lowly silver coins to be phased out

[davidc4430]

Royal Australian Mint expects lowly silver coins to be phased out amid rise of contactless payments

https://www.abc.net.au/news/2020-01-30/5-and-10c-soon-to-die-graceful-death/11910736

they were able to scrap 1cent and 2cent coins by introducing 'round up and round down'

are they proposing to round up n down by 20cents?

[icyfroth]

It's a start.

I'm guessing cash will be phased out altogether in our lifetime.

[lyndal1838]

If you use a debit or credit card the payment is not supposed to be rounded up or down.  It should be the exact amount on your card statement.

If we become a cashless society there should be no rounding at all....there would be no reason for it if we are not dealing in cash.

[davidc4430]

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@lyndal1838 wrote:

If you use a debit or credit card the payment is not supposed to be rounded up or down.  It should be the exact amount on your card statement.

If we become a cashless society there should be no rounding at all....there would be no reason for it if we are not dealing in cash.

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true, in a cashless system there will be no problem.

but they are not proposing going cashless, just removing 5c and 10c coins

and my question is, do they propose to round up and round down to the nearest 20cents?

say i go to buy a news paper, it costs $1.35 and i hand over a $2 coin, what change would i get?

will all prices have to be fixed to make change correct without 5c and 10c pieces?

[k1ooo-slr-sales]

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@davidc4430 wrote:

but they are not proposing going cashless, just removing 5c and 10c coins

and my question is, do they propose to round up and round down to the nearest 20cents?

say i go to buy a news paper, it costs $1.35 and i hand over a $2 coin, what change would i get?

will all prices have to be fixed to make change correct without 5c and 10c pieces?

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do they propose to round up and round down to the nearest 20cents?

no need to round to the nearest 20c, just the nearest 10c as the 50c will help out here (but not in ‘near $’ examples)

say i go to buy a news paper, it costs $1.35 and i hand over a $2 coin, what change would i get?

It will depend on what rules are made when the 5 and 10s disappear.  But, it would either be 60cents (3x20) or 70cents (50+20).

For an item costing $1.85 paid with a $2 there would be an issue if the price is rounded up . . . just as there would be an issue for a $1.95 item paid with a $2 If rounding down is in place.

50cent coins can help in cases where, for example, an item is $1.90 and paid with a $5 note.  Change would be $3.10 comprising a $2 coin (1 x 50cent)  and (3 x 20cent)

[davidc4430]

it sounds complicated

cant see it working myself

i fully get the idea they want to do away with small coins but i just dont see how right now

1c and 2c were easy as no one really argued of a few cents when buying items

and it nearly allways goes in the customers favor

but i see much larger rounding required for the no 5c and 10c coins

customers are not going to accept losing and neither are shop owners

maybe woolies and coles could have software in the tills to do the math 

but the little shops will be in trouble IMO

[springyzone]

Since it is not a cashless society quite yet, I think it would be wrong to phase out both the 5c and 10c coins. The 5c perhaps could go, but think the 10c should stay.

[davidc4430]

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@springyzone wrote:

Since it is not a cashless society quite yet, I think it would be wrong to phase out both the 5c and 10c coins. The 5c perhaps could go, but think the 10c should stay.

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i was thinking the opposite, you could do away with 10c because you can make 10c with 2 5c pieces

but without 5c you hit trouble

[springyzone]

I see your logic but I suspect if they take away the 10c coin, they will also take away the 5c coin.

There has been talk before of removing the 5c.