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553 points andrewl | 4 comments | | HN request time: 0.822s | source
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Night_Thastus ◴[] No.45903609[source]
I'd say screw it, get rid of nickles and dimes as well. Quarters can stay, for now.

It's a complete waste of money and time continuing to mint such low-value currency. It can't be used for just about anything.

Unfortunately, I do see the problem with part of this. For a handful of items where it does matter, it will force people to use cards more if they want to avoid rounding. And the card providers already have a choke-hold on retailers, and the whole thing is basically a scheme that funnels money from the poor to the wealthy via interest and fees on the consumer, interchange fees, and rewards programs.

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bbarnett ◴[] No.45904256[source]
I know you're referencing more than pennies, but to speak to pennies, I find the current rounding noise in the US to be weird. Likely, it's just more of the media, talking heads, and youtube personalities trying to turn a nothing into something, story.

Back when we did it in Canada, I don't recall a single person I knew concerned about penny rounding. Everyone was sick of pennies. No one cared. Everyone was happy. And the math seems fair enough:

https://www.budget.canada.ca/2012/themes/theme2-info-eng.htm...

Basically, if something is $1.01 or $1.02, you round down. If it's $1.03 or $1.04, you round up. Rounding is to be applied after all taxes are paid, etc.

Of course, there was also central guidance and, well, everyone just followed it. It's called "having a society".

People blathering on about stores fixing the rounding are morons, there's no way to do so if you buy more than one item. No one gets ripped off with the above method. In the end, it just works out.

And really, who cares?! It's a penny.

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hinkley ◴[] No.45906641[source]
I think people underestimate how many stores used to set prices to avoid pennies. When I was a kid it was frequent. Goose the price so cost + tax rounded to the nearest nickel. But now everything is 23.99 or sometimes 23.95, and they use the pennies place to denote clearance items. Like 19.94 or 3.98.
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1. pge ◴[] No.45906753[source]
There’s a reason for this. Prices that force cashiers to make change force them to run the transaction through the cash register so it is recorded, and the amount in the register can be checked at the end of a day or shift to detect theft. If prices are round numbers, such as $1, the cashier can pocket the payment.
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2. why_at ◴[] No.45907561[source]
I don't get it. Why couldn't a cashier pocket $1.99?
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3. flymasterv ◴[] No.45907765[source]
Because they were handed $2 and have to get the change out of the register.
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4. why_at ◴[] No.45907887{3}[source]
Ok, but if the cashier is stealing they could just have change in their pocket?

I'm skeptical that preventing theft is the reason for these prices rather than the psychological trick of looking cheaper.