAT. psst wanna buy a toaster for 19.95 USD

 

Consider this:
I make $17/hour
So, I make .28333... per minute
Which is 0.00472 per second
Times 2 is .00944. About 1 cent every 2 seconds.
So, if I see a cent on the ground, and it takes me more than 2 seconds to pick it up, I
am in theory losing money. Or, am I doubling my wage?
( I pick up every cent I see, even if it's tails up)

 

PIc Please!!