Elon's Coming
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$3.43. 8 Pennies.
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I agree that they should get rid of the penny. Makes no sense in today's world. 150 years ago, the penny had some power. Not so much anymore.
Get rid of it. Stores could still price in cents, but if the total value in cents ended in 0, 1, or 2 - it rounds down to 0.
If the total ends in 3, 4, or 5 - rounds up to 5.I was reading somewhere that transactions made in cash are down to about 16% of all transactions. The other 84% are credit card, debit card, etc.
Another thing I will do when I become absolute dictator will be to get rid of the paper USD$1.
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The cash transaction numbers are mostly down due to online shopping, but a lot of retail stores are switching to card only. That is going to pose some legal challenges in the next few years as there are states that have laws preventing businesses from requiring customers to use credit and there are many unbanked people without access to credit or debit cards. Cash is still the legal tender of this land…
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If I give them a $20 for something that costs $19.99, how are they going to give me change?
So, they'll have to charge $20, further increasing inflation!
Rocket-man didn't think of that, did he? He probably doesn't care. They could eliminate $20 bills and that rich asshole wouldn't even notice.
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When Canada cut the penny, the rounding system cost Canadian consumers around $3.5 Million Dollars per year on groceries.
And that rounding up or down will also have an effect on philanthropy as well as some of the 529 savings plans.
It costs the same money to print a $10,000 bill as it does to print a $1 bill. So why don’t we stop printing the $1 and just print more $10,000 bills?
The Brad
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No big deal getting rid of pennies. Took them out of circulation here 15 or more years ago. They are not missed. In fact this country is practically cashless already. I keep a few $5 bills on hand for tips but that’s the extent of it.
Elbows up!
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No big deal getting rid of pennies. Took them out of circulation here 15 or more years ago. They are not missed. In fact this country is practically cashless already. I keep a few $5 bills on hand for tips but that’s the extent of it.
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So does the rounding up/down go to the state or to the vendors? And what’s the actual cost in implementation? When combined with the overall increase in costs and the damage to savings and philanthropy, I don’t see where the juice is worth the squeeze.
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Right now, Walmart gives an option to round up, as does Kroger's and Albertsons. The extra supposedly goes to charity.
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Right now, Walmart gives an option to round up, as does Kroger's and Albertsons. The extra supposedly goes to charity.
@Jolly said in Elon's Coming:
Right now, Walmart gives an option to round up, as does Kroger's and Albertsons. The extra supposedly goes to charity. Lots of places give that option.
That’s why I mentioned the negative effect to philanthropy. When the economic system insists on rounding up, that’s either going to taxes or the business. The state can’t dictate that the rounding up goes to a charity and CERTAINLY can’t dictate what charity.
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When Canada cut the penny, the rounding system cost Canadian consumers around $3.5 Million Dollars per year on groceries.
And that rounding up or down will also have an effect on philanthropy as well as some of the 529 savings plans.
It costs the same money to print a $10,000 bill as it does to print a $1 bill. So why don’t we stop printing the $1 and just print more $10,000 bills?
@LuFins-Dad said in Elon's Coming:
When Canada cut the penny, the rounding system cost Canadian consumers around $3.5 Million Dollars per year on groceries.
Interesting. I would have thought it would even out over time.
Maybe the price item at $1.03 Rounding goes to vendor favor
Buy two, rounding is in consumer favor
etc.Maybe the vendors learned to price "one off" items (like a can of pop in a 7-11) to go to their favor?
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@LuFins-Dad It's not obvious to me how the rounding would next out. Marketer prefer $3.99 to $4. I can imagine in many cases them changing the price to $3.95.
But certainly it'll often go the other way too.
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@Renauda said in Elon's Coming:
I keep a few $5 bills on hand for tips but that’s the extent of it.
I need to start doing that for tips and the occasional homeless guy.
@jon-nyc said in Elon's Coming:
@Renauda said in Elon's Coming:
I keep a few $5 bills on hand for tips but that’s the extent of it.
I need to start doing that for tips and the occasional homeless guy.
I only give sneers to panhandlers..
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When Canada cut the penny, the rounding system cost Canadian consumers around $3.5 Million Dollars per year on groceries.
And that rounding up or down will also have an effect on philanthropy as well as some of the 529 savings plans.
It costs the same money to print a $10,000 bill as it does to print a $1 bill. So why don’t we stop printing the $1 and just print more $10,000 bills?
When Canada cut the penny, the rounding system cost Canadian consumers around $3.5 Million Dollars per year on groceries
I don’t recall anyone raising that issue let alone complaining about it after the fact. People were just glad to be rid of the damn coppers.
Marketer prefer $3.99 to $4.
In the hi-fi store everything was priced to the dollar. The owner’s argument was that given the nature of the equipment and if the client is serious, a penny is not going to affect their decision to purchase. His motto was “Hear it. Love it. Buy it.” Despite being a frugal Scot, he was not adverse to haggling either. In fact, he encouraged it when multiple component systems were under consideration.
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