I was at a city convenience store a few weeks ago and the electronic payment system had just gone down. The two people in front of me had to leave without buying their small item (a drink or something). They did not even have $5 in cash in their pocket. Nothing. People are increasingly using contactless payment cards for everything.
I still use them. Does that mean that those such as me who try to post with cash now have to round to the nearest 10 cents? So I lose another 4 cents.
Good, because the past year I been collecting and buying rare 1972 5 cent coins just for this reason.
This may have more to do with the maker wanting to avoid its contractual obligation to provide a currency with a production cost threatening its face value ... they deserves no sympathy ...
Likely the opposite. $9.95 items will get rounded down to $9.90. Only a fool would increase the price to $10, that psychological ploy still works, so the extra sales would offset the new loss, no problem.
The reason 5c coins are out of fashion is because the parking meters accept nothing less than a 10c piece. the most abundant place to dispose of the small change does not accept them.
Only fair if you remove the 5c piece due to inflation then you introduce a $500 note at the same time
Just waiting for Australia to be completely sold off to foreign interests, then they can issue the new notes.
I've got a huge bucket of them for the reason mentioned above parking meters and vending machine don't accept them any more. Out of interest, are the old 1 and 2c pieces worth more than 1 and 2c these days?
Well good riddance, everyone knows these small denomination coins support international terrorism, arms and drug dealing and money laundering!
They are still legal tender in Canada, just stopped issuing them. Any turned over to a Canadian financial institution are sent back to Bank of Canada (Reserve Bank) for destruction; the usual excuses (oh-ah-organized crime, money laundering blablabla) were cited.
