Australian (ASX) Stock Market Forum

Should we scrap the 5c coin?

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Re: Should we scrap 5c?

Hey FG,

Family_Guy said:
IT'S Australia's most shunned shrapnel, the 5c coin - and if shopkeepers and retailers had their way, the echidna-clad currency would be ditched.
Click to expand...

I guess it is only a matter of time.. It must be close to twenty years since they removed th 1 & 2 cent coins (too lazy to google..:)). Not sure how most would react to the rounding up to the 10c mark though, a lot of folks felt they were being ripped off with the rounding up of the five cent bracket..

Although I guess most retailers would continue to advertise 9.99 etc so the rounding up really wouldn't change..

Personally, I find all coins annoying.. they seem to collect in the bottom of my bag during the course of the week and I end up carrying significantly more weight by the weekend..:) Not that the daughter minds, she gets to scrabble through it each weekend in order to fund her social life..:D

Regards,

Buster
 
Re: Should we scrap 5c?

I would prefer to see the opposite, stop the feel good pay increases that long before were eroded by price increases.

There is nothing wrong to be paid the same for the same job and pay the same for the same product or service.

All this wage-price increases are creating shifting sand that we get fooled by.
The way it goes we will have billions of billionaires in not too distant future.
 
Re: Should we scrap 5c?

Happy said:
I would prefer to see the opposite, stop the feel good pay increases that long before were eroded by price increases.

There is nothing wrong to be paid the same for the same job and pay the same for the same product or service.

All this wage-price increases are creating shifting sand that we get fooled by.
The way it goes we will have billions of billionaires in not too distant future.
Click to expand...

Thats correct, we should be going lower (re-introduce 1c coins and bring the cost of living back to normal and sustainable levels). Soon there wont even be a $5 note the way we are going (oh and the $1000 note wont be far off). It seems higher numbers make people feel good.
 
No, because then everything will get rounded up to the nearest 10cents. I dont think it is really an issue these days, I rarely pay cash but use EFTPOS.
 
If those who believe the current economic policies of various governments are going to result in deflation are correct we coul end up with one and two cent coins reintroduced . If those who believe the current economic policies will result in hyperinfaltion are correct the smallest item of currency could be the 50.00 note
 
I can't remember the last time I used a 5c coin as a 5c coin. It's always two of them to make 10c since prices generally end in a zero now anyway.
 
Hoard them. Cos in the longer term, the metal value of those 5 cents would worth more than the face value. Just like it was like that for a temporary time when the base metal commodities were at record high. Those prices will eventually be met again sooner or later due to inflation.

But of course, melting them is illegal!
 
Prospector said:
No, because then everything will get rounded up to the nearest 10cents. I dont think it is really an issue these days, I rarely pay cash but use EFTPOS.
Click to expand...

Indeed, I don't even know of anyone who does use cash.
I always laugh to myself when I see people using cash at Coles.

However not 'everything' will get rounded to the nearest 10c. The only time I spend cash is at the pub, and everything there is pretty much rounded to the nearest 10c anyway.

But if you spend cash at the supermaket and your total bill comes to $100, let's say there's an average of $5 per item, therefore it only works out to max 5c extra on the total bill, and that comes to 0.25c per item.
 
Temjin said:
Hoard them. Cos in the longer term, the metal value of those 5 cents would worth more than the face value. Just like it was like that for a temporary time when the base metal commodities were at record high. Those prices will eventually be met again sooner or later due to inflation.

But of course, melting them is illegal!
Click to expand...

Ive been hording 5's and 10's since that thread about the nickel content about 18 months ago. :)
 
No way to scrapping it! What about when you fill up your car and it comes to xx.x5...which way will you roll the dice? Propose the 'Working Families Gov't' decides that from .5 up is to round up...then do a quick calc...

Fill up car once a week .05 x 52 = $2.60

Add in some groceries once a week .05 x 52 = $2.60

That's a maximum $5.20 a year (and i'm probably missing out on other things!) that working families could quite possibly not go without! There would be a public backlash for sure! So no...keep that big '5 centa' in.

(In all seriousness I actually don't mind the 5 cent coin...comes in handy)
 
I seriously doubt most would miss $5.20 over a 1 year period.......in any case it also goes the other way if the petrol or shopping ends in 4c it will be rounded down..........kind of tit-for-tat. and that's assuming they don't use eftpos in which case it's irrelevant.

If one were that strapped for cash they could simply fill up and make sure they hit the 4c mark and they'll be ahead everytime;)

If I were paying cash I used to sometimes hit say $20 then give the trigger a little tickle to get the 2c worth for free, all the while feeling proud of myself for sticking it to the servo's:D..........I have since grown up, not to mention a tickle now days would probably hit you for $2:rolleyes:

cheers
 
I gave a bag of 5c and 10c to the sprogs the other day saying whoever could guess closest how much was in it, could have 66%....and the other gets 33%.

They guessed, then went away and counted it.......me thinking it was like around $10. they came back and said it was $27. wtf......

Seriously though, I reckon what we need is a decade or more of serious deflation.......that'd save the 5c piece.....or back the currency with gold.

Australia money supply has been growing at around 20%pa over the last few years.....GDP around 3%...... how do they do that????
 
MACCA350 said:
I seriously doubt most would miss $5.20 over a 1 year period.......in any case it also goes the other way if the petrol or shopping ends in 4c it will be rounded down..........kind of tit-for-tat. and that's assuming they don't use eftpos in which case it's irrelevant.

If one were that strapped for cash they could simply fill up and make sure they hit the 4c mark and they'll be ahead everytime;)

If I were paying cash I used to sometimes hit say $20 then give the trigger a little tickle to get the 2c worth for free, all the while feeling proud of myself for sticking it to the servo's:D..........I have since grown up, not to mention a tickle now days would probably hit you for $2:rolleyes:

cheers
Click to expand...

Hi...my name is Joe King ;)
 
Struzball said:
Indeed, I don't even know of anyone who does use cash.
I always laugh to myself when I see people using cash at Coles.
Click to expand...
I always use the card to pay bit I never go shopping without enough cash in my wallet to cover the bill. EFTPOS is just not reliable, something readily observable at the checkout, and I've had a card fail to work for no apparent reason (and it then just started working again).
 
Re: Should we scrap the 5c coin?

New Zealand have...

Those 5cent coins would cost more to make, than they are worth....
;)
.^sc
 
I stick all of my coins under 50c into a container. I've taken it two the back three times, sat down and listened to some music.
 

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