Get Rid Of The Penny?
07/13/2006 12:51 pm
Why keeping the penny no longer makes sense
|Jeremy - Super Chocolate Bear|
You wasted the inaugural Nutcan Debate for the up and coming new Nutcan. I don't like to see it go, but obviously something needs to be done ASAP. It can't cost more to make then it's worth.
The problem is unlike the article I don't think retailers will round. I think they'll "ceiling" it to the next nickle. 9.97 = 10 10.01 = 10.05.
Factor in that it also costs more than 5 cents to make a nickle and your could make the same argument about that.
You could in fact soon pay 10.10 for 10.01.
Of course none of this is any concern of you go to buy $200 worth of groceries and the total is 4 extra cents. However, what if each product gets rounded up to "help" the problem. You can't end up with something needing to be rounded if no one CHARGES in increments of a penny in the first place and that's the logical step of where things would go. Now those 100 or so items you paid $200 for are an extra 3 bucks, which could add up over the course of time.
|Micah - Shaken not stirred gets you cold water with a dash of gin and dry vermouth|
There is a great West Wing episode about this...
Did you know Illinois is the only state that accepts pennies in toll booths?
|Scott - Get Up! Get outta here! Gone!|
|it would have to be the Total that is 'rounded'. Because the value of something is different than what you use to pay for it. If you pay by credit card (I didn't know places still accepted cash anyway), 10.01 doesn't matter. If you do pay cash, than it would round. That's my 2 cents, or my nickel.......man, getting rid of the penny would ruin a pretty classic phrase.|