Message:

<p>[QUOTE=&quot;flaminio, post: 192925, member: 213&quot;]That&#039;s not the way nickel-rounding works (as proposed by the likes of the Kolbe bill, for example). Items are still priced to the cent. The <i>denomination</i> of one cent is not being eliminated, only the physical manifestation of that denomination (the penny). Only the final total of goods, after sales tax has been applied, is rounded to the <i>nearest</i> nickel.</p><p><br /></p><p>We already do this with products like gasoline. Most every gas station in the country prices gasoline to the mill, yet no one complains that they don&#039;t have a one mill coin to make exact change. The total is just rounded to the cent, and everyone goes on about their business.</p><p><br /></p><p>We also already round for sales tax. Tax in my county is 8 1/4%, so if I buy something for $1.00, I should pay $1.0825 to complete my transaction. However, since we don&#039;t have small enough change for that, we round to the cent, and I pay $1.08. Without cents, instead of rounding to the nearest cent, we&#039;d just round to the nearest nickel, and I&#039;d pay $1.10. And before you start screaming that I&#039;m being ripped for 2c, just change the purchase to 99c -- with tax, that&#039;s $1.071675, <i>$1.05</i> rounded to the nearest nickel.</p><p><br /></p><p>The net effect across many random transactions is -0-. Zero cost to the consumer, zero expense to the merchant, and zero change for the tax collector. The gain is in not producing the coin, in costs of production, distribution, and handling. These costs amount to tens, perhaps hundreds of millions of dollars per year.[/QUOTE]</p><p><br /></p>

Your name or email address:

Do you already have an account?

• No, create an account now.
• Yes, my password is:
• Forgot your password?

Stay logged in