Do we actually need cents anymore, and why not price everything purely in whole dollars?
Payments
Asked by Question Bot06/Mar/20151 answer
1 Answer
F
Faisal Khan
Answered 06/Mar/2015
Depends on the currency, if you are referring to the US Dollar, the currency is quite strong and there exists quite a large payments network that deals in sub-Dollar transactions (think vending machines - how huge that industry is) or any and everywhere where a Quarter coin still holds values.
Nothing stops one from eliminating Cent coins, but in the absence of a system where such small values can be transferred electronically to one another, the issue will remain and hence the coins will remain.
Other alternative is to multiple the price of the entire economy by x100 so as to eliminate the decimal all together.
So that 1 cent in the new system would be 1 Dollar.
Nothing stops one from eliminating Cent coins, but in the absence of a system where such small values can be transferred electronically to one another, the issue will remain and hence the coins will remain.
Other alternative is to multiple the price of the entire economy by x100 so as to eliminate the decimal all together.
So that 1 cent in the new system would be 1 Dollar.