I look at it as a convenient method of cutting down on people typing things like "oranges 3/ .99¢" or, worse, "oranges, 3/ $0.99¢". Sadly, I've seen both at the grocery store.
No, but there's an easy way to type ¢ on a standard keyboard*, just like ´ or or most other symbols. I too would think that it would be the same in the iPhone.There isn't one on a standard keyboard, either. Frankly, the ¢ symbol itself is practically obsolete in modern usage. If I need to say three cents, I just write it out.
that reminds me of a taped conversation that a guy kept with AT&T a few years ago.. it was about data costing 0.01$ (1 cent) while being advertised at .01 cent (=0.0001$).. or something like that, i don't remember.