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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.
bysabbede ( 2678435 ) writes:
Can we just mint a ton of them once or twice a decade? I get that it doesn't make sense to spend more than one cent to mint a penny, but we should refresh the supply every now and again.
byArmoredDragon ( 3450605 ) writes:
Why bother? Nostalgia? Just to add some perspective here, when the US first discontinued the small penny, which was half of a cent, it was worth roughly 15 cents in today's money. The large penny, (which got smaller at point) which was one cent, was worth more than today's quarter at about 30 cents.
So back then, prices were incremented by more than today's quarter. There's no reason we can't simply do the same today. We may as well even get rid of nickels and dimes while we're at it. A nickel and a dime tod
byPCM2 ( 4486 ) writes:
One reason I can think of is that different states and municipalities impose different rates of sales tax at the register. Multiplying a retail price by 8.75% may not always produce an even, round number.
byfahrbot-bot ( 874524 ) writes:
One reason I can think of is that different states and municipalities impose different rates of sales tax at the register. Multiplying a retail price by 8.75% may not always produce an even, round number.
The Treasury and trade/retail groups are looking at guidelines and/or legislation for a national standard on transaction rounding. The latter to protect themselves from potential state lawsuits from rounding short-changes (last paragraph below).
US Mint to strike last penny as Trump’s phaseout rattles retailers [politico.com]
The Treasury Department is considering issuing guidance to help businesses navigate the transition, including how to round cash transactions and handle payments without one-cent coins, according to people familiar with the plans.
But trade groups representing retailers, grocers, restaurants and gas stations are urging Congress to pass legislation establishing a national standard for rounding cash transactions to the nearest nickel.
Without such a policy, businesses are worried about potential class-action lawsuits under state consumer protection laws that could argue rounding shortchanges customers. Industry groups say a federal standard would create consistency and protect businesses from legal risk.
bybatkiwi ( 137781 ) writes:
They should just do what other countries have done:
If it ends in 3,4,5,6,7 it rounds to 5 cents. If it ends in 8,9,0,1,2 it rounds to 0 cents
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byambrandt12 ( 6486220 ) writes:
Shouldn't that be 0 thru 4, round down, and 5-9, round up?
That's how I've always seen the rounding worked out.
byambrandt12 ( 6486220 ) writes:
So, this method is just straight round up, without round down?
So, why teach math the way I stated?
bywildstoo ( 835450 ) writes:
You're thinking only of rounding to 0. In this case the rounded increment can be 0 or 5. The system batkiwi suggests is the sensible way to do that.
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