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Time To Abolish The 1c & 2c Coins  
User currently offlineBraybuddy From Ireland, joined Aug 2004, 5575 posts, RR: 32
Posted (7 years 9 months 5 days 7 hours ago) and read 3543 times:

While sorting and bagging a bowl of loose change this morning I noticed how most of the copper coins are new or almost new. We've had the euro now for four and a half years, yet the smaller coins are still new. Why? I can only come to the conclusion that they keep getting lost because people don't bother about them, therefore the govenment has to keep minting new ones to keep them in circulation. Virtually all the 1c and 2c coins in the bowl were newly-minted or only showing slight discolouration, while of the 5c ones most had evidence of lustre on them.

Really it's time the two smaller denominations were abolished. They are too small for a start, and nearly everything outside supermarkets is priced in 5c (or higher) increments.

Australia had the right idea years ago when they abolished their smallest denomniations, and Finland didn't even mint these two coins, so when is the rest of the eurozone going to follow suit?

[Edited 2006-07-21 13:48:18]

55 replies: All unread, showing first 25:
 
User currently offlineJoge From Finland, joined Feb 2000, 1443 posts, RR: 40
Reply 1, posted (7 years 9 months 5 days 7 hours ago) and read 3530 times:

Quoting Braybuddy (Thread starter):
Finland didn't even mint these two coins

Yes they did, but they weren't in use for long time. There are few around. If you see one, keep it! I got one Finnish 2c coin.  Smile

-Joge



Bula!
User currently offlineDAL767400ER From Germany, joined Feb 2005, 5721 posts, RR: 46
Reply 2, posted (7 years 9 months 5 days 6 hours ago) and read 3528 times:

Definitely agree with you. Each one of my parents and myself has a glass full of this useless money, not to mention the plethora of them at work. Of course, occasionally we roll them and bring them to the bank but still, they are annoying.
It's just too bad that most companies still believe prices of XY,99 or A,48 will catch more interest than prices like 1,00 or 0,50. Well, for some of them it might work, but the majority of people are just getting annoyed. Really, the 5-cent coin should be the smallest coin available. And even if you have a net sum that has a gross of something like 53,43 then it can still be paid via EC, credit card or online, neither of which needs change anyway.
Could all be abit easier, but likely won't happen.


User currently offlineKaiGywer From United States of America, joined Oct 2003, 12163 posts, RR: 36
Reply 3, posted (7 years 9 months 5 days 6 hours ago) and read 3526 times:
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Quoting DAL767400ER (Reply 2):
It's just too bad that most companies still believe prices of XY,99 or A,48 will catch more interest than prices like 1,00 or 0,50

Well, this can be accomplished by rounding. In Norway, they cut the 10 øre denomination in 1993 (I believe). There are still prices like 19.90 and such, but you'll pay 20. 0.00-0.24 is rounded down to the whole, 0.25-0.74 is rounded to the 0.50, and 0.75-0.99 is rounded up to the whole.

Works great. When getting gasoline and paying cash, always fill it to xx.24 to get the most value  Wink



911, where is your emergency?
User currently offlineDAL767400ER From Germany, joined Feb 2005, 5721 posts, RR: 46
Reply 4, posted (7 years 9 months 5 days 6 hours ago) and read 3513 times:

Quoting KaiGywer (Reply 3):
Well, this can be accomplished by rounding. In Norway, they cut the 10re denomination in 1993 (I believe). There are still prices like 19.90 and such, but you'll pay 20. 0.00-0.24 is rounded down to the whole, 0.25-0.74 is rounded to the 0.50, and 0.75-0.99 is rounded up to the whole.

Works great. When getting gasoline and paying cash, always fill it to xx.24 to get the most value

Sounds like a good idea that I would support, but that won't happen here in Germany, as most Germans have become way too greedy. Here, people say stuff like "Oh, you sell that ink cartridge for €4? Too bad, I have seen it at Mediocre Markt for only €3,90. Looks I will buy it there instead."
Ridiculous, but this attitude by customers is one of the main factors that's killing us  Yeah sure .


