Say goodbye to the penny. Canada will stop making the penny because it costs 1.6 cents to make it. http://news.nationalpost.com/2012/0...-pennys-days-are-numbered-is-the-nickel-next/ Probably a good idea, but will the cliche's and phrases associated with the penny disappear too?
Pennies are currently zinc electroplated with copper. USA just phased out the dollar coin recently: http://www.usatoday.com/news/washington/story/2011-12-13/dollar-coins/51885500/1
The US doesnt control its money so it has no say in whether to stop making a certain part of the currency
They are, I think it's over 2c in copper. There are apparently laws against melting them down and you can only leave the country with a finite amount. (You know, because they're going to count your pennies at the airport.)
I wouldn't put it past the TSA. "As of 2012, it cost the U.S. Mint 2.41 cents to make a cent because of the cost of materials and production.[4] The loss in profitibility due to producing the one cent coin in the United States for the year of 2011 has been officially released. The cost is a loss of $60,200,000. This is an increase from the 2010, the year before, which had a production loss of $27,400,000.[4]" Source: Why this country is just so fucking stupid these days, really just getting out of hand at this point across the board.
This country? People these days just dont seem to know or maybe just dont understand that the money is NOT run by the government. It is a privately run organization, always has been and always will be. The government is not authorized to check the books or anything like that. At best Congress can make a request for something like more money to be printed but in the end the government has 0 control whatsoever of the Federal Reserve. Which is a complete lie for a name, as there is no gold reserve behind the money and it is not federally controlled.
I know how the Federal Reserve works, it's still pretty stupid either way you look at it. The government is just as bad...
So is everything being rounded to the nearest .05 then? Wouldn't see this working out if something was $1.17.
The government just voted on my personal bank account that will receive the extra cents when rounding.
For cash transactions yes. For credit card and debit - which is probably about 90% of my purchases these days - the actual cost will continue to be applied with no rounding up or down.
They should do this in the United States, people can't count change for shit lol. Figure multiples of five would simplify things for the 99%.
I just LOVE when I'm handed a fist full of pennies to pay.. Or my other favorites.. when they're off by a penny to pay..usually I just let them go. Same goes for change that is .99 .24 or any variant off. Fuck pennies..