return2ozmaStop making cents: US Mint moves forward with plans to kill the penny
CmdrShepard42Good, we should have done this 20 years ago.
Death to nickels!
empireOfLove2The problem is you can’t get rid of nickles without getting rid of either quarters or dimes too. Without nickles you would have a denomination (25c) that has no way to be made by lower coins (10c dimes can’t equal 25c). So you either need to get rid of every coin, every coin except the quarter, or nuke the quarter and nickle concurrently and only use dimes, forcing prices to be multiples of 10.
Why do you need to be able to make every denomination from every other one?
CarbonIceDragonSuppose you want to buy something that costs a quarter, and what you have is 3 dimes. If there isnt a 5 cent coin, this creates a situation where you have enough money, but making exact change isnt possible, which while not impossible to deal with is bothersome. If we moved to only dimes and no quarters or nickels, it would never make sense to make a price end in 5 cents, so any price would be a multiple of 10 cents and change can always be made. Alternatively, if you get rid of dimes and nickels but keep quarters, then it doesnt make sense to charge a price ending in something other than .00, .25, .50, or .75, and so you can always make change for those prices with the coins one would have.
Literally none of this matters anyways if pennies are going, because making prices end in certain amounts won’t work as nice in practice as it does here for the simple reason that US prices almost never include taxes.
I mean, presumably fractions of a dollar still exist as a concept even if the coins don’t, so if you’re selling something that someone might buy in cash, one could just set the sticker price so that the final price plus tax ends up as a round number, essentially including tax when deciding on price and then taking it out again when making the labels, if one wanted to do that.
Why’s it a bad idea to get rid of coins at this point anyway. What can you still buy that is a fraction of a dollar that actually matters? Anything that cheap can just be sold in multiples that amount to even dollar amounts.
Getting rid of coins and rounding to nearest dollar sounds great to me but I don’t know what the drawbacks are.
“Getting rid of coins and rounding to nearest dollar sounds great to me but I don’t know what the drawbacks are.”
I just want to thank you for having the best analysis that I will see today. You are correct that this would be bad and it is nice to see that you understand that you might not see this.
We would be screwing the poorest very hard by making everything round up. Should we have the person literally counting pennies suffer because you want fewer coins in your pocket or because the “it costs more to make than it’s worth” people are too daft to get that we use pennies many times over?
You are the truest bastion of peace and love for the poor, ever since Jesus himself. Your solution to poverty shall be resounded for millenia to come “let them keep their pennies!”.
You abject, fucking, imbecile.