When penny becomes obsolete

[Cole, Ken (ABRC)]

Mike,

>      Without meaning to be rude, I've never heard any serious
> talk about removing the penny coin out of circulation, if
> that's what you are referring to.

It must be true mate, I can remember it as a sub plot in a West Wing
episode, series three (that's about 2002), episode 4 or 5 :)

> However, it wouldn't make
> much difference, except for having a minor impact on cash
> register balancing for some retail establishments, if the
> penny were removed.   The main reason I say that is because
> the majority of monitory transactions are completed with
> checks, credit cards, bank transfers and so forth, so.it will
> always be quite easy to complete these transactions to the penny.

Well we got rid of 1 and 2 cent pieces here in Australia back in 1992,
the last mint of the coins was actually 1990 and 1989 respectively,
because they cost to much to make.  Back then there was still a lot of
cash transactions and the government mandated rounding 1 & 2 cent totals
down and 3 and 4 cent totals up.  Only the total could be rounded, not
each item.  That was a fun time making changes to customers system who
took cash and accounting for the rounding in the financials.

Ken

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