Why do we still have Pennies?

[biostud]

The minimum on our coins is 50 øre ~10 cents, the 5, 10 and 25 øre coins where removed due to cost and low value.

 

[Eug]

I find it hilarious people in this thread still are coming up with lame reasons why it's impossible to get rid of the penny.

As mentioned, we in Canada got rid of the penny years ago. Within a few months, everyone adjusted. And guess what? Nobody misses it.

BTW, it turned out I owed the bank 2 cents in interest after I paid off a loan. On the way to work I dropped by my bank, with nickel in hand. The bank teller smiled, refused the nickel, and just canceled the 2 cents owing. Why, because of rounding. If I gave her a nickel, she'd owe me 3 cents, and that'd get rounded up to 5 cents, so she'd have to give back the nickel.

Yes credit card transactions are still measured by individual cents. Only the physical penny has been deleted. Cash transactions are indeed rounded up or down. A $11.02 purchase is $11 cash but $11.02 on your credit card. A $11.03 purchase is $11.05 cash but $11.03 on your credit card.

 

[Newell Steamer]

Without pennies, we wouldn't be able to do this; https://m.youtube.com/watch?v=DO1Q7F23DxM

 

[biostud]

I find it hilarious people in this thread still are coming up with lame reasons why it's impossible to get rid of the penny.





As mentioned, we in Canada got rid of the penny years ago. Within a few months, everyone adjusted. And guess what? Nobody misses it.





BTW, it turned out I owed the bank 2 cents in interest after I paid off a loan. On the way to work I dropped by my bank, with nickel in hand. The bank teller smiled, refused the nickel, and just canceled the 2 cents owing. Why, because of rounding. If I gave her a nickel, she'd owe me 3 cents, and that'd get rounded up to 5 cents, so she'd have to give back the nickel.





Yes credit card transactions are still measured by individual cents. Only the physical penny has been deleted. Cash transactions are indeed rounded up or down. A $11.02 purchase is $11 cash but $11.02 on your credit card. A $11.03 purchase is $11.05 cash but $11.03 on your credit card.

Exactly, when I pay with credit card or electronic transactions it is the exact number, paying cash it is rounded to nearest 0,5 value.

 

[mrrman]

no more pennies in Canada, we round up or down

 

[allisolm]

Years ago when we lived in Germany, we had no pennies in the American facilities. We believed it was because it was too expensive to ship them over, although I don't remember if that was an official explanation. Final prices were just rounded up or down. We were glad even then not to have to deal with the pennies.