#32: The 99c price point
Work bit 1: We know that a price of 99c is actually $1.00. Yet, we happily fool ourselves that 14.99 is a better price than $15.
Work bit 2: If the U.S. Mint had its way, that 99c price point will be history. Today, a penny costs more than 1 cent to make and the Mint is no longer making money selling pennies to banks.
Work bit 3: In 1989, a bill in Congress proposed that all purchases be rounded off to the nearest nickel. Retailers were relieved when the bill was dropped.
Work bit 4: Not only retailers want the cents. A Gallup poll has shown that two-thirds of Americans want to keep the penny. There is even a pro-penny lobby called Americans for Common Cents. Yet, it makes no sense for a cent to cost more than a cent.
I’m james@nonsenseatwork.com
Copyright: 2006 James Henry McIntosh
James can be heard on Public Radio, 88.9 FM WCVE, Richmond VA.
Monday - 7:19am and Saturday - 8:19am
Work bit 2: If the U.S. Mint had its way, that 99c price point will be history. Today, a penny costs more than 1 cent to make and the Mint is no longer making money selling pennies to banks.
Work bit 3: In 1989, a bill in Congress proposed that all purchases be rounded off to the nearest nickel. Retailers were relieved when the bill was dropped.
Work bit 4: Not only retailers want the cents. A Gallup poll has shown that two-thirds of Americans want to keep the penny. There is even a pro-penny lobby called Americans for Common Cents. Yet, it makes no sense for a cent to cost more than a cent.
I’m james@nonsenseatwork.com
Copyright: 2006 James Henry McIntosh
James can be heard on Public Radio, 88.9 FM WCVE, Richmond VA.
Monday - 7:19am and Saturday - 8:19am
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