No, we got rid of the $0.01 (called a cent) because it was costing too much money to mint. I think it cost $0.03 to make $0.01, so we just stopped making them in 2013.
I think most of our coins (especially the larger loonie and toonie) cost less to mint than their face value, but I’m not sure of the nickel or the dime. When we were moving to get rid of the penny/cent it was a really big deal, but it hasn’t really changed much in our daily lives since prices (the total on the final bill, not display prices) are now rounded to the nearest 0.05.
By default. Of course, by the nature of approximation by excess, you will always pay more. I’m sure you can imagine that that would not have been popular, lol.
You’d be amazed. A local supermarket tried to set up a loyalty scheme where you would automatically round up to next unit and hold that extra on the customers account as a credit balance for next purchase. People loved it. Until it went bust with money they never returned.
I love my country but the last craze I heard from a national chain of supermarkets was having a prepaid card, that by pre-paying €100 or more you get an added 10%. Nah. But people love it.
No, we got rid of the $0.01 (called a cent) because it was costing too much money to mint. I think it cost $0.03 to make $0.01, so we just stopped making them in 2013.
I can’t really recall the exact costs but I know every single coin we mint is more expensive than the value it carries.
I think most of our coins (especially the larger loonie and toonie) cost less to mint than their face value, but I’m not sure of the nickel or the dime. When we were moving to get rid of the penny/cent it was a really big deal, but it hasn’t really changed much in our daily lives since prices (the total on the final bill, not display prices) are now rounded to the nearest 0.05.
Nice. By excess or default? Because by excess, seems like you actively pay more.
By default. Of course, by the nature of approximation by excess, you will always pay more. I’m sure you can imagine that that would not have been popular, lol.
You’d be amazed. A local supermarket tried to set up a loyalty scheme where you would automatically round up to next unit and hold that extra on the customers account as a credit balance for next purchase. People loved it. Until it went bust with money they never returned.
Wow, what a scheme. I guess I would be amazed, haha. But on the scale of an entire nation I don’t know if enough would be fooled.
I love my country but the last craze I heard from a national chain of supermarkets was having a prepaid card, that by pre-paying €100 or more you get an added 10%. Nah. But people love it.