3 ms·
But an average one cent coin is involved in more than a single transaction - if you amortise the cost of the coin over every transaction it is involved in, then
by NeoTar 2y ago
But an average one cent coin is involved in more than a single transaction - if you amortise the cost of the coin over every transaction it is involved in, then it’s much less than one cent.
If the cost of metals in a coin is more than its value, you do have a point.
- sigio 2y agoIn the Netherlands we've been rounding to 5ct intervals for 20+ years now, and 1ct coins were abolished long ago. With the introduction of the euro, the 1ct and 2ct coins returned, but all shops still round to 5ct for cash transactions. Every time I return from Germany I have a handful of 1 and 2ct coins though, since they haven't done this, and most prices are X.99.
- kristianp 2y agoIn Australia the 1 and 2 dollar notes were removed from circulation decades ago too. $1 in 1984 and $2 in 1988. With respect to the 1c and 2c coins, isn't the metal in them worth more than the currency value?
- zitterbewegung 2y agoCost in metals and manufacturing cost. (just to clarify)