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US Mint Unveil New Lincoln Penny Designs

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a gallon of gas is priced out to 3 decimal places. my hourly wage goes out to 3 decimal places. why would i want to eliminate the penny when others are so concerned about fractions of a penny?
 
Originally posted by: The Boston Dangler
a gallon of gas is priced out to 3 decimal places. my hourly wage goes out to 3 decimal places. why would i want to eliminate the penny when others are so concerned about fractions of a penny?
Click to expand...

Both of those are rates which are multiplied by larger (whole) numbers to arrive at a total. Rounding a rate to the nearest nickel could make a significant difference, but rounding the total to the nearest nickel? Insignificant.
 
Originally posted by: mugs
Originally posted by: The Boston Dangler
a gallon of gas is priced out to 3 decimal places. my hourly wage goes out to 3 decimal places. why would i want to eliminate the penny when others are so concerned about fractions of a penny?
Click to expand...

Both of those are rates which are multiplied by larger (whole) numbers to arrive at a total. Rounding a rate to the nearest nickel could make a significant difference, but rounding the total to the nearest nickel? Insignificant.
Click to expand...

This.

Say my pay is 24,000 a year. That means I make $461.53846153846153846153846153846 a week. So would it affect me to get a check for $461.50 instead of $461.54? No.

And that is rounding down in the employer's favor.
 
Originally posted by: mugs
Originally posted by: The Boston Dangler
a gallon of gas is priced out to 3 decimal places. my hourly wage goes out to 3 decimal places. why would i want to eliminate the penny when others are so concerned about fractions of a penny?
Click to expand...

Both of those are rates which are multiplied by larger (whole) numbers to arrive at a total. Rounding a rate to the nearest nickel could make a significant difference, but rounding the total to the nearest nickel? Insignificant.
Click to expand...

Not really. If they are rates as you say, then we would see different fractions on gas prices rather than every station everywhere using 9/10 at all times. In terms of gas prices it has nothing to do with rounding and everything to do with psychology.
 
Originally posted by: rudeguy
Why do we have pennies?

Someone please explain this to me. If I have a penny, I can't by anything with it. What's the point?
Click to expand...

what else are you going to throw at the people in movie theaters on their cellphones?
 
Originally posted by: rudeguy
Originally posted by: Eli
Originally posted by: rudeguy
Why do we have pennies?

Someone please explain this to me. If I have a penny, I can't by anything with it. What's the point?
Click to expand...
By that reasoning..

What can you buy with 5 or even 10 cents nowadays?

I don't even think 25 cents buys you a pack of gum anymore.
Click to expand...

I would be in favor of getting rid of everything below a quarter.
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Well, as long as you're consistent. 😉
 
why are they made of metal instead of plastic? pennies and nickels both should be made of plastic to make them cheaper.
 
Originally posted by: rudeguy
Originally posted by: mugs
Originally posted by: The Boston Dangler
a gallon of gas is priced out to 3 decimal places. my hourly wage goes out to 3 decimal places. why would i want to eliminate the penny when others are so concerned about fractions of a penny?
Click to expand...

Both of those are rates which are multiplied by larger (whole) numbers to arrive at a total. Rounding a rate to the nearest nickel could make a significant difference, but rounding the total to the nearest nickel? Insignificant.
Click to expand...

This.

Say my pay is 24,000 a year. That means I make $461.53846153846153846153846153846 a week. So would it affect me to get a check for $461.50 instead of $461.54? No.

And that is rounding down in the employer's favor.
Click to expand...

Are you really worried about $2.09 a year? Because thats the difference between what you would be paid now and what you would be paid if they rounded to the nearest dime.

461.54 - 461.50 = 0.04

0.04 * 52.177457 = 2.08709828 ~ 2.09
 
Originally posted by: cubby1223
Originally posted by: mugs
Originally posted by: The Boston Dangler
a gallon of gas is priced out to 3 decimal places. my hourly wage goes out to 3 decimal places. why would i want to eliminate the penny when others are so concerned about fractions of a penny?
Click to expand...

Both of those are rates which are multiplied by larger (whole) numbers to arrive at a total. Rounding a rate to the nearest nickel could make a significant difference, but rounding the total to the nearest nickel? Insignificant.
Click to expand...

