In the instance of a penny, cash transaction totals (after tax) ending with ".x1" or ".x2" will be rounded down
to ".x0" and all the rest will be rounded up to ".x5". Accepting pennies in trade as
payment is optional and up to the individual merchant member.
is a grassroots effort for retailers and merchants all over
the US to, at the very least, stop the using of pennies in their businesses. Merchants will not have
any pennies in their cash draw or on their counter!
The 'Cent' coin (aka the Penny or one cent piece or 1¢) made sense for more than two hundred years, but we believe, no longer.
Depending on costs of raw metal, smelting, forming (including blanking, annealing, upsetting, striking and
inspecting) then counting, bagging and distributing the penny, costs our US Mint
to the U.S. Treasury in 2014
) fluctuates somewhere between 1.83¢
maybe perhaps as
much as 2.
75¢ to make
each penny. Heck, the nickel costs almost 10¢
to make. System wide cost
for merchants to account for each penny is absurdly expensive ... far more than the penny is worth to us
Next, add in the new global warming issues of carbon footprint to mine, smelter and produce the metal
and .. AND .. then finally, add in the fact that roughly half of all minted pennies are in jars, drawers,
piggy banks, penny jewelry, pop art, decorations*1
and the like. This means the government is minting 2 pennies
(~ .05¢) to keep 1¢ in circulation. Maybe you will arrive at the same point we are at on this website.
By most arguements, the quarter today has less purchasing power than the penny did in 1940.
[ Consumer Price Index ]
We believe it is time to end the arguably senseless use of this soon to be obsolete coin. Since the
government can't seem to legislate the removal of pennies from circulation, it is time that retailers
and merchants take up the challenge and start the process of weaning our economy of at least this coin.
Members, may at their discretion, take this further to remove nickels, dimes, quarters and perhaps the half
dollar coins. There are retailers out there who have no coins in their change drawer at all, their smallest
change denomination is the dollar.
Members of PennyFreeBiz.com can be merchants, retailers, hotels, restaurants, point of sale software companies
and others. Members may continue to price merchandise to the penny, but pledge to ...
- Remove, at the very minimum, pennies from their cash drawer(s)
- Round all cash transaction totals (after adding sales tax) to a denomination other than penny (example: nickel)
- Not give any pennies as change.