Serious question about losing the penny

[Neapolitan Ice Cream]

We're giving serious thought to binning our coppers - the 1p and 2p pieces. We've already shirked the 1/2p and thrupenny (3p) pieces.

 

[hardcorestitch]

How do you figure? Canada does exactly that (as explained in this thread).

The big retailers will try to take advantage of no more pennies by overcharging.

 

[sam_gordon]

The big retailers will try to take advantage of no more pennies by overcharging.

By three cents? Yea, thats going to happen.

 

[TippyThomas]

People do understand it's rounded by the total transaction and not per item, correct?

 

[Disneylover99]

The big retailers will try to take advantage of no more pennies by overcharging

No. It’s not really a thing. It’s rounded up or down by a few cents on your total amount at a store. Plus I think very few people use cash these days, so to me it’s a non-issue.

If this is a concern, avoid using cash and pay with credit or debit.

 

[Simba's Mom]

A question a friend asked was will stores still accept penny's for cash transactions if they are no longer giving penny's as change? Stores have the right to refuse specific tender, as is the case with $50 & $100 bills, will they also refuse penny's?

This is what I was wondering also. For many years, I've had a piggy bank that I put my pennies in at the end of the day. So I've got quite a few pennies, like thousands. I'm assuming/hoping that I can still use them for payment. Would you suggest that I try to get rid of them as soon as possible? Or will banks, at least, accept them for the foreseeable future?

 

[disneychrista]

This is what I was wondering also. For many years, I've had a piggy bank that I put my pennies in at the end of the day. So I've got quite a few pennies, like thousands. I'm assuming/hoping that I can still use them for payment. Would you suggest that I try to get rid of them as soon as possible? Or will banks, at least, accept them for the foreseeable future?

I am wondering a similar thing. If I should cash in my change now so I don't get "shafted" on the penny's. I assume eventually they will take them out of circulation completely and there value will be zero.

 

[_19disnA]

Pennies remain legal tender so I can't imagine a bank refusing to take them. The govt isn't producing any more pennies, but the ones in circulation are going to be around for awhile. Individual stores can make their own rules, but I haven't seen any local store refusing to take pennies when paying in cash, they just stopped giving them out as change and do the rounding up/down described earlier.

 

[Disneylover99]

This is what I was wondering also. For many years, I've had a piggy bank that I put my pennies in at the end of the day. So I've got quite a few pennies, like thousands. I'm assuming/hoping that I can still use them for payment. Would you suggest that I try to get rid of them as soon as possible? Or will banks, at least, accept them for the foreseeable future?

Most places will likely take the penny for the foreseeable future, but if you’ve got thousands, I’d roll them up and deposit them in the bank.

 

[hardcorestitch]

No. It’s not really a thing. It’s rounded up or down by a few cents on your total amount at a store. Plus I think very few people use cash these days, so to me it’s a non-issue.

If this is a concern, avoid using cash and pay with credit or debit.

Cash is a rarity for me…

 

[disneychrista]

Pennies remain legal tender so I can't imagine a bank refusing to take them.

There will come a time that they remove the penny's from circulation. As they come into banks they will not be redistributed.

 

[tvguy]

If this is a concern, avoid using cash and pay with credit or debit.

That may be a more expensive option than rounding up as more and more merchants add a 3 or 4 % surcharge for taking cards.

 

[Disneylover99]

That may be a more expensive option than rounding up as more and more merchants add a 3 or 4 % surcharge for taking cards.

True. You need to be aware of the places where this is the case on credit cards.
But debit cards shouldn’t generally have an additional fee.

At the moment, there is one small business I occasionally go to in my neighbourhood that adds a surcharge for using a credit card, so I use debit or cash if I have it.

 

[tvguy]

True. You need to be aware of the places where this is the case on credit cards.
But debit cards shouldn’t generally have an additional fee.

At the moment, there is one small business I occasionally go to in my neighbourhood that adds a surcharge for using a credit card, so I use debit or cash if I have it.

Anymore I just try to be prepared to pay cash or use a credit card, depending on the business and their practices. I always carry cash even if I plan to use a credit card.

 

[Neapolitan Ice Cream]

Cash is a rarity for me…

Same. I carry debit cards, but even those I tend not to use. I mostly get by with my iPhone and Apple Pay.

 

[Disneylover99]

Anymore I just try to be prepared to pay cash or use a credit card, depending on the business and their practices. I always carry cash even if I plan to use a credit card.

I too always carry some cash. Not a lot. Usually $50 max.
You never know when it’s going to come in handy. Most people I know have gone completely cashless.

 

[tvguy]

I too always carry some cash. Not a lot. Usually $50 max.
You never know when it’s going to come in handy. Most people I know have gone completely cashless.

I use a credit card a whole lot more than I ever thought I would. But I'm retired and saving 10 cents a gallon on gasoline paying cash adds up fast.

 

[RedAngie]

People do understand it's rounded by the total transaction and not per item, correct?

More than a few comments I’ve read elsewhere indicate that some people do NOT understand. They think stores will round each and every item. And many of those believe each item will always be rounded UP.

 

[tvguy]

More than a few comments I’ve read elsewhere indicate that some people do NOT understand. They think stores will round each and every item. And many of those believe each item will always be rounded UP.

Well that is something I certainly never would have thought of.

 

[John VN]

I use a credit card a whole lot more than I ever thought I would. But I'm retired and saving 10 cents a gallon on gasoline paying cash adds up fast.

If my math is right, I will use my CC until gas is close to $2.00/gallon since the CC returns 5% on all gas charges.

We just had a price drop to $2.77/gallon. If I pump 12 gallons and paid cash I save $1.20 but using my CC with the 5% it comes to $1.662 and since they round up I save $1.67.