This article is part of the Savings & Investments topic. Below are more articles in this topic.
The New Zealand Retailers Association has recommended to its members that when the total transaction value ends in x cents and payment is by cash then the following rounding principle should be applied:
Ending In: 1c/2c/3c/4c/5c - round down
6c/7c/8c/9c - round up
The Association has stressed that this is a suggestion only and each company will form its own commercial decision on the matter of rounding. However, the Association has added that where rounding is used then the policy should be clearly displayed at point of sale so consumers are appropriately informed.
What are the magnetic properties of the new coins?
All the metals used in the new coins are magnetic apart from the copper plating. The magnetic materials used are called "soft magnetic", that means they do not hold a magnetic field once a magnetising force has been removed and will not have any affect on credit card magnetic strips in peoples wallets. In technical terms this gives them a very low "Remanence" and "Retentivity" figure with a very narrow "Hysteresis" loop.
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