They did it again!

Q: What does that have to do with whether checks and EFTs will be permitted in penny increments?
A: nothing.
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Regards,
Doug Miller (alphageek at milmac dot com)
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So?
Rounding UP makes the calculations easier for everyone. At worse, it will cost comsumers \$.04 per item.
Add it up if you will. The most lazy and stupid consumer might pay an extra \$50 the first year. After a year things will sort out.

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??? That's a new one on me. How is rounding UP any easier or less difficult than rounding DOWN?
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On 21 Feb 2007 05:27:24 -0800, snipped-for-privacy@gmail.com wrote:

I usually tell cashiers "no pennies" and they sometimes round up and sometimes round down.
Don't make no steenkin' difference to me.
Alan Moorman
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John Gilmer wrote:
> (not sure who wrote:)

Recommendations that anything be "rounded" up OR down to the nearest nickel tells me somebody skipped class the day rounding was taught. Rounding is to the NEAREST DECIMAL POSITION, not to the nearest half decimal position! If you eliminate the penny you must eliminate the nickel - it resides in the same decimal position as the penny. Or are you going to tell me all the accounting systems out there already know how to "round" to the nearest nickel without having to be modified? I think somebody needs to dust off their 5th grade arithmetic book - the topic doesn't even rise to the level of math.

"things will sort out" - WHAT could that ever mean?
But if we DID eliminate the penny and nickel:
Having programmed accounting systems in a past life I can see a wonderful world of opportunity opening up for crooks. The rounding/truncating to the nearest decimal position of \$.1 in a multi-million transaction a day, or even hour, system could feed enormous wealth to a hidden slush fund. You sometimes hear about schemes where the fraction of pennies truncated are accumulated in a hidden account? Well think 10 times that in terms of what would be truncated in a \$.10 system. Fortunately we can rest assured no one would be that dishonest...
What we have works, sort of. If anything needs to be changed I would think backing up the currency with something of real value rather than promises would be a good start.
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Yep -- and methinks it was you.

Not true. Rounding can be to any arbitrary regular interval: the nearest dime, nearest nickel, nearest quarter, whatever.

Absolute nonsense.

And how many accounting systems do you suppose are capable of rounding to the nearest *dime* without being modified?

I quite agree; you certainly do.
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Regards,
Doug Miller (alphageek at milmac dot com)
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snipped-for-privacy@milmac.com (Doug Miller) wrote:

I don't think it has to be a regular interval. E.g., "round to the nearest power of two" would be a perfectly well-defined and acceptable request. Or "round to the nearest prime number".
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--Tim Smith

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On Wed, 21 Feb 2007 09:43:33 -0600, AL

Don't be foolishly argumentative!
When a cashier round up or down to accommodate the "No pennies" request, they ALWAYS round to the nearest nickel.
Simple.
No sweat.
No steenkin' "DECIMAL POINT" math.
Alan Moorman
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The only real answer would be to revalue the dollar. Increase its value by a factor of ten. Essentially, push the decimal point one position to the left on all prices - overnight. A penny now buys what a dime bought yesterday, a dime now buys what a dollar bought. A 50 cent candy bar is now a nickel. Gasoline is 23.9 cents per gallon, a gallon of milk, a loaf of bread, and a lb of butter are 20 cents each, a McDonald's burger is a dime, large fries about 15 cents, minimum wage is 62 cents an hour, a newspaper is a nickel, a lb of ground beef is about a quarter, a haircut is a buck and a half, a barrel of crude is about \$5, the median price of a single family home is about \$20,000, a new car about \$2,000, cross country airfare about \$50, a movie ticket is 75 cents, etc, etc, etc.
Best of all - we keep the penny!

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On Mon, 19 Feb 2007 08:08:37 -0500, "John Gilmer"

For reasons of fairness, that should be "rounded" rather than "rounded up".

--
Mark Lloyd
http://notstupid.laughingsquid.com
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Nope!
The consistent (and in the long run most "fair") is to remember that when you now buy ONE of something that's "Three for a \$dollar" the first item is \$.34. The next two are only \$.33.
So long as everyone plays by the same rules and everyone understands the rules "fairness" isn't an issue.
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For reasons of sanity, the law should not dictate *anything* with regard to prices except that pennies will no longer be produced. The retailers will then round up, down, or whatever other direction the consumers decide to support. Many of us are old enough to remember the disaster created by the government pricing laws of the 1970's.
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Mark Lloyd wrote:

Not that it really makes much difference, but, rounding by fives seems more fair than decimal rounding. In decimal there is a middle (number 5,) and there has to be a convention wether to round it up or down. Between 5 and 10 cents there are an even number, so 6 and 7 are rounded down to 5 and 8 an 9 are rounded up.
Dave
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I read (somewhere) that the penny is worth about 1.2 cents in material. If material costs continue to rise, they're gonna have to find something else to manufacture it out of (plastic?) or else discontinue it. Either way, you might want to start stockpiling all your pennies now, in the eventuality that you'll be able to sell them for a profit.
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I read (somewhere) that the penny is worth about 1.2 cents in material. If material costs continue to rise, they're gonna have to find something else to manufacture it out of (plastic?) or else discontinue it. Either way, you might want to start stockpiling all your pennies now, in the eventuality that you'll be able to sell them for a profit.
According to comments on the coin collecting ng, there is a recent law making it ilegal to melt pennys, I guess due to the expense of making new ones.
Bob
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Give Junior awhile- he'll bring back Prez Wilson's law about dissing the govt being a felony.
aem sends....
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AL wrote:

Since a dollar is now small change, I like using dollar coins, and the post office machines now return them as change from your \$10. We just returned from Ecuador, which uses the US dollar and doesn't have there own currency. The Sacajawea coins are worn thin there, not like the pristine ones here. Haven't seen the new ones yet, but I thought the old ones were just fine.
Dave
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AL wrote:

At the risk of coining a new phrase, "It's about the money."
Dollar bills are the creation of, and owned by, the Federal Reserve System. Coins are produced by the Bureau of the Mint.
HUGE difference.
Coins are government specie - when the government mints coins, they are minting money. When the Fed prints a dollar bill, they are producing a promise to pay. Not the same thing at all.
All the coins produced by the mint are new, free, money that the government can spend without borrowing. Not so with paper.
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HeyBub wrote:

It's pretty much an academic distinction. As long as someone is willing to accept the representation of value it matters not what backs up the perceived value. In the days when coins were made of silver and gold, they had a value distinct from the pretty pictures upon them. Now that they're all made of dross, a coin isn't much different from a piece of paper. In a few cases it actually costs more than the defined value to produce the coin (1 cent being a case in point).
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(snip) . In a few cases it

I thought they fixed that when they went to the flash-plated zinc pseudo-pennies a few years back? Or has the dollar sagged so far, and/or zinc gone up so much, that the metal value is over a cent again?
aem sends....