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US retailers left short-changed as penny production ends
Retailers nationwide face cash transaction challenges and legal uncertainty as the U.S. Mint ends penny production, aiming to save $56 million annually, prompting rounding to nearest nickel or dollar.
- The U.S. Treasury decided to end penny production, causing local shortages in pockets of the United States that prompt retailers to reassess coin supplies.
- From a cost perspective, each penny costs nearly four cents to produce, and countries like Canada, New Zealand and Australia have already phased out low-value coins.
- Kroger is asking customers for exact change while gas and convenience chains like Kwik Trip and Sheetz round cash totals or encourage cashless payments, with some offering donation rounding through Love's and Sheetz For The Kidz.
- Legal and policy constraints complicate rounding choices as businesses and retailers must decide whether to round to the nearest nickel or dollar amid federal SNAP rules and cashless-only bans.
- Pricing psychology suggests changes at the checkout, as Deidre Popovich noted, `most transactions today are digital, but cash users will feel the penny shortage before others`, while Brandon Parsons expects limited consumer impact.
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20 Articles
20 Articles
Since the US ceased to shape pennies, gas stations, fast-food chains and supermarkets in the US have been insecure. Many retailers have to adjust prices, round out cash payments and fear financial losses.
·Berlin, Germany
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U.S. retailers left short-changed as penny production ends | Honolulu Star-Advertiser
Now that the United States no longer makes pennies, there is a scramble among gas stations, fast-food chains and big-box stores to adjust prices and round cash transactions, and it could potentially eat into their profits.
·Honolulu, United States
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U.S. retailers left short-changed as penny production ends
Now that the United States no longer makes pennies, there is a scramble among gas stations, fast-food chains and big-box stores to adjust prices and round cash transactions, and it could potentially eat into their profits.
·Spokane, United States
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Coverage Details
Total News Sources20
Leaning Left2Leaning Right1Center13Last UpdatedBias Distribution81% Center
Bias Distribution
- 81% of the sources are Center
81% Center
13%
C 81%
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