?'s for our friends in New Zealand and Australia

H

hotroddchick22

Active Member
So I'm sure that most of you have heard about the Canadian government wanting to get rid of the $0.01 penny. I heard on the radio today that New Zealand and Australia have done this already.

I was just wondering, to those from NZ and Aus., did this affect retail businesses alot? Does it make life that much easier?

How does that work when someone is paying with cash and the total is, for example, $5.37? Do you round up to $5.40, or down to $5.35? :confused:
 
They have been talking about it before though, so I don't think it was a joke, was it? The copper in a penny is worth more than a cent...
 
Yeah, I just printed an article from the Advocate. It's dated March 31. I knew they had been talking about it before, but that's all it was, just talk. Now it seems like they're actually going to go through with it. They say in the article that the Royal Canadian Mint says it costs less than a cent to make a penny. BUT, Library of Parliament research says the real cost is as much as 4 cents per penny.

I'm just curious, as a bookkeeper and all, to know just what it will do to a business. Will we lose money if we always round down, or make money off people if we round up? I know the penny is a nuisance, but I think we shouldn't get rid of it. That's what makes my cash balance here at work (unless my boss is here, "oh don't worry about those couple of cents", "here's 40 cents change instead of 38"). The cash never balances when my boss is here. :)
 
It is very simple solution. On lookin back a pop used to cost five cents and you got two cents back for the bottle. In now a day's a pop costs over a dollar so in relitive terms just eliminate all the small coins below a dollar cause a dollar is like a dime was or less...........Should get shot down real fast on this.......Pockets would be lighter. Wait a minute they are.

It would then work out for the computers as you want to be able to have it balance out. The only problem is taxes colected on small purchases are in cents and that works out to millions but if we do not have to have coins then we could save millions so just eliminate taxes on purchases under ten dollars and have ten percent tax on purchases.

Hugh.......................PTP
 
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On thinkin bout it I know it would not work but there should be some way it would work and it boils down the biggest obsticle is tax's colected on what we purchase. Them pennies add up to billions fer the goverment and the banks. We deposited some cash in the bank. Cost two dollars to deposit the cash....

Now off I go to work fer a few pennies and the bill's are in dollars. Now I depressed.......

Hugh...... ......... ........... ........ P T P..... ....
 
Ford_Fellow said:
It is very simple solution. On lookin back a pop used to cost five cents and you got two cents back for the bottle. In now a day's a pop costs over a dollar so in relitive terms just eliminate all the small coins below a dollar cause a dollar is like a dime was or less...........Should get shot down real fast on this.......Pockets would be lighter. Wait a minute they are.

It would then work out for the computers as you want to be able to have it balance out. The only problem is taxes colected on small purchases are in cents and that works out to millions but if we do not have to have coins then we could save millions so just eliminate taxes on purchases under ten dollars and have ten percent tax on purchases.

Hugh.......................PTP
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LOL!! That sounded like you should be out of breath after that explaination! :D
 
Ford_Fellow said:
On thinkin bout it I know it would not work but there should be some way it would work and it boils down the biggest obsticle is tax's colected on what we purchase. Them pennies add up to billions fer the goverment and the banks. We deposited some cash in the bank. Cost two dollars to deposit the cash....

Now off I go to work fer a few pennies and the bill's are in dollars. Now I depressed.......
Hugh...... ......... ........... ........ P T P..... ....
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I know how that goes; doesn't work very well when you're trying to buy a house and gotta replace the daily driver soon. Having 'adult' responsibilities kinda sux! :p When you're a kid, you don't have to worry about money and junk.
 
I think the biggest problem with the penny is that it's worth so little, people simply put it in a jar or a box at home. The Canadian mint makes new pennys that eventually end up out of circulation. Personally I don't think it will hurt many people if it was done away with.

My 2 pennys worth

Carl
 
I know all about the pennies in a jar....i have a water cooler jug full of just pennies...I think i should go turn it in now..and put in the boys School fund. All of my change always gets thrown into jars...and about once a month i roll it all up and put it in the boys school fund.
 
Maybe the Canadian Mint should just stop making new pennies and continue to use what is currently in circulation. It is not longer an expense. Make some when we need some. Obviously, if 90% of the population puts their pennies in a jar, the Mint is making too many, so.... stop making them for a while.
 
