The last U.S. penny has been struck!

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If you really want to break people's minds legislate Bankers rounding...

https://en.wikipedia.org/wiki/Rounding

 

Now, where have I heard of... oh, yeah, IEEE 754. Good times.

 

My local liquor store has already started rounding down on cash sales. They don't round up. They would rather have cash anyway and save on credit card fees.

 

I sure hope that floor is well supported - should be good in the corner there.

I did an estimate of average coins back in change based on fewest coins needed, it equals about * 1.5@25¢ - 0.8@10¢ - 0.4@5¢ - 2@1¢ * . The weight of this (I figured the cent at 2.75 grams, half copper and half zinc) is 0.63 oz. Figuring this mix of coins accumulated over time, the average dollar value for one pound of coins would be $12.60.

If you figured that water bottle is holding at least 300 pounds, you have over $3,700 sitting there.

 

I filled one of those with cents in my younger years. The change I have checked goes into my left pants pocket s as nd the change I haven’t checked goes into my right hand pants pocket. Once I get home and check all of the change in my right pants pocket it will be in my left pocket the next time I go out. If it somehow builds up enough I will roll it and chase it out for paper money at the bank.

 

And I thought that I had a quarter hoarding problem!

 

Those two facts aren't necessarily mutually exclusive. Obviously I have that $.25 hoarding problem, but so can you Mine is just proven with a photo fact. Now it's your turn.

 

Oh, I am not worthy….. But I do have another small box down in the garage…. I only save the pre-state quarters. I have no idea why….

 

Roll them and turn into the bank. When I did that I ended up with almost $500 dollars. It bought me a nice Morgan that I needed. Only 2 left to go now.

 

Dang! masterswimmer, can you even lift that water jug? That's got to be several thousand easily. I had a cottage cheese container not even full of nickels & dimes and I had $145 of coins.

 

You have to be quite a penny pincher to worry about getting ripped off from rounding. Most people go shopping for multiple items and when you add them up and include sales tax, you'll end up with all kinds of random totals. I think it would be very difficult to scheme to set prices to "harvest" extra pennies from your customers when you have to add up multiple different prices and add sales tax. In the end the rounding would happen only on the total price, not each individual item. So, those skinflints are only getting "fleeced" once for at most 2 cents. I was in England on a military base that used US dollars but, no pennies. They rounded up and down to the nearest 5 cents. It ended up about equal amounts of rounding up and down. Also, the rounding would happen ONLY if you were paying in cash. Transactions by credit card, debit card or check could still happen in $.01 increments.

 

I've posted this math before. Kwik Trip has 11.5 million customers per week. If rounding down to avoid problems costs them $.02 for every 7th customer, that's almost $2 million a year. Retailers absolutely know how much tiny amounts add up.

In a similar vein, pennies I can understand, but it makes me scratch my head when I see that someone has dumped all their change into the "give one take one" tray. Even my tiny piggybanks have $200 in them once they fill up and I roll them.

 

Yes - and they also know how much they shell out in fees on credit or debit transactions.

I don't think this is the intent, but I wonder how many people will start paying in cash just to get that one- to four-cent "free money" at checkout? If you don't count the expenses associated with handling cash in general, I'm sure those few cents are cheaper than the credit card processing fees, even for the largest merchants with the most favorable credit-processing agreements.

 

The overwhelming majority of consumers don't transact in cash so, the rounding doesn't come into play. I always pay by credit card. I rarely ever see someone paying by cash. Do casinos still have penny slot machines?

 

A penny saved is a penny found, or something like that.
A new penny or half penny should be minted.
I've heard someone wants their mug on a coin.