The 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.
That isn’t the specific problem. The problem is that you need a way to make up the difference between them. Example: If someone pays $1.00 for something that costs $0.35, how do you make change without a .05 denomination?
As long as there’s no collusion it should generally even out with random purchases. Unless you constantly buy the same order every day that ends in 3 cents and rounds up you might pay like $5 more every year.
When I was implementing penny-rounding for Canada in Point-of-Sale software, I was told we were legally required to round in a specific way.
I would imagine the U.S. probably will do something similar. Tho, we might follow the model of some of the other countries that have eliminated their pennies. Executive orders are a poor way to cover all the knock-on issues that some with eliminating the penny.
Its just awkward if something costs 1.15 and you just have a dollar and two dimes. No way to make change for that despite it can be summed from coins (3 quarters 4 dimes) so it will for sure occur in a real world situation where nickels are gone.
Imo a funnier (unrealistic) solution would be to just change the value of the dime to 12.5 cents.
I think this is the way. And, in memoriam of the quarter and to celebrate the massive increase in half-dollar production, we open with a 50cents for 50states where we produce half-dollars with 50 alternative “tails”, one for each state.
I doubt it’ll happen in this administration, but at least we are getting rid of the penny, finally.
It would be a poor idea to introduce a coin that couldn’t be easily accommodated by coin-op machines. The Sacajawea was specifically designed to be the same size and magnetic signature was previous dollar coins so that coin-op machines that has taken “silver dollars” would also take Sacajaweas without updating.
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.
There’s still some edge cases floating around. Some laundromats, parking meters, using a shopping cart at Aldi, older vending machines, bottle deposits, probably a few more but that’s off the top of my head.
I’ve got a great business idea: I’ll collect a few million dollars worth of nickels and sell them back to the government for 10 cents each. That’s about a 28% discount to the manufacturing cost, and I’ll double my money. Win-win!
Chad walks into a committee meeting to explain why we should end the production of our copper familiar. “LOOK AT THIS PENNY GRAPH, every time I do it makes me laugh”
Good, we should have done this 20 years ago.
Death to nickels!
The 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?
That isn’t the specific problem. The problem is that you need a way to make up the difference between them. Example: If someone pays $1.00 for something that costs $0.35, how do you make change without a .05 denomination?
It’s the same issue with the penny, you round up or round down.
If you have no penny, when taxes on your item make the total equal to $5.03, you pay $5.05. if the total is $5.02 you pay $5.00.
Sure, but the rounding errors become a lot bigger if you get rid of the nickel.
As long as there’s no collusion it should generally even out with random purchases. Unless you constantly buy the same order every day that ends in 3 cents and rounds up you might pay like $5 more every year.
Businesses will round up in both cases
When I was implementing penny-rounding for Canada in Point-of-Sale software, I was told we were legally required to round in a specific way.
I would imagine the U.S. probably will do something similar. Tho, we might follow the model of some of the other countries that have eliminated their pennies. Executive orders are a poor way to cover all the knock-on issues that some with eliminating the penny.
Its just awkward if something costs 1.15 and you just have a dollar and two dimes. No way to make change for that despite it can be summed from coins (3 quarters 4 dimes) so it will for sure occur in a real world situation where nickels are gone.
Imo a funnier (unrealistic) solution would be to just change the value of the dime to 12.5 cents.
Replace the quarter with a 20¢ piece. Then you can keep getting rid of the lowest coin.
Just use dimes and half dollars
I think this is the way. And, in memoriam of the quarter and to celebrate the massive increase in half-dollar production, we open with a 50cents for 50states where we produce half-dollars with 50 alternative “tails”, one for each state.
I doubt it’ll happen in this administration, but at least we are getting rid of the penny, finally.
We’d need a massive public awareness campaign to let them know we’re even allowed to change this.
Unfortunately half dollars are comically large
They don’t have to be. The old silver dollar coin was huge, but the sacagawea dollar coin is no bigger than a quarter
It would be a poor idea to introduce a coin that couldn’t be easily accommodated by coin-op machines. The Sacajawea was specifically designed to be the same size and magnetic signature was previous dollar coins so that coin-op machines that has taken “silver dollars” would also take Sacajaweas without updating.
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.
There’s still some edge cases floating around. Some laundromats, parking meters, using a shopping cart at Aldi, older vending machines, bottle deposits, probably a few more but that’s off the top of my head.
deleted by creator
Removed by mod
Agreed, why just the penny, eliminate the whole decimal place.
I’ve got a great business idea: I’ll collect a few million dollars worth of nickels and sell them back to the government for 10 cents each. That’s about a 28% discount to the manufacturing cost, and I’ll double my money. Win-win!
I assume you’re alluding to this - https://youtu.be/58SrtQNt4YE
Indeed.
deleted by creator
Chad Kroeger and his fans have been through enough. LEAVE HIM ALONE! LEAVE CHAD ALONE!
Chad walks into a committee meeting to explain why we should end the production of our copper familiar. “LOOK AT THIS PENNY GRAPH, every time I do it makes me laugh”