{"id":22374,"date":"2025-12-01T17:22:35","date_gmt":"2025-12-01T17:22:35","guid":{"rendered":"https:\/\/budgetadirect.com\/?p=22374"},"modified":"2025-12-01T17:22:38","modified_gmt":"2025-12-01T17:22:38","slug":"the-penny-is-out-experts-weigh-in-on-what-it-means-for-consumers","status":"publish","type":"post","link":"https:\/\/budgetadirect.com\/?p=22374","title":{"rendered":"The penny is out. Experts weigh in on what it means for consumers |"},"content":{"rendered":"<div xmlns:default=\"http:\/\/www.w3.org\/2000\/svg\">\n<p>After a run of more than 230 years, the U.S. is done producing the penny. While the death of the little copper coin leaves many feeling nostalgic, producing it simply isn\u2019t worth it for the U.S. Mint at 3.69 cents a pop \u2014 an increase of 1.42 cents over the last decade.\u00a0<\/p>\n<p>While some consumers are lamenting the loss, many are left wondering: Will there be any tangible impacts on the economy? Will the nickel become the new penny? We reached out to folks on both sides of the coin (pun intended) to answer these questions.<\/p>\n<h2 data-position=\"1\" data-beam-element-viewed=\"\" data-id=\"br-h2-1-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"Will things be more expensive without the penny?\" data-outcome=\"\">Will things be more expensive without the penny?<\/h2>\n<h3 id=\"rounding-tax\">Some say the \u201crounding tax\u201d will hurt consumers<\/h3>\n<p>While billions of pennies are still in circulation, you may have noticed some changes already. When consumers pay in cash, some stores are opting to symmetrically round the total up or down to the nearest nickel. Symmetric rounding to the nearest nickel works as follows:<\/p>\n<ul class=\"wp-block-list\">\n<li>Purchases with final digits of 1, 2, 6 or 7 cents are rounded down.<\/li>\n<li>Purchases with final digits of 3, 4, 8 or 9 cents are rounded up.<\/li>\n<li>Purchases ending in 0 or 5 cents are not rounded.<\/li>\n<\/ul>\n<p>For example, a total of $1.98 or $1.99 would be rounded up to $2, whereas $1.96 or $1.97 would be rounded down to $1.95. McDonald\u2019s, for example, has already begun symmetrically rounding up or down in some locations when pennies aren\u2019t available for exact change.\u00a0<\/p>\n<p>An analysis by the Richmond Federal Reserve found that transactions are statistically more likely to end in a number that gets rounded up, and therefore rounding to the nearest nickel \u201cmay indeed result in a net cost to consumers\u201d of around $6 million annually.<\/p>\n<p>Mark Weller, executive director of pro-penny group Americans for Common Cents, has advocated on behalf of retaining the coin for years. He agrees with the assertion that price rounding cannot be done fairly. \u201cConsumers will be hit with a \u2018rounding tax\u2019 without the penny,\u201d he said before a Congressional subcommittee in 2012, adding that there\u2019s no incentive for businesses to set prices in a way that would lead to rounding down.<\/p>\n<h3 id=\"no-impact\">Others say the impact will be negligible<\/h3>\n<p>Robert Whaples is an economics professor at Wake Forest University who\u2019s written as far back as 2007 in favor of eliminating pennies, citing the high cost of minting them. What\u2019s more, his research regarding rounding has turned up different results from those of the Richmond Fed.<\/p>\n<div class=\"BlockQuote pb-8 BlockQuote--bordered flex flex-col items-center text-center md:text-left md:flex-row gap-3 md:gap-8 mb-8 md:mb-0\">\n<blockquote class=\"BlockQuote-text text-center md:text-left\"><p>\n        <q>My research finds that the last digit in the cash register total is random, so there would be as much rounding down as there is rounding up \u2014 and the customer won&#8217;t be gouged, nor will there be an inflationary impact.<\/q><br \/>\n                    <cite class=\"PullQuote-cite text-gray-900 ml-0 md:ml-4\"><br \/>\n                \u2014 Robert Whaples, Economics professor, Wake Forest University<br \/>\n            <\/cite>\n            <\/p><\/blockquote>\n<\/div>\n<p>In a 2025 report, the Federal Reserve Bank of Atlanta released findings from a study that concluded that \u201cthe cash inflationary impact is negligible\u201d when symmetrical rounding is at play.