Banks and businesses across the nation are struggling to find pennies. Since President Trump scrapped production earlier this year, retailers and banks are scrambling for loose change.
Now, they’re taking whatever steps they can to manage the shortage.
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What steps are stores taking?
Giant Eagle grocery stores in Pennsylvania are offering double-value gift cards for pennies this weekend. At Sheetz, a hundred pennies gets you a free soda.
Banks say they’re rationing what’s left, and some stores are rounding down to the nearest nickel to stay legal. Kwik Trip says that rounding down alone could cost them $3 million this year.
Why not round up? Because it’s illegal in some cities and states. Rounding up would go against laws that are supposed to place cash customers, as well as debit and credit card customers, on an equal playing field when it comes to item costs.
The irony
There is some irony behind the shortage, however.
Businesses have wanted the penny gone for decades, as it costs nearly four cents to make one.
However, this abrupt goodbye with no real plan for a phase-out has left cash drawers and customers clinking for spare change.
“We have been advocating abolition of the penny for 30 years. But this is not the way we wanted it to go,” said Jeff Lenard with the National Association of Convenience Stores.
