Well, that makes sense... I looked it up for the last penny thread, so can't be arsed to do it again, but the penny from 1914 (or thereabouts) is worth somewhere close to 17.5 cents now.
Goodbye sweet penny :(
- Thread starter StittsvilleJame
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Well, that makes sense... I looked it up for the last penny thread, so can't be arsed to do it again, but the penny from 1914 (or thereabouts) is worth somewhere close to 17.5 cents now.
I save my pennies. I roll them myself (how lazy it seems to use a machine to roll them, if you only have a few rolls!). And when I have a few dollars' worth, I take them to the bank. When one is on a very tight budget, you never know when those few dollars' worth of pennies could make a difference in your being overdrawn or not.
aimeeandbeatles
watermelon
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- Apr 5, 2007
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They can get very heavy though. We had to bring the huge container in on a cart ... It was hilarious, and Yes they were all rolled up, in the container.
Oh, I know they can get heavy. I can't physically carry more than a few dollars' worth in a couple of shopping bags when I go to the bank, because bags are not as strong as they used to be - and neither am I.
The Royal Bank used to have these nifty plastic Penny Pinchers that they gave out to people to put their coins in. I still have a few around, for pennies, nickels, dimes, and quarters. They quit making them before we had loonies. The penny ones are especially useful, as there are dividers to make it easier to count the pennies into groups of five (so you don't accidentally give the bank extra/not enough).
The Royal Bank used to have these nifty plastic Penny Pinchers that they gave out to people to put their coins in. I still have a few around, for pennies, nickels, dimes, and quarters. They quit making them before we had loonies. The penny ones are especially useful, as there are dividers to make it easier to count the pennies into groups of five (so you don't accidentally give the bank extra/not enough).
Onionsoilder
Reaver
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- Mar 19, 2007
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- 3,173
I would support abolishing all coins. Stupid things keep falling out of my pocket... paper or plastic only!
But yes, the penny is especially useless.
But yes, the penny is especially useless.
Leifmk
Deity
Yes, it's time to get rid of that little bronze bastard, it's useless.
As a side note, at least here final prices are only rounded to the nearest 0.5 NOK (that being the value of the littlest coin) when you pay in cash. If you pay by card, which is increasingly the default for most people and in most shpps, the full two-decimal accuracy is retained (only really relevant for things that are bought by weight, I guess).
Leifmk
Deity
Well if they abolished it, its either raise the prices or lower it by a nickel. What do you think theyre gonna do?
Hint: They arent going to lower the prices
Anyways it wouldnt be too good for poor people
Actually I'm pretty sure that things which are priced at $4.99 will mostly wind up priced at $4.95. And so on. That is exactly what happened here when the 0.01 NOK coins died, and later when the 0.05, 0.1 and 0.25 NOK coins were put out of their misery.
PiMan
Deity
Australia uses the policy of always rounding to the nearest 0.05.
0.01 and 0.02 go down while 0.03 and 0.04 go up.
The prices themselves haven't changed much, so the rounding only applies to the total price when several things are bought, and doesn't apply when paying by card.
Leifmk
Deity
This is the mathematically correct way of rounding nearest, yes.
The point of stuff being priced at 4.99 or such is very cheap psychology -- people see the leading 4 and feel as if it's somehow materially cheaper than if it were priced at 5.00. At least here, it's widely done even with relatively expensive stuff such as TVs and refrigerators and so on (in those cases they usually don't even bother with the least significant digits, i.e. a new cheapish laptop might be priced at NOK 3990 rather that 3999.5) -- it all seems like an incredibly cheap shot, but apparently it must be working often enough to be worth it. So when the merchants can no longer price stuff at 4.99 due to there no longer being a 0.01 coin, they'll almost universally resort to 4.95 rather than rolling over the leading digit to a 5.
I go to Coinstar.
PiMan
Deity
Except that's not what happens here. Prices will still be seen ending in .99, but at the register they will be rounded up. The psychology still works.
Bugfatty300
Buddha Squirrel
I've saved over $20 in pennies this year. Meh. That's $20 I wouldn't have if there were no pennies around. I say keep em.
Moggy
Warlord
When I visited Australia a few years ago that really annoyed me. If something costs $9.99 and I give them a $10 note, where is my change? Thieving Ozzies.
Racsoviale
Smoke me a kipper!
we abolished our smallest coin a few years ago 0.25 DKk or 25 øre, we havent really missed it. Everything was just rounded up or down to the nearest 0.50 DKk, so I'm sure you guys can manage this drastic change in the economy as well.
Lillefix
I'm serious. You can.
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- 5,699
So you have to put the pennies in a roll(like George did in that Seinfeld episode) before the bank accepts them? Like this: http://en.wikipedia.org/wiki/Bank_roll
Aren't there coin counting machines available in the bank that you can put the coins into? That's what I use when I take my piggy bank to the real bank.
Leifmk
Deity
As an aside, the American banking system seems pretty backwards and not very convenient or customer-oriented, to someone who's used to European standards. Sorry, American friends; your country has a leading position in many respects, but not in this one. I mean, they still have cheques in widespread use. Cheques, for crying out loud. I'm tempted to drag out the Achewood quote about fax machines again.
PiMan
Deity
When I visited Australia a few years ago that really annoyed me. If something costs $9.99 and I give them a $10 note, where is my change? Thieving Ozzies.
Buy three of them and save some money instead.
Bamspeedy
CheeseBob
In the US, the 4.99 is before sales tax, so it would probably remain being priced at 4.99. (At 5.5% sales tax that comes to 5.26, which might get rounded to 5.25, but at 4.95 it would come to 5.22 or rounded to 5.20)
That is the oldest one you will find with the lincoln memorial on the back. Before then there was the Wheat Penny, which has a different back so is often pulled from circulation by casual collectors (but can still be rarely found in circulation-I find maybe a couple/few every year)
PiMan
Deity
That's another thing that has to change in the US. Build the sales tax into the marked price.
Online it makes sense not to, since tax varies from state to state, but in real world stores they should have the real prices.
Online it makes sense not to, since tax varies from state to state, but in real world stores they should have the real prices.