User currently offlineAirdolomiti From Germany, joined May 2003, 686 posts, RR: 9
Reply 5, posted (7 years 9 months 5 days 6 hours ago) and read 3512 times:

I'm in favor of abolishing the 1c and 2c coins, too, and I'd really like to see €1 and €2 notes. IMO, as it is now, having the smallest note at €5 really distorts your perception of how much money you actually have.

User currently offlineBraybuddy From Ireland, joined Aug 2004, 5575 posts, RR: 32
Reply 6, posted (7 years 9 months 5 days 6 hours ago) and read 3509 times:

Quoting DAL767400ER (Reply 4):
Here, people say stuff like "Oh, you sell that ink cartridge for €4? Too bad, I have seen it at Mediocre Markt for only €3,90. Looks I will buy it there instead."

That can still be done as there would still be 5c and 10c coins. For shops which price things ending in 99c they would be required to round down to 95c.


User currently offlineBirdwatching From Germany, joined Sep 2003, 3767 posts, RR: 51
Reply 7, posted (7 years 9 months 5 days 6 hours ago) and read 3506 times:

Quoting Airdolomiti (Reply 5):
I'd really like to see €1 and €2 notes

That's because you're Italian! You used to pay like ten grillion Lira to buy a chewing gum. I read that many Italians were really nervous after the Euro transition because they weren't used to coins, or simply didn't have a coin compartment in their wallet!  Smile

Soren  santahat 



All the things you probably hate about travelling are warm reminders that I'm home
User currently offlineKaiGywer From United States of America, joined Oct 2003, 12163 posts, RR: 36
Reply 8, posted (7 years 9 months 5 days 6 hours ago) and read 3506 times:
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Quoting Braybuddy (Reply 6):
For shops which price things ending in 99c they would be required to round down to 95c.

Or up to 1  Smile



911, where is your emergency?
User currently offlineKaiGywer From United States of America, joined Oct 2003, 12163 posts, RR: 36
Reply 9, posted (7 years 9 months 5 days 6 hours ago) and read 3505 times:
Support Airliners.net - become a First Class Member!

Similar discussions are also going in the US, where the cost of making 1 penny is currently costing 1.23 cents, and the cost of making a nickel (5 cents) cost 5.73 cents.

http://articles.moneycentral.msn.com/News/TimeToKillOffThePenny.aspx



911, where is your emergency?
User currently offlineBanco From United Kingdom, joined Oct 2001, 14752 posts, RR: 54
Reply 10, posted (7 years 9 months 5 days 6 hours ago) and read 3505 times:

Quoting KaiGywer (Reply 8):
Or up to 1

Don't be stupid. Honestly, how ridiculous can you get?  Wink



She's as nervous as a very small nun at a penguin shoot.
User currently offlineAloges From Germany, joined Jan 2006, 8617 posts, RR: 43
Reply 11, posted (7 years 9 months 5 days 6 hours ago) and read 3498 times:

I don't have a problem with those coins. I get them, I spend them - if I have to pay €8,07 and have €8,12, I'll hand that to the cashier to get a 5ct coin back. Again, what's the problem - besides laziness?


Walk together, talk together all ye peoples of the earth. Then, and only then, shall ye have peace.
User currently offlineBanco From United Kingdom, joined Oct 2001, 14752 posts, RR: 54
Reply 12, posted (7 years 9 months 5 days 6 hours ago) and read 3489 times:

Quoting Aloges (Reply 11):
Again, what's the problem - besides laziness?

You talk about it like it's a bad thing...  snooty   Wink



She's as nervous as a very small nun at a penguin shoot.
User currently offlineDAL767400ER From Germany, joined Feb 2005, 5721 posts, RR: 46
Reply 13, posted (7 years 9 months 5 days 5 hours ago) and read 3469 times:

Quoting Aloges (Reply 11):
Again, what's the problem - besides laziness?

Too much unnecessary weight in the wallet, always having to search for the right coins, or even worse, standing behind an old women that counts every single cent of a XY,99 sum  Wink .


