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.
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?
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.
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.
Why do you need to be able to make every denomination from every other one?
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.
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.
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.
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.