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I want to have the penny, nickle and dime eliminated

Originally posted by: NSFW
I could live with that.
Click to expand...

But I don't know how that could be done.

You'd have to have a 10 cent piece and then just up to a 50 cent piece, a 25 piece would mess everything up.
 
I want the US monetary system to be like the European one. Coins for anything less than 2 dollars, i.e. 2, 1, 50, 25, 10. Then the usual 5, 10, 20, 50, 100 incrememnts for bills. Get rid of the penny...it's pointless.
 
Originally posted by: roguerower
I want the US monetary system to be like the European one. Coins for anything less than 2 dollars, i.e. 2, 1, 50, 25, 10. Then the usual 5, 10, 20, 50, 100 incrememnts for bills. Get rid of the penny...it's pointless.
Click to expand...

what do you do if something costs 25 cents and you pay with three dimes? How do you get your change? I guess that example works with anything that leads to a 5 cent increment, excluding 25 cents.
 
Originally posted by: dotcom173
Originally posted by: roguerower
I want the US monetary system to be like the European one. Coins for anything less than 2 dollars, i.e. 2, 1, 50, 25, 10. Then the usual 5, 10, 20, 50, 100 incrememnts for bills. Get rid of the penny...it's pointless.
Click to expand...

what do you do if something costs 25 cents and you pay with three dimes? How do you get your change? I guess that example works with anything that leads to a 5 cent increment, excluding 25 cents.
Click to expand...

In that case you would get 5 cents euro back 😉

http://www.eurocoins.co.uk/images5cents.html
 
If we moved to a system that eliminated the small change then the prices would be bumped just a bit to round it out properly. You'd end up paying a few cents more every time which could add up. Of course if those 'extra cents' were put towards a decent project it wouldn't be so bad.
 
Originally posted by: dotcom173
Originally posted by: roguerower
I want the US monetary system to be like the European one. Coins for anything less than 2 dollars, i.e. 2, 1, 50, 25, 10. Then the usual 5, 10, 20, 50, 100 incrememnts for bills. Get rid of the penny...it's pointless.
Click to expand...

what do you do if something costs 25 cents and you pay with three dimes? How do you get your change? I guess that example works with anything that leads to a 5 cent increment, excluding 25 cents.
Click to expand...

exactly. the retailer would mark up, and all of that adds up each year.

I was in Italy when they were still on the lire. change had been phased out by a few decades already. still, some purchases would ring up to 1k lire, 58 centimes or so. retailer would just charge 100 lire, as that was the smallest denomination available, and it was in coin. I think 100, 250, 500 lire or so were coins. smallest paper bill was 1000 lire, which was about $0.50 at the time.

though, I think what rogue power is talking about is making the dollar a coin. even a 2 dollar coin would be nice. euro does have 5, 25 and 50 centime pieces, and they also have the 1 centime piece. well...at least it's worth more than the penny.

 
Originally posted by: gorcorps
If we moved to a system that eliminated the small change then the prices would be bumped just a bit to round it out properly. You'd end up paying a few cents more every time which could add up. Of course if those 'extra cents' were put towards a decent project it wouldn't be so bad.
Click to expand...

that decent project would be at the individual retailer's discretion, as they're the ones that would be rounding for payment. So it's not like this is spare change that would be going into education or roads or anything like that, unfortunately.
 
As much as I'd like to not hassle with the penny, I do have a penny jar that I cash in every year and it does accumulate into real money.

 
The discussion of penny removal has been around for 30 years, but opponent of it claiming that it would pose a rounding problem for retailer and consumer. Australia & New Zealand function just fine after they dispose of the penny.

Most opponent to the removal of coin denominator are afraid of change and aren't verse enough in finance in the electronic age to have a logical opinion.

When I work in database, some of my clients purchase product in fraction of a penny and things all work out in the end because they purchase in large quantity and the rule of rounding is the last step therefore the adjust different is minimal. The cost of round up or down will not be pass onto the consumer at retail level because some produce would be round down other would be rounding up.

I'm for getting rid of pennies, however the bank must not charge ATM fees if you want to do away with coins all together, because there are items that cost less $0.05 (however they could sell items that are in fraction of a dollar in bundles)

 
Originally posted by: zinfamous
Originally posted by: gorcorps
If we moved to a system that eliminated the small change then the prices would be bumped just a bit to round it out properly. You'd end up paying a few cents more every time which could add up. Of course if those 'extra cents' were put towards a decent project it wouldn't be so bad.
Click to expand...

that decent project would be at the individual retailer's discretion, as they're the ones that would be rounding for payment. So it's not like this is spare change that would be going into education or roads or anything like that, unfortunately.
Click to expand...
Retailers can't all bump up their price due to competition, other wise we would see $10 cup of coffee.
 
Originally posted by: JMapleton
Originally posted by: NSFW
I could live with that.
Click to expand...

But I don't know how that could be done.

You'd have to have a 10 cent piece and then just up to a 50 cent piece, a 25 piece would mess everything up.
Click to expand...

I'm with you. Get rid of the hundredths of a dollar. Round everything to the nearest tenth of a dollar. All this small change is stupid.

And you just said how it would be done. Dime, half-dollar, dollar. No more pennies, nickels or quarters.
 
I'll take them off your hands. Freight them to 54 Moonwalk Stride, Lalaland, Ontario

PS didn't you just get your ass fired? You are going to need those coins.
 
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