NationStates Jolt Archive

Pilot eliminates the penny

Pilot
11-11-2003, 15:00
The Capitalist Democracy of Pilot
Halting of the Penny

In a decision by the Senate (S. 11 Monetary Modernization Act), the minting of the penny will be halted. The vote took place earlier this week, and the bill passed by a vote of 151-50. The bill will also force business owners to round monetary transactions to the nearest nickle.

Every year, the Pilot mints produce about 18 million pennies. The Mint Survey, on a study conducted last year, found that almost 70% of the pennies never make it back into circulation, representing a loss of 12 million dollars a year.

As a final note, the President is expected to sign the bill and the measures implimented later this month.
Thelas
11-11-2003, 15:16
OOC: Is this reated to last nights West Wing Episode?
Pilot
11-11-2003, 15:33
< OOC: Yes, in fact, it is. It is a logical idea, plus I love when the show scripts Sam to read up on causes that no one cares about. >
Thelas
11-11-2003, 15:38
< OOC: Yes, in fact, it is. It is a logical idea, plus I love when the show scripts Sam to read up on causes that no one cares about. >

<I love thse parts, I have most of the entire seiries on tape, I have finally learned how to program my VCR, this is after learning how to delete system files in windows>
Athamasha
11-11-2003, 15:59
If you do that, your businesses will lose millions of dollars a year.
Pilot
11-11-2003, 16:50
If you do that, your businesses will lose millions of dollars a year.

Can you back up your claims?
Esamopia
11-11-2003, 16:52
"It is quite a... bold step, best of luck."

*Snickers softly and then runs*

-12th Undersecretary for Treasury (Most likely a 15-yr-old intern)
Chancellor of the Exchequer
Republic of Esamopia
Athamasha
11-11-2003, 16:56
If not buisinesses then customers.

Think about it for a minute:

1. Total is $45.33. Business rounds that up to $45.35. Customer loses $0.02. That is repeated, say, 40,000 times. Customers lose a total of $8000.00.

2. Buinesses realize that if they align their prices right they can steal up to $0.03 per sale.

3. Stupid businesses will lost a few cents per sale.

It's not much but it adds up. Four billion transactions... $0.03 per transaction... you have a loss in the hundreds of millions.