Exclusive interview with Mint Director Ryder

JohnF

Jeff Garrett and I chatted with David Ryder today and got him talking about the penny, and other really cool topics. He's so great. Hope you enjoy...

Youtube: https://youtu.be/A21lDkVAJGI
Spotify (audio): https://open.spotify.com/episode/3tLSOwdjQTZkJ9GU1rgT4I?si=Ahu5P-ziQVWuMC-CGZ-jaw

coinbuf

Very interesting, I was pleased to see Mr. Rider is sympathetic to the problems with rounding that the elimination of the cent presents and how much of an impact that can be to a large part of the US population. I will say John that your reply seems to; like many here; not understand that this rounding issue will be a hardship for Americans that live on fixed incomes.

yosclimber

... this rounding issue will be a hardship for Americans that live on fixed incomes.

If you round to the nearest, or if there is a tie (amount ends in 5c) round to the even number, and the original price distribution is symmetric, it has a neutral effect on spending.
Half the time it is rounded up and half the time it is rounded down, in this situation.

Even if you always rounded up, it is a tiny percentage of overall spending. If the average transaction is $5, and you lose 5c on each, that's only 1%.

jedm

If you go shopping 8 times a month, and are most unlucky and each time your purchase price gets rounded UP 2 cents, that will cost you 16 cents a month. If your luck is this unbelievably terrible for a whole year, you'd be out of $2.08. If you flip a coin 100 times will it ALWAYS come up the same? I think not. Rounding wouldn't take place on each item you buy, just the total purchase price. (Edited to correct the math)

JohnF

@coinbuf said:
Very interesting, I was pleased to see Mr. Rider is sympathetic to the problems with rounding that the elimination of the cent presents and how much of an impact that can be to a large part of the US population. I will say John that your reply seems to; like many here; not understand that this rounding issue will be a hardship for Americans that live on fixed incomes.

I, too, am perplexed by this math. The idea of round-up and round-down is to balance the costs. Also, I would suggest that a cent here and a cent there is virtually worthless in this economy. What am I missing?

jedm

The video was very interesting, thanks for sharing the link.

oldabeintx

Thanks for sharing.

Goldminers

I am on a fixed income and use credit cards to get "cash back". Much of the rounding could potentially be left to the final total when paying, and then only for cash transactions, which are a discretionary choice by the customer.