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The US Penny: Will it last?
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<p>[QUOTE="T-Bone0804, post: 932957, member: 24608"]The design on the cent likes to change every 50 years, so this conversation will most likely continue to occur until 2059. The cent is highly unlikely to disappear or change design until then. Like previously stated the mint makes so much on the dime and quarter, bills, and all the collector products they are willing to take a loss on the cent.</p><p><br /></p><p>It's more plausible that the cent's metal composition will change before it disappears completely. </p><p><br /></p><p>I also think it is much more of a hassle than people think to 'simply' round up or down to eliminate the penny. Example: a the hotel I work at, I usually negotiate rooms with 4-5 people over the night shift, and a room can sell for 59-89 before tax. After tax, the numbers are not as nice. If I round up or down that cent, the actual money I take in and the amount the computer expects me to take are different. Only by a few cents, but if every transcation ran like that, it would throw off our accounting system by hundreds of dollars over the fiscal year. </p><p><br /></p><p>Sure, the whole accounting code could be re-written to adjust take accordingly to eliminate the extra cents, but that would cost millions to update and fix bugs and implement across an entire brand of franchised hotels. And that's just a small example from my industry. All that eliminate the lowly penny? Not in our lifetime.</p><p><br /></p><p>Just my two cents.[/QUOTE]</p><p><br /></p>
[QUOTE="T-Bone0804, post: 932957, member: 24608"]The design on the cent likes to change every 50 years, so this conversation will most likely continue to occur until 2059. The cent is highly unlikely to disappear or change design until then. Like previously stated the mint makes so much on the dime and quarter, bills, and all the collector products they are willing to take a loss on the cent. It's more plausible that the cent's metal composition will change before it disappears completely. I also think it is much more of a hassle than people think to 'simply' round up or down to eliminate the penny. Example: a the hotel I work at, I usually negotiate rooms with 4-5 people over the night shift, and a room can sell for 59-89 before tax. After tax, the numbers are not as nice. If I round up or down that cent, the actual money I take in and the amount the computer expects me to take are different. Only by a few cents, but if every transcation ran like that, it would throw off our accounting system by hundreds of dollars over the fiscal year. Sure, the whole accounting code could be re-written to adjust take accordingly to eliminate the extra cents, but that would cost millions to update and fix bugs and implement across an entire brand of franchised hotels. And that's just a small example from my industry. All that eliminate the lowly penny? Not in our lifetime. Just my two cents.[/QUOTE]
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