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America Must Free Itself from the Tyranny of the Penny (www.nytimes.com)
submitted 3 weeks ago by [email protected] to c/[email protected]
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[-] [email protected] 6 points 3 weeks ago* (last edited 3 weeks ago)

The penny works but people no longer use it for rounding and just wind up with more and more pennies. Back in the day cashier would ask for something ending in an 8 so you hand over dollars and 3 extra pennies, change winds up on a 5, get a nickel instead of 2 more pennies. That is why the penny exists, not to buy things with pennies but to round to the next useful coin. Cashiers often look like a deer in headlights if they ask for 2.49 and you give them 5.04, bygone era

[-] [email protected] 6 points 3 weeks ago* (last edited 3 weeks ago)

The other day I paid with a $20 bill and two ones for a $12 item so I can get a whole $10 back instead of more ones. The cashier mindlessly saw the $20 as a $10 because it’s so exceedingly rare for someone to intentionally overpay to control excess change. After that, I stopped doing it.

[-] [email protected] 6 points 3 weeks ago* (last edited 3 weeks ago)

because it’s so exceedingly rare for someone to intentionally overpay to control excess change.

It's getting rare to pay with cash at all

I worked fast food many moons ago and even then it was like 80% card transactions

[-] [email protected] 2 points 3 weeks ago

Adding extra for round change was not only common, but cashiers would ask for it. But that was 20 years ago, when I still used cash. The only cash I ever see now is the one I keep around to put under my kids' pillows for their teeth.

[-] [email protected] 1 points 2 weeks ago

I've found the trick is you have to say "Here's $22 dollars" out loud to them.

[-] [email protected] 1 points 2 weeks ago

I genuinely didnt follow that, first time ive been too yung to get something

[-] [email protected] 4 points 3 weeks ago

Canada stopped minting pennies ages ago because the metals used to make a penny were worth more than the penny itself

[-] [email protected] -3 points 3 weeks ago

And? That’s true of most coins. It’s probably true of the bills as well.

[-] [email protected] 1 points 2 weeks ago

It’s probably true of the bills as well.

Just FYI you can look up stuff like this at no cost. It's not even close to being true. A Canadian polymer banknote costs about 20 cents to manufacture and the smallest denomination is $5. Coins cost a few cents to make (even $2 ones). It's just the penny that lost so much of its value over time that it costs more to make than its worth.

[-] [email protected] 3 points 3 weeks ago

Meh. I don't remember the last time I handled cash - never touch the stuff. I don't even have to swipe anymore...contactless tap ftw.

this post was submitted on 01 Sep 2024
19 points (82.8% liked)

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