Several countries got rid of the penny already, we still have pricing listed to the 1 cent. If you pay cash it’s rounded to the nearest 5cent if you pay with card it’s not rounded at all.
Nothing changes you just don’t spend money minting coins that cost more than their value, and don’t have to wait behind someone digging through their wallet for those pennies that they “swear are in here somewhere”
Consider the fact that Japan has a ¥1 coin. It is strangely light, and can actually float on water if you are careful enough with the surface tension.
The purpose of leaving that coin in circulation is pricing. ¥399 looks much better than ¥400.
At the moment, ¥1 is about 0.64¢.
Several countries got rid of the penny already, we still have pricing listed to the 1 cent. If you pay cash it’s rounded to the nearest 5cent if you pay with card it’s not rounded at all.
Nothing changes you just don’t spend money minting coins that cost more than their value, and don’t have to wait behind someone digging through their wallet for those pennies that they “swear are in here somewhere”