240
US ends penny-making run after more than 230 years (www.bbc.com)
submitted 11 months ago by to c/news@lemmy.world
102 comments fedilink hide all child comments
you are viewing a single comment's thread
view the rest of the comments
[–] 3 points 11 months ago (1 child)

But penny-pinchers beware: as businesses start rounding up prices, the move is expected to raise costs for shoppers. One study by researchers at the Richmond Federal Reserve estimated that could cost consumers $6m annually.

  • permalink
  • fedilink
  • source
  • parent
  • hideshow 1 child comment
    •
  • [–] 6 points 11 months ago

    ...or when divided by the population (currently 342 million), under 2 cents per person.

    In the US attention has now turned to the nickel, which has a face value of five cents but costs nearly 14 cents to produce. Retiring that coin would have a far bigger impact on shoppers, costing consumers some $55m per year, according to the Richmond Fed study.

    ...or about $0.16/person.

    In exchange, everyone gets to:

    • Carry around less change
    • Spend less time waiting for change or behind people getting change at the register
    • Pay for things with coins easier

    However, nickels only result in an annual loss of about $17.7m/year right now, so economically it would still be a net-loss, dollar-value wise.

  • permalink
  • fedilink
  • source
  • parent