Posted by Napoleon on December 1, 2006, 10:18 am
>This one was rounded up but half the time its rounded down. Really a
>case of swings and roundabouts. But the bonus is that we don't have a
>50kg jar of semi useless coins sitting in our house.
Semi useless coins? Since when is a coin (legal tender) even
semi-useless, unless you are too lazy to actually use them. I just
rolled my semi-useless coins, deposited them in the bank, and received
a totally useful $20. This is just for three months. So in a year my
semi-useless coins pays for a month's worth of gasoline or groceries.
Pretty useful to me. As for my time rolling the coins - a measly 30
minutes, spent while watching the news.
The problem with people and coins is that people are lazy. They'd
rather pull out a bill than rummage for the exact change. I always use
exact change if I have it (and too bad, the people behind me in line
can wait for a minute - still quicker than credit card transactions or
waiting for the clerk to give you change). In addition, I ALWAYS pick
up coins I find on the ground. Last week during my daily walks I found
a total of 25 cents in pennies and dimes. Semi-useless for most
people, quite useful for me. I like free money, not matter how small.
Posted by quietguy on December 1, 2006, 11:46 am
Here in Oz we have chucked the 1 and 2 cent coins - now our smallest is the 5c
coin
Shops still price some of their goods in cents (eg $2.99), but at checkout (or
payment) time rounding is employed - 1 and 2 cents (away from the nearest 5c)
is rounded DOWN, 3 and 4 cents (away from the nearest 5c) are rounded UP
eg
$1.98 or $1.99 become $2 and...
$2.02 also becomes $2
$5.52 becomes $5.50
$5.57 becomes $5.55
NOTE that with a multiple item purchase the rounding up/down is not applied to
each item, just the total
Works OK for me and everyone else I have spoken to about it - maybe some are
not so happy
David
Karen Newton wrote:
> I do. It's a dead weight.
> I wonder how things would work without it, and also if there is anything we
> can do to speed up its retirement.
Posted by quietguy on December 1, 2006, 10:46 pm
Government decision backed by legislation re rounding etc
David
New Leaf wrote:
> quietguy wrote:
> > Here in Oz we have chucked the 1 and 2 cent coins - now our smallest is the
5c
> > coin
> >
> > Shops still price some of their goods in cents (eg $2.99), but at checkout
(or
> > payment) time rounding is employed - 1 and 2 cents (away from the nearest 5c)
> > is rounded DOWN, 3 and 4 cents (away from the nearest 5c) are rounded UP
> >
> > eg
> > $1.98 or $1.99 become $2 and...
> > $2.02 also becomes $2
> >
> > $5.52 becomes $5.50
> > $5.57 becomes $5.55
> >
> > NOTE that with a multiple item purchase the rounding up/down is not applied
to
> > each item, just the total
> >
> > Works OK for me and everyone else I have spoken to about it - maybe some are
> > not so happy
> >
> > David
> >
> Was that something done officially or did people start doing it on
> their own and then the government got wise?
> Viv
Posted by Rod Speed on December 1, 2006, 10:55 pm
> quietguy wrote:
>> Here in Oz we have chucked the 1 and 2 cent coins - now our smallest
>> is the 5c coin
>>
>> Shops still price some of their goods in cents (eg $2.99), but at
>> checkout (or payment) time rounding is employed - 1 and 2 cents
>> (away from the nearest 5c) is rounded DOWN, 3 and 4 cents (away from
>> the nearest 5c) are rounded UP
>>
>> eg
>> $1.98 or $1.99 become $2 and...
>> $2.02 also becomes $2
>>
>> $5.52 becomes $5.50
>> $5.57 becomes $5.55
>>
>> NOTE that with a multiple item purchase the rounding up/down is not
>> applied to each item, just the total
>>
>> Works OK for me and everyone else I have spoken to about it - maybe
>> some are not so happy
> Was that something done officially
Yes. Both with stopping production of the smallest coins and spelling
out the rounding detail. What he didnt mention is that it only affect the
use of coins. If you pay for the purchase with a card, there is no rounding.
> or did people start doing it on their own and then the government got wise?
Nope.
Posted by quietguy on December 1, 2006, 11:48 am
SMS wrote:
> George Grapman wrote:
> > Karen Newton wrote:
> >> I do. It's a dead weight.
> >> I wonder how things would work without it, and also if there is
> >> anything we can do to speed up its retirement.
> >>
> > Every price would be rounded up to the nearest nickel. Keep track of
> > every item you but for next week. See how much more you would pay.
> No, 1¢, 2¢, 6¢, 7¢ would be rounded down, 3¢, 4¢, 8¢, 9¢ would be
> rounded up.
And at the supermarket etc rounding is only applied on the total, not to
each item
David
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>case of swings and roundabouts. But the bonus is that we don't have a
>50kg jar of semi useless coins sitting in our house.