Blog

Coin collecting at the post office

Yesterday it was a cafe that refused to accept the “old” NZ coins – the ones that are still legal tender for another three months.

Today it’s NZ Post, refusing to give the “old” coins, specifically the soon-to-be-extinct 5c piece, as change. So, if you buy a single 45c stamp and proffer 50c in payment, you’ll get nothing back.

As David Russell, chief executive of the Consumers’ Institute, wondered on One News this evening, what happens to the GST component of the 50c received by NZ Post if the company is only recording a sale of 45c?

The situation is not limited to the 3-month transition to the new coins. Since the 5c piece is not being replaced by a new coin, any purchases at NZ Post that add up to an amount not divisible by 10c will apparently get rounded up.

Of course, if NZ Post wanted to treat its customers more fairly – and introduce a bit of fun – it could try this idea:

When a purchase doesn’t come to a multiple of 10c, pull a coin out of the till [an old one will do just as well as a new one for this] and flip it. Heads, the customer’s purchase is rounded DOWN to the nearest 10c. Tails, it is rounded UP.

On the other hand, if you’re really worried about being short-changed, the Post Office does take Eftpos and credit cards.

One Comment

  1. […] But, on the subject of rounding and making change, it’s great to see that the Retailers Association has recommended a clear policy of rounding downing any amount from 1-5c and rounding up 6-9c. I hope it gets adopted widely accompanied by a clear indication at the cash registers. […]

Comments are closed.