US EditionOut of Pennies: Maryland Shoppers See Cash Totals Rounded at Checkout
The Treasury stopped minting pennies due to costs exceeding face value, causing banks to run short and retailers to adopt cash rounding; legislation may standardize this practice.
- On Nov. 12, U.S. Treasurer Brandon Beach pressed the final pennies at the U.S. Mint, Philadelphia, after the U.S. Treasury halted penny production last summer, leaving banks short and retailers changing checkout practices.
- The penny became unsustainable as minting and distribution expenses rose, costing nearly 4 cents to produce while the dime costs about 6 cents, the quarter 15 cents, and the nickel nearly 14 cents, the U.S. Mint 2024 Biennial Report to the Congress found.
- Richardson Farms activated a rounding option programmed into its registers that moves totals to the nearest 5 cents, with Richardson's POS system showing customers netting $1.51 over a week.
- Industry groups warn that uniform rounding in customers' favor could cost convenience stores roughly a million dollars a day, federal legislators introduced the Common Cents Act, and the Treasury Department urges spending pennies and continued acceptance.
- Trade groups point to Canada as an example, with Lenard saying `Canada went about this differently. They went through a full year-long process of education and then transition.
13 Articles
13 Articles
Out of pennies: Maryland shoppers see cash totals rounded at checkout
Pennies are no longer being produced, and businesses are now being forced to decide how to handle cash transactions. After the U.S. Treasury halted penny production last summer because of rising costs, nearly 4 cents to make a 1-cent coin, banks are running short, leaving retailers to navigate checkout decisions without clear federal or state guidance."We were no longer getting pennies delivered to us. The bank told us it would be coming and sur…
Commissaries announce penny policy for patrons receiving change from cash transactions
Pennies in your change at the cash register will become a memory for commissary customers who pay in cash as the Defense Commissary Agency (DeCA) transitions to a policy of rounding up or down to the nearest nickel.
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