http://news.yahoo.com/canada-penniless-marks-coins-end-182928552.html
I guess little Canadian kids will have to collect nickles from now on.
Does this mean all the prices will be rounded to 5 cents eventually? Imagine 10 years from now, you buy something that cost $9.99 and the store can’t give you change.
The US should eliminate the penny as well. Stores only use the 0.99 and 4.99 pricing to make it psychologically cheaper. But in reality, most people won’t even bother picking up a penny on the street.
The metal is worth more than the coin. Makes sense.
Would that be your two cents? Oh wait, sorry, that’s now your five cents, a 150% increase in the cost of someone’s opinion. Or what about the 400% increase in the cost of wishing well wishes? How many opinions and wishes will now be lost because the people who need them most can no longer afford them? This is clearly a case of the man trying to keep us down. Starting this second, I am boycotting all Canadian currency other than the penny.
so short zinc?
This is already how it is in Australia. Smallest coin is 5 cents, but items in stores can still be marked as 99cents. Final bill is simply rounded. I’m personally all for this system. Who needs 1 cent coins, really? My 1 cent coins always ended up collecting in a bucket at home.
prices will be rounded up of course
In theory, no. Rounding is supposed to be as follows:
prices ending in 1 / 2 --> down to 0
3 / 4 --> up to 5
6 / 7 --> down to 5
8 / 9 --> up to 10
This is supposed to only affect cash transactions. Electronic will still be to the penny.
Practically speaking of course, you’re absolutely right.
If we’re talking about the general population, I wouldn’t mind seeing some people get priced out of the market for opinions.
^ I’m now seeing an arbitrage opportunity. I will purchase opinions in the US for $0.02 and sell them in Canada for C$0.05. If I can flip opinions from half the US population, I think I’ll be able to retire.