User currently offlineANother From , joined Dec 1969, posts, RR:
Reply 14, posted (7 years 9 months 5 days 5 hours ago) and read 3461 times:

In Swizerland our smallest coin is 0.05 (eur0.3) and our smallest note is 10 (eur6). However our largest note is 1000 (Eur600)! They did away with the 500 a few years ago, and replaced it with a 200.

User currently offlineBraybuddy From Ireland, joined Aug 2004, 5575 posts, RR: 32
Reply 15, posted (7 years 9 months 5 days 5 hours ago) and read 3456 times:

Quoting DAL767400ER (Reply 13):
standing behind an old women that counts every single cent of a XY,99 sum .

LOL! I know the sort . . . in the supermarket she waits till everything has been scanned, then she rummages in her handbag. Finally she finds her purse. She opens it, takes out a note, looks at it intently, hands it to the cashier, then does the same with each one of the coins, and finally after 25 minutes she reaches her total of €12.38.

Meanwhile you've grown 1mm of stubble.


User currently offlineAloges From Germany, joined Jan 2006, 8617 posts, RR: 43
Reply 16, posted (7 years 9 months 5 days 4 hours ago) and read 3441 times:

Quoting Braybuddy (Reply 15):
LOL! I know the sort . . . in the supermarket she waits till everything has been scanned, then she rummages in her handbag. Finally she finds her purse. She opens it, takes out a note, looks at it intently, hands it to the cashier, then does the same with each one of the coins, and finally after 25 minutes she reaches her total of €12.38.

 rotfl  Here the problem is not laziness, but bad planning. If I can check the coins I have while I'm waiting, other people can do the same. OK, make that "should be able to do the same".  Silly Needless to say that same granny will invariably be blocking your way out of the market in some kind of way - she has all the time in the world!



Walk together, talk together all ye peoples of the earth. Then, and only then, shall ye have peace.
User currently offlineL410Turbolet From Czech Republic, joined May 2004, 5599 posts, RR: 19
Reply 17, posted (7 years 9 months 5 days 4 hours ago) and read 3433 times:

Quoting Airdolomiti (Reply 5):
I'd really like to see €1 and €2 notes. IMO, as it is now, having the smallest note at €5 really distorts your perception of how much money you actually have

I doubt that will happen. It's just too expensive to print paper money and coins last much longer.


User currently offlineL410Turbolet From Czech Republic, joined May 2004, 5599 posts, RR: 19
Reply 18, posted (7 years 9 months 5 days 4 hours ago) and read 3428 times:

Quoting Birdwatching (Reply 7):
I read that many Italians were really nervous after the Euro transition because they weren't used to coins, or simply didn't have a coin compartment in their wallet!

I think it will be interesting to watch how Slovenia will cope with switching to Euro. They've been used to counting mostly in hundreds and thousands (1 EURO = 239 Slovenian Tolars) and if this will end up in overall price increase as was the case elsewhere.


User currently offlineLTBEWR From United States of America, joined Jan 2004, 12882 posts, RR: 12
Reply 19, posted (7 years 9 months 5 days 4 hours ago) and read 3425 times:

I remember when I was in New Zealand in 1994 that they didn't use a penny and rounded off to the nearest 5 cent. It was kinda wierd at first, but since it was worth about at the time 0.6 of an American cent, it made sense.
I don't think the penny will disappear anytime soon in the USA. There are too many cheapskates who demand exact charges and still use cash. Besides, it seems it would be an accounting headache for small businesses and to make sure you were charged properly after sales taxes (unlike everywhere else, our sales taxes, which are similar to VAT/GST elsewhere, are not usually included in the stick price of a product).
Some banks in the USA have coin counters where for free (or for free if you have an account) you can bring your jars, bags and 'piggy banks' of coins convert them into bill cash or deposit into an account. Some banks here in the NY/NJ area where I live use these counters to encourage kids to open accounts, even giving them banks to collect coins in. All those pennies add up to a number of dollars after a year or so.