\u00a0 This rounding rule was adopted by Canadian merchants when Canada eliminated its penny in 2012, and reports say there\u2019s no evidence of triggered inflation.<\/p>\n<p>One caveat: There are no official rounding rules in the United States, so the process could vary among merchants, leading to different results. That said, federal legislation \u2014 known as the Common Cents Act \u2014 is pending that would create a symmetric rounding standard.<\/p>\n<p>Some retailers have already started rounding down consistently when they don\u2019t have enough pennies to make change. Whaples\u2019 local grocery store, Harris Teeter, has begun doing this, \u201conly in the customer\u2019s favor,\u201d he tells Bankrate. Other retailers that have begun always rounding down \u2014 or recommending that their franchisees always round down \u2014 include Kwik Trip, Wendy\u2019s, Auntie Anne\u2019s and Cinnabon, according to reports.<\/p>\n<h3 id=\"avoid\">How consumers can avoid a rounding tax<\/h3>\n<p>If you\u2019re concerned about paying higher prices due to rounding, consider making electronic payments whenever possible. While electronic payment methods aren\u2019t always feasible for everyone, they\u2019re not expected to be affected by rounding. According to the Richmond Fed, \u201celectronic payments (such as credit and debit card transactions) will remain unaffected and continue to be processed at exact amounts.\u201d<\/p>\n<div class=\"BlockQuote pb-8 BlockQuote--bordered flex flex-col items-center text-center md:text-left md:flex-row gap-3 md:gap-8 mb-8 md:mb-0\">\n<blockquote class=\"BlockQuote-text text-center md:text-left\"><p>\n        <q>The easiest way to sidestep rounding? Just swipe or tap. Your card will charge you the exact amount, whether that&#8217;s $3.47 or $12.93. No rounding, no guesswork.<\/q><br \/>\n                    <cite class=\"PullQuote-cite text-gray-900 ml-0 md:ml-4\"><br \/>\n                \u2014 Hanna Horvath, CFP\u00ae and Bankrate banking editor<br \/>\n            <\/cite>\n            <\/p><\/blockquote>\n<\/div>\n<h2 id=\"nickel\" data-position=\"2\" data-beam-element-viewed=\"\" data-id=\"br-h2-2-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"Will the nickel be next?\" data-outcome=\"\">Will the nickel be next?<\/h2>\n<p>Now that the penny is gone, will the nickel\u2019s demise come next? The Treasury paid 13.8 cents to mint each nickel in 2024, incurring a total loss of $17.7 million, according to the Richmond Fed. That said, eliminating both nickels and pennies could cost consumers nearly $56 million per year, the Richmond Fed reports \u2014 more than nine times the cost of eliminating the penny alone.<\/p>\n<p>Currently, there are no plans to nix the nickel, although a bill has been introduced in Congress to suspend its production temporarily to save taxpayers money. The Atlanta Fed writes that \u201cin the next few years, inflation will erode the real value of the nickel, which could necessitate the elimination of the nickel coin.\u201d<\/p>\n<p>On the bright side for the Treasury, people are less likely to put nickels into their coin jars than pennies, Whaples says. This means they\u2019re more likely to get returned to stores, and there\u2019s less need to keep minting new ones.<\/p>\n<p>\u201cI still haven\u2019t made up my mind on whether it\u2019s time to eliminate the nickel,\u201d Whaples says, adding that from an economic perspective, nickels may be more worthy of one\u2019s time than pennies. \u201cWith average hourly earnings a little above $36, our time is worth about one penny per second. Using a penny generally wastes more than a second, but using a nickel doesn\u2019t waste five seconds of our time.