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Post by Ardbeg... innit on Dec 1, 2011 12:55:23 GMT -6
The Canadians are thinking about it, BRAVO for them, so should we...
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Post by ♥ COVID-19♥ on Dec 1, 2011 13:57:29 GMT -6
I was upset when I first read the title of this thread -- I thought it said "Death To Penis".
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Post by Ardbeg... innit on Dec 1, 2011 14:08:43 GMT -6
Death to penis only happens when there are no more rolls of pennies to shove in your shorts. Stock up.
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Post by Irish Stu on Dec 1, 2011 14:38:49 GMT -6
Never mind getting rid of pennies... on the other side of the English Channel an entire currency is on the verge of disappearing...
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Post by Ardbeg... innit on Dec 1, 2011 14:52:32 GMT -6
Its going to be a bitch if you end up having to slip a credit card into a strippers g-string. Cash is still needed for some economic transactions.
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Post by Irish Stu on Dec 1, 2011 15:25:27 GMT -6
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Post by Chicago Jake on Dec 2, 2011 1:28:40 GMT -6
I never thought the Euro was a viable concept in the first place. Too many very different cultures tied to a single currency? Even as a non-European, I was offended by the concept! But that's probably best saved for a different thread.
As for the penny... I agree, it's time to retire a coin when it costs more to make one than the value it represents......
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Post by Ardbeg... innit on Dec 2, 2011 6:23:10 GMT -6
We have some local fast food places that will take pennies but will "round down" and throw in an extra nickel in the ch-ch-change they give... more expensive for the cashier to take the time to count out the pennies than the extra few cents are worth.
I do have a "free market" solution you might like Jake. If people insist on using pennies, they could buy them, purchase price of 3 cents per penny, to cover the cost of production and face value. Bought in lots of 10 pennies for 30 cents.
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Post by Tex on Dec 2, 2011 8:57:55 GMT -6
We have had some inflation over the years. "A penny for your thoughts" is going up to a quarter.
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Post by Robin Hood on Dec 2, 2011 16:33:29 GMT -6
The penny is a tax coin... if we eliminate the penny, here is how I think it will go:
Purchase Price of Widget: $7.99
Sales Tax 6.75%: $0.54
Price with pennies around: $8.53
Price without pennies: $8.55
Guess where those two cents will end up... in the gov't coffers. If you think the gov't is going to allow a business to keep those two cents you are smoking crack, they will claim that the businesses are making too much money and take those two cents...
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Post by Robin Hood on Dec 2, 2011 16:35:32 GMT -6
On a side note... when I first got out of the USMC I worked in a plant that made penny blanks. We rolled the zinc, punched the blanks and plated them. Pretty neat process.
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Post by Ardbeg... innit on Dec 2, 2011 17:49:08 GMT -6
RH, thats not how sales tax works. Its based on gross sales over a period of time, not individual transactions. For my business, I report quarterly the gross sales that are subject to sales taxes (in my case not much), and the Michigan state sales tax (6%) is applied to that amount. Because of rounding errors on the tax on individual transactions, its only dumb luck if things come out exact.
The state isnt going to give a shit if its a few cents over or under each quarter, it evens out over time, and regardless, its not worth their effort to chase after the difference.
The very problem you pose is already in the system. The only way to avoid it would be to calculate the tax amount to a LOT more decimal places (the actual tax on a 7.99 purchase in your example is $0.53925). Price with pennies around $8.53, real price $8.52925.. so your logic infers that we actually need smaller denominations.
The point you are stuck on is that traditionally prices are quoted in $0.01 increments (except for gasoline, which is another pet peeve of mine). There is no reason that the last decimal figure could be dropped so you widget could be priced at $8.0 or $7.9, and have the same "significant figures" that the widget would have had in the mid-1940's inflation adjusted, at either $0.79 or $0.80.
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Post by Ardbeg... innit on Dec 2, 2011 17:50:10 GMT -6
BTW- Military bases overseas dont use pennies, they round to the nearest 5 cents, and most federal tax forms allow you to round to the nearest dollar, they dont give a rats ass about anything beyond the decimal point.
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