Abolition of the Penny Act [At Final Vote]

[Small Business Owner of Any Repute]

I'm a bit torn, actually.  The main reason for the penny would seem to be us bastards in the government who want to take out a number of cents from each dollar spent.  And investment accounts.

(Oh, and Walmart.  I mean, seriously, they sell stuff for $2.38 just because they can.)

As monetary transactions get increasingly reliant on technology, I think our "penny problem" will take care of itself.

[Small Business Owner of Any Repute]

Section 4: Abolition
1. The penny shall no longer be legal tender within Atlasia.
2. All transactions currently involving denominations less than $0.05 shall be rounded upwards such that they may be completed using denominations of $0.05 and greater.
3. This section shall take effect on January 1, 2010.

Okay, after further thought:

I motion to amend Section 4 part 2 as follows:

2. All government transactions currently involving denominations less than $0.05 shall be rounded upwards such that they may be completed using denominations of $0.05 and greater.

I'm not sure the government has the authority to legislate how private commercial entities do business and price their wares.  If stock exchanges wish to continue transactions to the penny (which makes for a more efficient market), I say let them.

[Small Business Owner of Any Repute]

Section 4: Abolition
1. The penny shall no longer be legal tender within Atlasia.
2. All transactions currently involving denominations less than $0.05 shall be rounded upwards such that they may be completed using denominations of $0.05 and greater.
3. This section shall take effect on January 1, 2010.

Okay, after further thought:

I motion to amend Section 4 part 2 as follows:

2. All government transactions currently involving denominations less than $0.05 shall be rounded upwards such that they may be completed using denominations of $0.05 and greater.

I'm not sure the government has the authority to legislate how private commercial entities do business and price their wares.  If stock exchanges wish to continue transactions to the penny (which makes for a more efficient market), I say let them.

I'll accept that as friendly. I assume most retailers will go along with the shift anyway (or else keep non-rounded amounts as a discount for buying a lot, as with gasoline right now).

I'd assume retailers would go along willingly, sure.  But I'd anticipate the stock market to continue trading in multiples of a penny, since each penny could potentially represent hundreds of millions of dollars in market cap.