FREE: Vintage Old Age Assistance Token -Oklahoma Consumer Tax
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Description
The listing, Vintage Old Age Assistance Token -Oklahoma Consumer Tax has ended.
Vintage Old Age Assistance Token -Oklahoma Consumer Tax
Questions & Comments
WOW thats really interesting ... When did they use these and do you know what benefits they were entitled too with this token? Thanks in advance ... Peace Always Tommy G
Sales tax tokens were made in great quantities starting in 1935 in order to give change for sales taxes. Sales tax resulted in the final price of items having fractions of a cent. For example, purchase of a $1.25 item, taxed at 3%, would cost $1.2875, or $1.28 and 3/4c. What to do? Rounding up to $1.29 would result in a "unfair" profit to the seller of 1/4c, but rounding down would be unfair to the seller by reducing the profit by 3/4c. The solution was to provide tokens denominated in fractions of a cent, or "mills" (1 mill = 1/1000 of a dollar, or 1/10 of a cent). So in the above example, the customer would pay $1.29 and receive 2.5 mills in tax tokens as change. If the next purchase came to $3.4325, the customer could pay $3.43 plus the 2.5 mills in tax tokens. As you can imagine, people did not like having to carry a second set of coins, and to further complicate matters, different states issued different tax tokens. The use of tax tokens declined and was finally discontinued in 1961, and people basically decided not to worry about fractions of a cent.
"Coinlike" tax tokens were issued by twelve different states (Alabama, Arizona, Colorado, Illinois, Kansas, Louisiana, Mississippi, Missouri, New Mexico, Oklahoma, Utah, and Washington state). Tokens were made of aluminum, copper, zinc, brass, plastic (in several colors), fiber, cardboard, and paper. 1 and 5 mills are the most common denominations, but other denominations include: 1/5 cent, 1 1/2 mills, and "Tax on 10c or less."
WOW that is awesome !!! Thanks so kindly for explaining it to me .. History is a wonderful thing .. Its funny here with them doing away with the Canadian Penny we have a somewhat similar occurrence now rounding to the nearest nickel. Some retailers round down for consumer benefit, some round up for their own benefit. Nothing to do with taxes .... our wise leaders are not going to take the hit : ) Thanks again for sharing this story ... Peace Always Tommy G