I am concerned at reports that the Royal Australian Mint is planning to scrap the 5 cent coin. I don’t want the 5 cent coin scrapped. I like that I can price items at 5 cents under a round dollar amount. The 5 cent price break is a service to consumers. The arguments put for scrapping this iconic coin are spurious.
In 2006 NZ changed their coin system and got rid of the 5 cent coin, resized their coins and the arguments about pricing and inflation have not eventuated so why would it here at home?
Get rid of them and resize our coins. The days of getting a pint and a sausage Sammy with 5 cents are well and truly gone. The round will be the same, $4.99 will still be $5.00.
I think their would be more support to resize our ridiculously heavy, large dodecagon 50 cent coin, something I’d certainly support anyway.
If people truly hated the 5 cent coin, they would reject it when it was their only change after a purchase. I never ever see it rejected by any of my customers when they just have 5 cents change.
Peter, Does what NZ did make it right for here? In the US they stiill have 1 cent coins – that does not mean we should. 5 cent coins play an important role in retail pricing.
Peter,
The round for $4.99 would be the same, but it would be different for $4.93-$4.97. A lot of retailers price at the 95c mark because it doesn’t round to the next dollar mark.
I’m undecided on this one.
The quicker cashless technologies are implemented here the better. Hard cash is slowly becoming obsolete but retailers need the technology made available to hasten this.
pricing does not need to change It will only be rounded up or down on the final total of your purchase and only if you are paying cash.
Mark, to answer your question “Does what NZ did make it right for here?”
Of course not but the evidence is there for all to see. NZ has been used for a long time as a Marketing focus group and test subject for a lot of things, from new consumer products to Government and industry policies because of its size and economic placement in the global economy. What they do is not right for everyone but the results should be assessed to determine if it’s appropriate for us.
As for the USA , if we do the opposite of anything they do we should be on the right track 🙂
I would be happy to see the 5 cent coin gone.
A cashless business is an interesting proposition. Would it work? With so many people now owning eftpos and credit cards it may be. I wonder how time saving it would be in businesses with no more counting tills and balancing floats at the end of the day.
Would be interested to hear others thoughts.
I wouldn’t mind a truck full of em! 🙂
in Bali we give lollies as a change
as someone has already said, and i have had experiences of customers saying that we should follow NZ and get rid of the 5c. but they often wait for their 5c coin.
5c coins are useless rubbish. In 1966 when decimal currency was introduced, the 1c coin had more than double the purchasing power that the 5c coin does now.
It is nothing but a worthless distraction. I’ll bet you made the same argument when they got rid of the 1c coin… “but I like pricing things at 99c, because the 1c price break is a service to customers”. Hint: it isn’t a service; it makes lots of inconvenient change for your customers.
I can’t wait. When the Victorian grey brigade make their annual migration, we’re inundated with the little suckers.
Poor Vic must nearly become airborne with the dearth of 5c pieces, such is the weight of them that end up in our till.
We must have a sign on our foreheads, saying the Herald Sun must be paid for in 5c pieces.
Nah – the migrants are just tight as fishes’ earholes, only bringing their obligatory $10 note and a change of undies. And their bootload of 5c pieces that they just love counting out to us, just to make sure.
Hee