If Wal-Mart decided to use nickels as its lowest denomination, would it encourage the elimination of the penny?
Eliminating the penny
5 thoughts on “Eliminating the penny”
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I don’t think this would actually encourage the elimination of the penny. Only two U.S. states that I know of don’t have sales tax, so the price of something is exactly what is on the tag. The rest of us have sales tax to contend with. Missouri’s sales tax is like 7 percent. So, even if Wal-Mart rounds off their prices, pennies will still be needed. That is, unless someone starts rounding things up or down by the final price.
Alternatively, Wal-Mart could work the sales tax into the sticker price.
I would much rather have things rounded to the nearest nickle, even if they rounded up every time, just to get rid of the bothersome penny.
US military bases overseas eliminated pennies years ago – rounding the final price. It has work well for them and saves all the logistical hassle that pennies bring. Actually all coins come with their own hassles, so the penny is not alone. It is just eliminating one coin reduces the burden by X%. England also eliminated the one pound paper note in an effort to save money.
I think it would help get the penny elimination ball rolling if walmart did this. Up till now it’s just been all talk.
I’d love yo see pennies eliminated.