Not really. If they are rates as you say, then we would see different fractions on gas prices rather than every station everywhere using 9/10 at all times. In terms of gas prices it has nothing to do with rounding and everything to do with psychology.
Click to expand...

... ok. I'm... I'm not sure how to respond to this. I mean, you seem to have just picked a few words out of what I said and posted something entirely unrelated.

Yes, they are rates.
Yes, the rate is picked for a reason.
Yes, that reason may have a psychological factor.
No, that doesn't change the fact that the rate is just a factor in a multiplication operation that yields a final result that could be rounded to the nearest cent, nickel or dime with little impact; in fact, because you're dealing with a rate there is no reason why gas cannot be dispensed in quantities that never have to be rounded if we did away with the penny.
 
I vote that we get rid of the penny. It is useless and I always just leave pennies at the cash register in those Leave a Penny/Take a Penny dishes. I'd rather my order be rounded up to the nearest 5 cents than to deal with the pennies.
 
Originally posted by: Tiamat
I vote that we get rid of the penny. It is useless and I always just leave pennies at the cash register in those Leave a Penny/Take a Penny dishes. I'd rather my order be rounded up to the nearest 5 cents than to deal with the pennies.
Click to expand...

I'm glad for people like you, I always take advantage of the penny dish since there's plenty in there.
 
Originally posted by: mugs
Originally posted by: rudeguy
Why do we have pennies?

Someone please explain this to me. If I have a penny, I can't by anything with it. What's the point?
Click to expand...

Because people are really, really stupid. Whenever someone suggests abolishing the penny, you get the same stupid arguments about stores ripping people off and how much money we'll all lose every year because of rounding, and so on and so forth.

Nevermind that:
1. Many other countries have eliminated their lowest unit of currency in the past without issue.
2. THIS COUNTRY has eliminated its lowest unit of currency in the past without issue (Half cent )
3. $.01 100 years ago had the value of $.22 in today's dollars. That is, the smallest increment in prices back then was equivalent to about a quarter today. Why do we need increments that are so much smaller than what they had 100 years ago?

We should have gotten rid of the penny a loooooong time ago. I think the nickel also costs ~$.07 to produce and distribute, so get rid of that one too. Round at the end of the transaction, and no one gets screwed.
Click to expand...

The real reason is sales tax. There isnt a standard rate of sales tax nation wide.

Heck in TX, sales tax varies up to a max of 8.25%.
 
Originally posted by: Pacemaker
Originally posted by: rudeguy

This.

Say my pay is 24,000 a year. That means I make $461.53846153846153846153846153846 a week. So would it affect me to get a check for $461.50 instead of $461.54? No.

And that is rounding down in the employer's favor.
Click to expand...

Are you really worried about $2.09 a year? Because thats the difference between what you would be paid now and what you would be paid if they rounded to the nearest dime.

461.54 - 461.50 = 0.04

0.04 * 52.177457 = 2.08709828 ~ 2.09
Click to expand...

bolded for you
 
Originally posted by: ElFenix
Originally posted by: Pacemaker
Originally posted by: rudeguy

This.

Say my pay is 24,000 a year. That means I make $461.53846153846153846153846153846 a week. So would it affect me to get a check for $461.50 instead of $461.54? No.

And that is rounding down in the employer's favor.
Click to expand...

Are you really worried about $2.09 a year? Because thats the difference between what you would be paid now and what you would be paid if they rounded to the nearest dime.

461.54 - 461.50 = 0.04

0.04 * 52.177457 = 2.08709828 ~ 2.09
Click to expand...

bolded for you
Click to expand...

Thanks, I can't read today apparently, but the bold did help.
 
Originally posted by: nakedfrog
Originally posted by: Tiamat
I vote that we get rid of the penny. It is useless and I always just leave pennies at the cash register in those Leave a Penny/Take a Penny dishes. I'd rather my order be rounded up to the nearest 5 cents than to deal with the pennies.
Click to expand...

I'm glad for people like you, I always take advantage of the penny dish since there's plenty in there.
Click to expand...

I'm always somewhat distraught when there is no Leave a Penny/Take a Penny dish. I just leave the pennies on the counter :/
 
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