User currently offlineDougloid From , joined Dec 1969, posts, RR:
Reply 20, posted (7 years 9 months 5 days 3 hours ago) and read 3411 times:

Quoting LTBEWR (Reply 19):
All those pennies add up to a number of dollars after a year or so.

I dump all my pocket change in a couple of teapots. Whenever I have to use a parking meter I just grab a handful, and I cash in the pennies once every couple years and go out for a good dinner somewhere. Some folks I know have 5 gallon bottles from water coolers that they use as piggy banks.

Hey, if you don't want 'em and don't like 'em, don't take them and stop whinging about it. It's a good vehicle for teaching kids the value of saving money for a rainy day.


User currently offlineBanco From United Kingdom, joined Oct 2001, 14752 posts, RR: 54
Reply 21, posted (7 years 9 months 5 days 3 hours ago) and read 3404 times:

Quoting Dougloid (Reply 20):
It's a good vehicle for teaching kids the value of saving money for a rainy day.

So what you're saying is that rather than give them a decent amount of moeny, you just toss a couple of cents in their direction? Tight git.  Wink



She's as nervous as a very small nun at a penguin shoot.
User currently offlineDougloid From , joined Dec 1969, posts, RR:
Reply 22, posted (7 years 9 months 5 days 3 hours ago) and read 3401 times:

Quoting Banco (Reply 21):
Quoting Dougloid (Reply 20):
It's a good vehicle for teaching kids the value of saving money for a rainy day.

So what you're saying is that rather than give them a decent amount of moeny, you just toss a couple of cents in their direction? Tight git.

Nahhhh they just gotta get metal detectors like the rest of us old fogies LOL.


 old   old   old   old   old 


User currently offlineBanco From United Kingdom, joined Oct 2001, 14752 posts, RR: 54
Reply 23, posted (7 years 9 months 5 days 3 hours ago) and read 3388 times:

Quoting Dougloid (Reply 22):
Nahhhh they just gotta get metal detectors like the rest of us old fogies LOL

Strange name to give to your daughter...  Wink



She's as nervous as a very small nun at a penguin shoot.
User currently offlineAsstChiefMark From , joined Dec 1969, posts, RR:
Reply 24, posted (7 years 9 months 5 days 1 hour ago) and read 3361 times:

Some things to ponder regarding the American penny...

Due to recent zinc and copper price increases, it now costs 1.4¢ to make a penny.

The US Mint typically produces 11,000,000,000 pennies a year. However, for the past four years, penny production has been slightly less than that.

About 80% of Americans "accumulate" their change. Some save it to eventually spend on a "special purchase." Others simply throw it in a jar and forget it. And, of course, most of those coins are pennies.

Although US coins are designed to have a life expectancy of at least 30 years, 80% of the pennies in circulation are less than four years old.


You used to find pennies on the floor near check-out counters and on the sidewalk and parking lot at convenience stores. Now you find nickels, dimes, and quarters. That sort of tells you what some people think of change. I'm one of those poor suckers that takes the time to pick up all that change.  Big grin

I admit I save my change in a big Tupperware bowl on my nightstand. However, I have a cloth US Mint coin bag in the closet where I throw my pennies. Every year, I bring the bag to the bank and cash in all the pennies I've picked up or received in change. I usually leave with a $100 bill.

I don't think the penny should be discontinued. However, I think the government should try to get all those saved-up pennies out of jars and back into circulation. The easiest and most cost-effective way for the US government to do that is to reduce penny production. Banks and money handling companies (like Wells Fargo and American Security) will start paying a premium to customers to turn in their change.

However, the banking industry currently has a very negative attitude regarding change and actually discourages people from cashing in their change. Most banks either won't accept it or penalize the customer with a hefty "service fee" to simply dump it in their counting machine. That's why Coinstar is in business.

