Is it time to ditch the penny?

MarkLS12

tobybowes wrote: »

BAN THE POINTS OF A PENNY LIKE IN FUEL PRICES
139.9p 134.7p 157.8p are all rounded up! Its the most common mis-leading pricing across the country!!

If I buy 10 litres of petrol at 139.9p it will cost £13.99
It is not rounded up.
Some Tesco pumps do let you buy an exact number of litres.

tobybowes

MarkLS12 wrote: »

If I buy 10 litres of petrol at 139.9p it will cost £13.99
It is not rounded up.
Some Tesco pumps do let you buy an exact number of litres.

So what if you want to fill your tank, which is what I always do to save money on multiple trips? I never top up by exact amounts and justifying a mis pricing like that is surely crazy especially on a site like this?

If I get 10 litres at 139.9p it certainly is £13.99
But 5.7 litres at 139.9p is £7.97.43 (and is subsequently rounded up to £7.98), yeah its an arguement of 0.57p in this senario but mis selling/pricing is what it is!

JimmyTheWig

Oh that's naughty if they do that. It should be rounded appropriately. A worrying precident for scrapping the penny coins, then, as the suggestion has been that a total bill of £10.01 would be rounded down to £10.

They could ban the points of a penny like you say, but there will always be a case for a bill ending in a fraction. E.g. if petrol was 139p per litre and you put in 10.5 litres?
As long as it is rounded correctly (Banker's Rounding would be fairest, I believe) then I haven't got a problem with it.

MarkLS12

tobybowes wrote: »

So what if you want to fill your tank, which is what I always do to save money on multiple trips? I never top up by exact amounts and justifying a mis pricing like that is surely crazy especially on a site like this?

If I get 10 litres at 139.9p it certainly is £13.99
But 5.7 litres at 139.9p is £7.97.43 (and is subsequently rounded up to £7.98), yeah its an arguement of 0.57p in this senario but mis selling/pricing is what it is!

Rounding still has to take place even if you charge to the nearest penny,
If the petrol was 139.0p it would be 792.3p for 5.7 litres so still not an exact penny amount.

hibbard

If we ditch the penny, how would shops survive that offer prices such as £99.99. It's like the pre-decimal 48and a half guineas !!

jeremyinc

Why do people say the shops would "make more by rounding up", such a dumb argument. If the shop wanted to put prices up they'd put them up anyway? Why do they need to wait?
And like it has been stated, prices in supermarkets don't change, they all get added together then the final gets rounded up for .03-4p and down for .01 or 2p.

The only thing that would change is the 99p store might have to change their name, and I wouldn't have to carry around these stupid 1&2p coins anymore.

robpsp2011

Get rid of at least the 1p and 2p coins.
See the youtube video entitled: Canada Gets Rid of the Penny (Huzzah!)

ayayay

When decimalisation took place the lowest coin was a halfpenny. With inflation what used to cost halfpenny now costs 6.5p. It is therefore not unreasonable to now have 5p as the lowest denomination. We managed back then, why not now?

Jamboreee

I would have liked the option to just ditch the 5p coin because it is such a nuisance. Far too small and not taken in any car park machines etc.

MarkLS12

wildthing01 wrote: »

if your shopping happens to add up to £13.41 say, how will that work?

You would pay £13.40 cash or £13.41 by card.

When paying cash:

• Total is rounded down to the nearest multiple of 5 pence for sales ending in 1p, 2p, 6p, 7p;
• Total is rounded up to the nearest multiple of 5 pence for sales ending in 3p, 4p, 8p, 9p;