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Old Jan 5, 2013, 03:17 PM   #26
rdowns
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Originally Posted by Peace View Post
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I should have said interest rates and taxes.

It's simple. Any amount to the right of the decimal point has to be accounted for and often ends in more than one decimal point.

As far as taxes many government's both federal,state and local have tax rates with many decimal points to the right. This almost always ends up with pennies or nickels.

So what? Even if we didn't have a physical penny, it doesn't mean we wouldn't worry about the right side of the decimal point.
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Old Jan 5, 2013, 03:17 PM   #27
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As far as taxes many government's both federal,state and local have tax rates with many decimal points to the right. This almost always ends up with pennies or nickels.
It does, and that's why you would round to the nearest nickel, dime, quarter, etc. Either up or down. Some people would end up paying a little more and others a little less. By a little we're talking a few cents per transaction for rounding to nickels.


-----------------------

Currency as we have it is somewhat arbitrary. We used to have half pennies. We could have had quarter pennies. We could have even started off with only dimes. It's a reflection of the value of goods at the time. Currently I'd be hard pressed to find a need for pennies or nickles, probably even dimes.

Removing pennies is easy. For each transaction you do at a store, you'd round to the nearest 5 cents. Let's say for $0.02 and less you round down, and $0.03-$0.04 you round up. Likewise for $0.06-0.07 and $0.08-0.09. No more need for nickels. Sometimes you will pay at most $0.02 more per transaction, sometimes you will pay $0.02 less per transaction. Some people will "game" the system initially but it'll wear off because eventually those people really won't care about $0.02.

Removing a nickel is slightly more difficult. That implies rounding to the nearest $0.10. While the rounding is done in a likewise fashion, it means quarters are only useful in pairs since you could never hit $0.25 or $0.75. Thus, I would propose removing the nickel would necessitate the removal of the dime also and we round to the nearest quarter.

Now we'd have a currency that allows for dollars (which should be a fairly set cost regardless of the value of the currency) and quarters/half dollars.

But... but... I need my pennies, nickels, and dimes! No you probably don't. Aside from the fact that the rounding will likely even itself out (you'll pay a $0.12 more sometimes, you'll pay $0.12 less sometimes), you'll get used to it. Just like you'd get used to it if instead of things going out to 2 digits past the decimal, a long long time ago they decided to go 3 or 1 digits past the decimal. Going 2 past the decimal is completely arbitrary, aside from it being a reflection of the perceived value of goods at the time.

It would likely be ultimately cheaper for the government to round all our bank accounts up by up to the nearest quarter on a given day, than to continue creating this currency.
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Old Jan 5, 2013, 03:21 PM   #28
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2 to make and distribute a US penny, 11 for a nickel. I know the government is inefficient, but this is silly.
Not really, considering coins stay in circulation for up to 40 years no problem, its good value for money considering how long they last.
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Old Jan 5, 2013, 03:25 PM   #29
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Just a few examples of the use of cents.

Until there is a cashless economy there will always be pennies.
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Old Jan 5, 2013, 03:29 PM   #30
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Half the money in the US economy does not exist as anything other than magnetic fields on some hard-drives somewhere. Trillions of dollars. So, eliminating the physical penny will only affect cash transactions, which are becoming less and less common. There is no reason to round the abstract numbers merely because you lack the physical object that represents them.
IIRC, in Canada, which eliminated the penny, there's no rounding involved when paying with plastic. Only when paying with cash, and that's what I'd like to see the US adopt.
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Old Jan 5, 2013, 03:31 PM   #31
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makes no cents.

The penny would ONLY disappear for cash transactions. For everything else, we could still move pennies around electronically. The penny is just another relic that the US can't seem to leave behind.
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Old Jan 5, 2013, 03:31 PM   #32
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Gasoline : $3.4999

Just a few examples of the use of cents.

Until there is a cashless economy there will always be pennies.
And that's an example of a currency we don't even have but everybody is fine with the rounding.
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Old Jan 5, 2013, 03:33 PM   #33
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And that's an example of a currency we don't even have but everybody is fine with the rounding.
I would rather round to the penny than to a larger denom
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Old Jan 5, 2013, 03:33 PM   #34
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The penny would ONLY disappear for cash transactions. For everything else, we could still move pennies around electronically. The penny is just another relic that the US can't seem to leave behind.
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Originally Posted by SilentPanda View Post
And that's an example of a currency we don't even have but everybody is fine with the rounding.
Hey ! Don't pile up on me. I don't run the nations economy.

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Old Jan 5, 2013, 03:35 PM   #35
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Hey ! Don't pile up on me. I don't run the nations economy.

Then stop being a penny apologist.
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Old Jan 5, 2013, 03:37 PM   #36
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iTunes movie rental : $4.99
Gasoline : $3.4999
Bread : $4.59
Wal-Mart ( or any other major store ) item : $3.99

AAPL Stock :

Volume 21,225,980
Shares 938,819,000
Market Cap 494.76B
52 Week High 705.07
52 Week Low 412.67
EPS 44.15
P/E Ratio 11.94
Div Yield 1.96

----------------------

Just a few examples of the use of cents.

Until there is a cashless economy there will always be pennies.
Gas just proves that we can get rid of the penny. Rounding takes place every time you buy gas. If gas is $3.499 and you buy 9.394 gallons to fill up your tank, that is $32.869606. Of course, the gas station rounds that to $32.87.

