Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
this is referred to as the swiss roundup and it causes inflation. retailers are gonna round up not down so if something was 1.01 its not gonna be 1.00 its gonna be 1.05 so you paid an extra 4 cents. this is gonna happen with everything. it raises prices and causes inflation.
also, you mock the penny but a penny found is more than a penny earned. a penny earned you have to pay taxes on. a penny earned you have to spend money to earn. a penny found on the ground is more than a penny. sure it wont make you rich but its the thoguht process you create when you think this way that makes you value money and in turn makes you spend more wisely
IMHO, the dollar coins failed because the mint tried to make a political statements while also introducing a new "gold" colored coin.
It's actually Congress that makes these decisions, but I guess what you are saying is that mysogynists and haters of Native Americans took offense at earlier dollar coins? Well, the Presidential coins issued since 2007 haven't fared any better despite their red-blooded, all-American theme. Solution is simply to stop supporting dollar bills. Until we do, people will just keep doing today what they did yesterday.
Walking Liberty Silver Eagles such as the one pictured are of course made from one troy ounce of actual silver, the cost of which this afternnoon would be $19.07. These are collector and investment grade coins, not meant for circulation.
Last edited by fairlaker; 12-03-2013 at 02:01 PM..
You are not seeing the big picture here: the dollar has declined about 98% since we went off the gold standard...
Actually, you're supposed to say "since the Fed was established". After all, we've gone off the gold standard several different times. But either way the claim is merely nonsense propaganda.
most vending machines take dollar coins and a decent amount now also take credit cards. it won't be long before they all do. and toll booth machines are getting rarer by the day.
EZ-Pass rules the road. This will eventually start to spread as a means to raise revenue without raising taxes. The days of "This commercial for GEICO brought to you by Budweiser" are not too far away.
It is relevant. Businesses can and would just love to round off their prices to the next highest five cents. It's the government that needs the pennies for sales tax collection. Unless they are also going to start rounding off sales tax to the next highest five, which I believe would be illegal. As it is now, a penny of sales tax is collected when a penny is due. If they had to wait until a nickel was due, that would be a major loss of tax revenue. That is the only reason that pennies exist, and will continue to exist.
LOL! These are all digital amounts except for the poor slob who wants to pay in cash. Merchants do not set aside a sack of physical pennies for the state that they add to each time they sell something. If your grocery bill of $127.73 and you charge it, that's what is added to your bill. Similalrly, whatever a merchant has rung up as sales tax at the end of a cycle is what he wires off to the state. It's physical PENNIES that go away, not the concept of what one-cent is.
this is referred to as the swiss roundup and it causes inflation. retailers are gonna round up not down so if something was 1.01 its not gonna be 1.00 its gonna be 1.05 so you paid an extra 4 cents. this is gonna happen with everything. it raises prices and causes inflation.
If the total were $1.01 or $1.02, a cash customer would pay $1.00. If it were $1.03 or $1.04, a cash customer would pay $1.05. Examination of over 200,000 convenience store transactions showed that a teeny tiny effect would have resulted from rounding, and that it would have been in the favor of customers. The fear of course, is that businesses would study their sales data and make minor price changes to improve the chances of a tax-included total ending in a 3 or a 4. Tempest in a teapot there?
this is referred to as the swiss roundup and it causes inflation. retailers are gonna round up not down so if something was 1.01 its not gonna be 1.00 its gonna be 1.05 so you paid an extra 4 cents. this is gonna happen with everything. it raises prices and causes inflation.
also, you mock the penny but a penny found is more than a penny earned. a penny earned you have to pay taxes on. a penny earned you have to spend money to earn. a penny found on the ground is more than a penny. sure it wont make you rich but its the thoguht process you create when you think this way that makes you value money and in turn makes you spend more wisely
no actually they would round to the next denomination in this case being a nickel.
costs of things with tax are already rounded off. when the tax brings someone to a 1.0825 the store charges 1.08 not 1.09.the same thing would happen with the penny being eliminated.rounding in the long run balances out- you won't be paying more for anything in the long run.
we ddnt have 1/10th cent coins 50 years ago, we don't need pennies now.
as for the thought process-worrying about picking up pennies off the street is not going to benefit you at all in the wrong run. using your time to figure out how to make more money and make that money grow exponentially will.
it's amazing how many people who worry about picking up pennies pay tons of money in interest, buy things they can't afford etc.
If the total were $1.01 or $1.02, a cash customer would pay $1.00. If it were $1.03 or $1.04, a cash customer would pay $1.05. Examination of over 200,000 convenience store transactions showed that a teeny tiny effect would have resulted from rounding, and that it would have been in the favor of customers. The fear of course, is that businesses would study their sales data and make minor price changes to improve the chances of a tax-included total ending in a 3 or a 4. Tempest in a teapot there?
hey no facts or logic on this board!
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