Ralf Motorsports said:
I know all about the pennies in a jar....i have a water cooler jug full of just pennies...I think i should go turn it in now..and put in the boys School fund. All of my change always gets thrown into jars...and about once a month i roll it all up and put it in the boys school fund.
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Good on you! That's great! It may not seem like much, but it'll add up.
 
Composition Throughout History

Years Mass Diameter/Shape Composition [1]
2000–present 2.35 g 19.05 mm, round 94% steel, 1.5% nickel, 4.5% copper plated zinc[citation needed]
1997–1999 2.25 g 19.05 mm, round 98.4% zinc, 1.6% copper plating[citation needed]
1982–1996 2.5 g 19.1 mm, 12-sided 98% copper, 1.75% tin, 0.25% zinc
1980–1981 2.8 g 19.0 mm, round 98% copper, 1.75% tin, 0.25% zinc
1978–1979 3.24 g 19.05 mm, round 98% copper, 1.75% tin, 0.25% zinc
1942–1977 3.24 g 19.05 mm, round 98% copper, 0.5% tin, 1.5% zinc
1920–1941 3.24 g 19.05 mm, round 95.5% copper, 3% tin, 1.5% zinc
1876–1920 5.67 g 25.4 mm, round 95.5% copper, 3% tin, 1.5% zinc
1858–1859 4.54 g 25.4 mm, round 95% copper, 4% tin, 1% zinc

The newer ones only contain a copper plate.
I can do without having to lug a pocket full o usless coin. :D
 
2 gets rounded down to 0 and 3 gets rounded up to 5...

Get rid of them...

They probably got ride of the penny back home cause you already had a 5, 10, 20, 50, $1 and $2 coin to deal with!!!!

Now that can end up weighing you down a bit.

I can't remember it was so long ago, did they yank the penny to introduce the $2 coin?
 
I would say get rid of although the issue doesn't affect me much as I use debit for 99% of my purchases. Hardly ever carry cash anymore. It would seem logical to me that you would round off to the nearest multiple. 6&7 would round down to 5 and 8&9 would round up to 10. Items could still have pennies in the individual prices but the total purchase would be rounded off. Scott
 
They also have been talking about changing the $5 bill to a coin..... since it doesn't even buy a gallon of gas anymore.............

Russ:rolleyes:

ps..... what is the difference between a politician and a trampoline???? You take your shoes off to jump on a trampoline!:D
 
Yeh, whenever I pre-pay for my gas at the pumps, if I want ta put in $50.00 it always shuts off at $50.01. With the thousands of customers that do that every day, the oil companies love it. Even before they introduced Grants Law, when I went over at the pumps by 1 cent, I was charged for it. So, if ya spot a pennie on the ground, pick it up.
That,s my 1 cent's worth.
 
Geez that means I'm gonna haveta empty my texas mickey fulla change and roll up the pennies.Probaly got $40 worth in there.
 
Chick they did away with the 1 and 2 cent bits a fair few years ago. There is no dramam with it, when a calculation is done you either round it up or round it down depending where the cet is, for example if something is 3 or 4 c then that becomes 5c and if it's 1 or 2c then it becomes nothing or say something was $1.22c then it would be 1.20 if it is 1,23 it might become 1.25.

It's not really a drama and you do get used to it.

I couldn't get over the fact that you guys still had 1c bits the first time I went there. So our smallest coin is a 5c peice.

Cheers, John
 
huh!! now lets see if I sell somthin round it up and if I'm buying round it down Hmmmmm could be workable LOL
 
John in Oz said:
Chick they did away with the 1 and 2 cent bits a fair few years ago. There is no dramam with it, when a calculation is done you either round it up or round it down depending where the cet is, for example if something is 3 or 4 c then that becomes 5c and if it's 1 or 2c then it becomes nothing or say something was $1.22c then it would be 1.20 if it is 1,23 it might become 1.25.

It's not really a drama and you do get used to it.

I couldn't get over the fact that you guys still had 1c bits the first time I went there. So our smallest coin is a 5c peice.

Cheers, John
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I know change is usually for the best, so I think maybe this will work. I wasn't so sure before, but now I think it might be ok.
 
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