In fact, rounding takes place all the time with sales tax calculations. If the subtotal is $39.99 and the tax rate is 8.125%, the sales tax is $3.2491875, or $3.25.

We don't even have to get rid of the penny for electronic transactions. Only cash transactions would be rounded. Sometimes your purchases round up, sometimes they round down. Over time, it all evens out.
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Old Jan 5, 2013, 03:38 PM   #37
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Then stop being a penny apologist.
LOL..

For the record. I hate pennies too.
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Old Jan 5, 2013, 03:41 PM   #38
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I use cash quite a bit. I use my card for online and gas but everything else tends to be cash and checks

How I was brought up. To each his own
Dear god, if there's one thing more useless than pennies, it's checks. It's my understanding that many European countries have all but eliminated checks in favor of electronic transfers.
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Old Jan 5, 2013, 03:41 PM   #39
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LOL..

For the record. I hate pennies too.
Sure doesn't sound like it! Sounds like a combination of the Constitution party and Communist Party's right wing liberal media bias to me.
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Old Jan 5, 2013, 03:42 PM   #40
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That should be sufficient reason to stop production, in it is self.
It was the cost of producing the 1 cent and 2 cent coins that made both the Governments of Finland and the Netherlands stop production in 2007.

http://en.wikipedia.org/wiki/1_cent_euro_coins
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Old Jan 5, 2013, 03:45 PM   #41
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Dear god, if there's one thing more useless than pennies, it's checks. It's my understanding that many European countries have all but eliminated checks in favor of electronic transfers.
All nice and dandy except I have had more than one case where the "convincence" of doing electronic transfers is a little more substantial than it would be by sending a check

Namely rent/utilities/services

So with checks I will stay for them
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Old Jan 5, 2013, 03:48 PM   #42
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FWIW, aside from a set, calculated amount I leave in my checking account for bills for that pay period, and a set amount of money left in the account for gasoline so I can pay at the pump, the wife and I do everything with cash.

On payday I figure out the bills for that pay period, figure out how much gas we will need, and leave that in the account. Transfer whatever amount to savings, and then go straight to the ATM and get the rest out as cash, and split it 50/50 with my wife. What we have in cash in our wallets is what we have until the next check.

MUCH easier to keep track of, much easier to see how much you have left, and far nicer than having to try and remember what you spent and what you didn't and what's posted in your online banking and what isn't.

Cash all the way IMO.
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Old Jan 5, 2013, 03:49 PM   #43
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Cash all the way IMO.
We're not proposing getting rid of cash. Just small coins.
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Old Jan 5, 2013, 03:50 PM   #44
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I guess that will stop them from minting their way out of debt.
No, it just means the minted coin needs a larger denomination, like... one mill...; wait, one bill...; no, one trillion dollars:
http://mobile.theverge.com/2013/1/4/...-platinum-coin

Stealing it would take a plan worthy of an Evil Overlord (mwa-ha-ha-haa optional).
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Old Jan 5, 2013, 03:50 PM   #45
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We're not proposing getting rid of cash. Just small coins.
well it,the idea, was brought up with the elimination of all cash in the first couple posts
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Old Jan 5, 2013, 03:50 PM   #46
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I would rather round to the penny than to a larger denom
Why? Simply because that's the way you've always done it?

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well it,the idea, was brought up with the elimination of all cash in the first couple posts
Fair enough. Getting rid of all cash would be a bad idea IMO.
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Old Jan 5, 2013, 03:53 PM   #47
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Why? Simply because that's the way you've always done it?
Pretty much. Same reason I would rather use the imperial system for day to day things, even though my work dictates use of metric.
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Old Jan 5, 2013, 04:04 PM   #48
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Pretty much. Same reason I would rather use the imperial system for day to day things, even though my work dictates use of metric.
Same, you and I are quite similar. Even though I'm an engineer, I actually don't mind imperial units for regular stuff. Oddly enough though, at work we mainly use imperial as well since most of our clients are US based.
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Old Jan 5, 2013, 04:37 PM   #49
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The penny needs to be killed. It is truly worthless. I tend to just throw in a jar when I get around to cleaning out my car and hell I even throw them away they are worth so little.

I can deal with the nickle costing a little more than 5 cents to make as long as the metal value is less than 5 cents as the life span of a coin like the nickle is pretty long.

Penny is worthless. Hell I also vote kill the paper dollar bill and go to a coin so they last longer before they need to be pull out.
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Old Jan 5, 2013, 04:47 PM   #50
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I would not be fine with that.

I like the anonymity that cash provides, not to mention that anybody can accept cash when you are in a bind business and individual. Can't say the same for plastic.
There are already currency standards in place that provide more anonymity, security and freedom than bank currency. The bank system is hideously out of date.

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The penny needs to be killed. It is truly worthless. I tend to just throw in a jar when I get around to cleaning out my car and hell I even throw them away they are worth so little.

I can deal with the nickle costing a little more than 5 cents to make as long as the metal value is less than 5 cents as the life span of a coin like the nickle is pretty long.

Penny is worthless. Hell I also vote kill the paper dollar bill and go to a coin so they last longer before they need to be pull out.
Here in New Zealand, if you don't provide EFTPOS or Credit facilities you lose out on business. No one carries around a significant amount of cash anymore.

Lots of countries have restructured their coin tender with no issues at all. You lot need to stop winging.

Last edited by MorphingDragon; Jan 5, 2013 at 04:54 PM.
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