Re:Is It Time to Kill the Penny?
by 51Cards on Tuesday July 14, 2020 @05:04PM
(#23837848)
Penny rounding was supposed to balance out, with 0.01 and 0.02 rounding down to 0.00 and 0.03 and 0.04 rounding up to 0.05. In theory it balances out. I don't think even adjusting your prices to get "in my favour" rounding would make that much of a difference as it's on the final total, not per item.
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When Australia dropped their $0.01 coin in 1992 they originally went with "nearest rounding" i.e. 0.01 and 0.02 go down, 0.03 and 0.04 go up.
That only lasted a few years until they changed it to always "round up" - i.e. it always goes up to 0.05.
For what it's worth, dropping the $0.01 coin is great, every time I'm in the US I try to avoid them like the plague.
That's not true its still rounded down. https://www.accc.gov.au/media-release/rounding-and-eftpos-tr...