Then there's the dollar coin problem. How do you make Americans use them? The solution is very simple. Stop making paper dollars. But that's for another thread.  Big grin

Mark


25 Dougloid : Not at all similar. Penny is short for Penelope. You know, that greek gal married to that Odysseus feller?
26 ThereAndBack : I HATE PAPER DOLLARS SO MUCH! Anyway, back on topic... I think they should abolish 1 & 2 cent coins. When I go to Germany they were an annoyance when
27 Post contains images Banco : You might change your mind when you see inflation jump up 2% as a result.
28 Scintx : I read not long ago the Nickel cost more than 5 cents to produce. Guilty as charged. I had one of those plastic water jugs that is designed to fit on
29 Banco : Oh. So you didn't call her Metal Detector then?
30 Post contains links and images Bohica : The problem is it costs the US government 15.89 cents to make a $1 coin while it costs 4 cents to make a $1 bill. The information is in the following
31 Post contains images Sabena332 : Currently in my wallet: - One 2 EUR coin - Six 1 EUR coins - Eight 2 Cent coins - Ten 1 Cent coins My wallet would weight much less when they would g
32 JGPH1A : I have a great bowl of 1 and 2 euro-cent coins, I do nothing with them - they just accumulate. I wish they had those coin counter machines here so I c
33 Post contains images Aloges : I don't understand you people... it's your money and you're too lazy to use it?!
34 Checkraiser : Right. Then how do I support the working moms at the gentlemen's club? I can see it already, $2 bills go into circulation there and the price of a ni
35 Andz : We abolished 1c and 2c coins years ago and it was almost a non event.
36 Dougloid : I missed that completely LOL.....they are pretty good at that aren't they?
37 AsstChiefMark : The life expectancy of a paper dollar is 18 months. Bottom line: It's cheaper to make dollar coins. Mark
38 Rolfen : Does it mean I have to stop saying "just my 2 cents"?
39 Post contains images Damirc : Hopefully not. All receipts for end customers already have to be dually marked - both in SIT and EUR. From this september even all transactions betwe
40 Flyjetstar : Yes in New Zealand we lost our 1c and 2c coins some time ago and at the end of July we are going to loose our 5c coin as well and our remaining coins,
41 Bill142 : Thats a marketing thing. It plays on peoples minds. Like if you have sale and you don't limit the quantity people buy, they won't buy many. But if yo
42 Post contains images Airdolomiti : LOL. I was used to the Lira as well as the Deutsche Mark, thank you very much Besides, we certainly did have coins back then (50 lire, 100 lire, 200
43 Post contains images Zkpilot : It might be cheaper to make notes, but they don't last anywhere as long as coins... especially when it comes to $1 and $2 coins. So much better to ha
44 Jwenting : So now we abandon the 1 and 2 cent pieces. In a few years stores are going to refuse accepting small change, accepting only 50 cent pieces and larger.
45 Post contains images RobertNL070 : In the Netherlands they are pretty well abondoned already. When you check out your groceries in the supermarket, the total amount due is rounded up o
46 Post contains images Zkpilot : someone just had to go OTT...
47 EWRCabincrew : Australia got rid of them a few years back and their world did not come crashing down. You round up or down. The US should do the same. Bag the penny.
48 MetalInyoni : i think the 1c and 2c coins are useful as a secret store of emergency wealth like on Monday morning when you forgot to draw cash for your train fare.
49 Andaman : Finland did mint some 1c and 2c coins but just for collectors mainly. Finnish 1c & 2c are not used in Finland, other European small coins are accepte
50 Post contains images Rammstein : I have home full of that 0.01 and 0.02 useless coins and I'm too shy to go to a shop and ask "can you change 1kg of coins for 3€?" (They would spit
51 Post contains images PPVRA : Outsource production to India Cheers
52 Rammstein : It will be not a big problem, just be prepared to pay coffee 0.85 and then 0.90 in a few months (like in Italy).
53 Andaman : Quoting L410Turbolet (Reply 18): I think it will be interesting to watch how Slovenia will cope with switching to Euro. They've been used to counting
54 Zkpilot : As of yesterday the New Zealand 5c coin will no longer be issued by banks although they will still accept them for 1 more month. The new smaller size
55 Braybuddy : That's another thing: like the Aussie notes they look great, last longer and don't tear like the paper ones we use. I heard that we were supposed to
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