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Honestly nickels and dimes, and maybe even quarters, should go too. It's ridiculous that we don't have $1 and $2 coins in widespread circulation in the US (we have a $1 coin but nobody uses it).
Gotta do something to make the $2 bill popular though, no idea how.
We eliminated pennies in Canada in 2012 and the transition was a non-issue. The vast majority of retailers would round cash transactions to the nearest $0.05, but a few would round down to the nearest $0.05 in favor of the customer. https://en.wikipedia.org/wiki/Withdrawal_of_low-denomination... Canadian cash is better than American cash in several ways: No penny, durable polymer banknotes (instead of dirty wrinkly c…
> Four states - Delaware, Connecticut, Michigan and Oregon - as well as numerous cities, including New York, Philadelphia, Miami and Washington, DC, require merchants to provide exact change.
could get rid of dimes and nickels as well.
>But with 20 million customers a year, and 17% of them paying with cash, the policy will eventually cost Kwik Trip a couple of million dollars a year, McHugh said. If we figure two-fifths of cash transactions need to be rounded up and the store is losing an average of 1.5 cents each time, their expected losses would be around $2,000, yeah?
> Kwik Trip, a family-owned convenience store chain that operates in the Midwest, decided to round down cash purchases in stores where it hasn’t been able to find pennies. They're rounding all cash transactions down to the nearest nickel, so an average of 2 cents per transaction, 3.4 million customers, gives me $68,000 assuming each "customer" makes a single transaction per year. If they mean that there are 20 millio…
Honestly nickels and dimes, and maybe even quarters, should go too. It's ridiculous that we don't have $1 and $2 coins in widespread circulation in the US (we have a $1 coin but nobody uses it).
>But with 20 million customers a year, and 17% of them paying with cash, the policy will eventually cost Kwik Trip a couple of million dollars a year, McHugh said. If we figure two-fifths of cash transactions need to be rounded up and the store is losing an average of 1.5 cents each time, their expected losses would be around $2,000, yeah?
They have about 878 stores, according to Wikipedia, so if it was transactions, each store would only see about 62 transactions per day, which is way too low.
Earlier quoted context omitted.
It's a completely different color than a quarter.
That doesn't help if you're in dim lighting or have vision problems.
Many are reporting this as if failing to mint new pennies each year is going to produce some kind of shortage. There are billions of pennies sitting in drawers or jars in homes across the nation (I certainly have one with about a thousand pennies in it). I doubt anyone who needs a penny will be unable to find one within the next 100 years.
Personally, I think stores should just start setting prices to avoid the need for pennies, but that would be too easy, I guess.
Many are reporting this as if failing to mint new pennies each year is going to produce some kind of shortage. There are billions of pennies sitting in drawers or jars in homes across the nation (I certainly have one with about a thousand pennies in it). I doubt anyone who needs a penny will be unable to find one within the next 100 years.
>But with 20 million customers a year, and 17% of them paying with cash, the policy will eventually cost Kwik Trip a couple of million dollars a year, McHugh said. If we figure two-fifths of cash transactions need to be rounded up and the store is losing an average of 1.5 cents each time, their expected losses would be around $2,000, yeah?