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Perun said:
I have over 20 Euros in change. No wonder my wallet is bursting.
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On Monday Canada starts phasing out the penny, our smallest coin.
I got into a huge debate about it with a colleague.
He: it is going to end up costing everybody money because the two cents we lose here and there eventually will add up to a significant amount.
Me: it's just being practical because a penny's worth (one cent) is too small to make it useful any more.

People are supposed to round up or down to the nearest five. He figures corporations will figure a way to ensure they are rounding up.
Pennies cost millions to make and to process and to buy anything at all with them you need dozens, if not hundreds.
Electronic exchanges will still be calculated to the nearest cent.
 
It's psychological and it's huge, your colleague is right. For instance in Eurozone we had the first paper money starting from 5€.
You know what that means?? That you can spend 2€ very easily just because they are coins.

In your case maybe your government has plans to rise prices or revise your currency and this serves as a first step..
 
mckindog said:
On Monday Canada starts phasing out the penny, our smallest coin.
I got into a huge debate about it with a colleague.
He: it is going to end up costing everybody money because the two cents we lose here and there eventually will add up to a significant amount.
Me: it's just being practical because a penny's worth (one cent) is too small to make it useful any more.

People are supposed to round up or down to the nearest five. He figures corporations will figure a way to ensure they are rounding up.
Pennies cost millions to make and to process and to buy anything at all with them you need dozens, if not hundreds.
Electronic exchanges will still be calculated to the nearest cent.
Click to expand...

It seems quite radical to me. Rounding up could potentially cost huge amounts of money to consumers.
 
The most you can lose on a transaction is two cents.. Supposedly you will be gaining as often as you lose.
But even if you lost every time, you'd have to make 200 transactions before its cost you a cup of coffee.
I don't make 200 cash transactions in a year.
 
______no5 said:
Especially because everybody will round UP.
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That wouldn't be allowed, would it? I mean, if the cost for individual items is still given in cents, the total bill after shopping groceries would be equally likely to end on 57 cents as 58. And in the former case, I assume the customer will pay 55 and not 60. The shop will not have the right to round 57 up to 60, will they?
 
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