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The Fine Print: The following comments are owned by whoever posted them. We are not responsible for them in any way.
byPowercntrl ( 458442 ) writes:
Is there really any reason we can't just make pennies out of plastic instead? Personally, I haven't used cash in ages anyway so I'm really neither here nor there on running out of pennies, but it seems like if the problem is just that they cost too much to manufacture, make them out of something cheaper.
byserviscope_minor ( 664417 ) writes:
Or just scrap them as a denomination. I'm in the UK where pennies are worth fractionally more. It is now worth considerably less in real terms than the 1/2 p coin when that was scrapped. I, personally in favour of scrapping copper coinage completely. Round the tally to the closest 5 and be done with it.
byLuckyo ( 1726890 ) writes:
I would recommend the Finnish model instead. What happened when we adopted Euro back in early 2000s (and Euro was way more valuable than today) is that we didn't mint or otherwise put into circulation our 1 or 2 cent coins (every nation mints their own Eurocent coins, with number side being the same, and emblem side being specific to each nation for each coin). Smallest coin in legal circulation here was 5 cents.
But other Eurozone countries' 1 and 2 cent coins were acceptable currency as per Eurozone regulation. However by law, companies can receive them, but do not need to give exact change back. Instead change must only be rounded to nearest number divisible by 5 and that change is to be given back.
This isn't applied to bank, card etc exact payment transactions, only to cash transactions. Since rounding errors are half up (ending in 3,4,8,9) and half down (ending in 1,2,6,7), for pretty much any large number of transactions, it evens out and for low amounts of transactions, it's going to be too small of a sum to be relevant. It's a very functional system to take smallest coinage out of circulation for reasons of reducing minting costs, without actually meaningfully impacting economy or fairness in transactions.
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