Crosswords15 mins ago
What use does the penny serve?
8 Answers
One for any economically minded people out there. If you can no longer buy anything useful for 1p, is there still a need for it to be in circulation? Also, CAN you buy anything for a penny any more?
Answers
Best Answer
No best answer has yet been selected by whiskygalore. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.If 1p's were taken out of circulation then that would mean that the lowest price increase on an item would be 2p. I know it doesn't sound much, but thats 4 times the amount when the 1/2 p was around. Then after a time would we be saying the same thing about 2p's, then 5p's etc? Does keeping the 1p mean a better deal for consumers? Also, I think the lowest value coin is perceived to have no value -someone dropping pennys, and not even bothering to pick it up. Sometimes a penny matters, I used to work at a petrol station, and people would become irate, even aggressive, when the price of petrol went up by 1p!
Changing the retail price of an item from 99p to 95p could reduce profit for the supplier or retailer by as much as 25% - a penny might seem a small amount relative to the sums of money we are used to discussing but it can mean a great difference relative to a smaller sum. A price drop of that magnitude could spell disaster for suppliers.
In Hong Kong, the smallest monetary unit in circulation is the ten cent coin but a one cent note is available in order to ensure that rounding is not required in complex financial transactions. (less useful now due to electronic transfers I admit)
Look after the pennies....
In Hong Kong, the smallest monetary unit in circulation is the ten cent coin but a one cent note is available in order to ensure that rounding is not required in complex financial transactions. (less useful now due to electronic transfers I admit)
Look after the pennies....
Pennies (and 2ps) are great for the Hoover-Pusher-in-Chief to collect up from all around the house when no-one can be bothered to pick them up. These are then put into a pot on the kitchen windowcill and periodically tipped out to buy an ice cream when the van comes round. In Bali when the amount of change includes almost worthless coins the shop keeper will give you a few small sweets instead.
Related Questions
Sorry, we can't find any related questions. Try using the search bar at the top of the page to search for some keywords, or choose a topic and submit your own question.