Is there any logic for America to keep the penny?
I’m all for the penny. Without the penny that means prices would be rounded to the nearest number based on 5’s which means someone is going to lose money. For instance: Total purchase = $14.43. Being no more pennies thus having no pennies to give as change the only logical solution is to round the number so that pennies are not needed. That way it would either be $14.40 or $14.45. The business owner will naturally want to raise it 2 more cents while the consumer will naturally want to lower it by 3 cents. How do we decide who gains vs. who loses? Hypothetical situation: Let’s say I make a purchase and the total, including tax = $10.46. I would pay $11.01. I’d rather receive 1.55 than 1.54 if I didn’t pay with the penny. Unfortunately without the penny I’d be stuck and then here we are again, someone loses out on a cent. Do this several times a day and either business owners or consumers are going to be counting significant losses at the end of each financial quarter. Living in a world