\u201d<\/p>\n<div class=\"HelpfulCTA mx-auto flex flex-col items-center gap-6 my-6 py-12 text-base border-y border-gray-200\" data-helpful-cta=\"\" data-beam-element-viewed=\"\" id=\"did-you-find-this-helpful\" data-type=\"cta\" data-location=\"article-bottom\" data-position=\"banner\" data-text=\"Did you find this page helpful?\">\n<div class=\"HelpfulCTA-initial w-full flex flex-col items-center gap-4\" data-cta-initial=\"\">\n<div class=\"HelpfulCTA-question text-lg font-bold text-center text-gray-900\">\n            Did you find this page helpful?<\/p>\n<div id=\"2IUrRzm5Qy\" class=\"hidden\">\n<div class=\"wysiwyg wysiwyg--sm wysiwyg--flush max-w-xs\">\n<p class=\"mb-6 text-base\">\n                            <strong class=\"block font-bold text-gray-900\">Why we ask for feedback<\/strong><br \/>\n                            Your feedback helps us improve our content and services. 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Icon<\/default:title><default:path d=\"M13.165 2.175c.322 0 .57.022.774.065.796.161 1.43.624 1.85 1.345.71 1.216.722 3.067.023 5.499h.516c2.28 0 3.422 0 4.337.548a3.844 3.844 0 0 1 1.721 2.25c.29 1.032 0 2.13-.592 4.336l-.516 1.926c-.312 1.151-.484 1.786-.882 2.324a3.368 3.368 0 0 1-1.442 1.098c-.625.247-1.28.248-2.475.248l-.021.01h-4.595c-.42 0-.636 0-.84-.032a4.19 4.19 0 0 1-.635-.15c-.204-.065-.387-.162-.763-.355l-1.69-.856c-.014.034-.026.069-.043.102a2.334 2.334 0 0 1-1.044 1.044c-.495.247-1.012.248-1.948.248h-.161c-.936 0-1.453 0-1.947-.248a2.333 2.333 0 0 1-1.044-1.044C1.5 20.038 1.5 19.52 1.5 18.585v-7.683c0-.936 0-1.452.248-1.947A2.387 2.387 0 0 1 2.792 7.91c.494-.248 1.01-.247 1.947-.247h.16c.937 0 1.454 0 1.95.247.353.177.653.44.875.763.64-.606 1.788-2.184 3.31-5.142.183-.366.312-.603.538-.819.193-.193.462-.355.72-.441.302-.097.539-.097.873-.097ZM4.739 9.288c-.624 0-1.076 0-1.227.076a.721.721 0 0 0-.323.322c-.075.15-.075.603-.075 1.216v7.683c0 .624 0 1.076.075 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1-.722.441c-.258.086-.484.097-.742.097l.022-.011a5.39 5.39 0 0 1-.905-.064 2.741 2.741 0 0 1-1.852-1.345c-.71-1.216-.721-3.066-.022-5.496h-.516c-2.283 0-3.424 0-4.34-.548a3.843 3.843 0 0 1-1.722-2.248c-.29-1.033 0-2.13.593-4.324l.517-1.925c.312-1.162.484-1.786.882-2.323.377-.495.872-.871 1.443-1.097.624-.248 1.281-.248 2.476-.248h4.597c.42 0 .635 0 .84.032.215.032.431.086.636.15.193.065.387.162.753.345l1.702.864c.017-.04.033-.082.053-.122a2.333 2.333 0 0 1 1.044-1.043c.496-.247 1.013-.247 1.95-.247h.16ZM7.503 3.798c-1.022 0-1.54 0-1.862.13-.302.118-.56.322-.765.58-.215.28-.345.775-.614 1.753l-.517 1.926c-.495 1.85-.775 2.871-.602 3.474a2.308 2.308 0 0 0 1 1.312c.539.323 1.594.322 3.51.322h1.142c.236 0 .473 0 .72.15.227.14.388.367.453.625.075.28 0 .516-.075.742-.959 2.969-.603 4.27-.301 4.775.183.312.44.506.774.57.162.033.41.033.572.033.128 0 .203 0 .236-.01.021 0 .085-.044.107-.065.032-.032.14-.237.227-.399 2.208-4.308 3.556-5.671 4.352-6.102a39.945 39.945 0 0 1-.003-.523v-7.79L13.63 4.175c-.28-.14-.41-.215-.56-.27a1.796 1.796 0 0 0-.344-.085c-.151-.022-.313-.01-.625-.022H7.503Zm11.596.001c-.625 0-1.077 0-1.228.076a.72.72 0 0 0-.323.322c-.075.15-.075.603-.075 1.226v7.68c0 .623 0 1.075.075 1.226.075.14.183.247.323.322.15.075.603.075 1.228.075h.16c.625 0 1.078 0 1.228-.075a.778.778 0 0 0 .324-.322c.075-.151.075-.603.075-1.227V5.423c0-.623 0-1.076-.075-1.226a.722.722 0 0 0-.324-.322c-.15-.076-.603-.076-1.227-.076h-.161Z\" class=\"icon-base\"\/><\/default:svg><\/span> <span class=\"text-base leading-4\">No<\/span><br \/>\n            <\/button>\n        <\/div>\n<\/p><\/div>\n<p>    <!-- Yes Form --><\/p>\n<p>    <!-- No Form --><\/p>\n<div class=\"HelpfulCTA-thankyou flex flex-col items-center gap-2\" data-cta-thankyou=\"\" style=\"display:none;\">\n<p>Thank you for your<br \/>\n            feedback!<\/p>\n<p>Your input helps us improve our<br \/>\n            content and services.<\/p>\n<\/p><\/div>\n<\/div><\/div>\n<p>Read the full article <a href=\"https:\/\/www.bankrate.com\/banking\/penny-is-out-what-it-means-for-consumers\/\" target=\"_blank\" rel=\"noopener\" rel=\"nofollow\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>After a run of more than 230 years, the U.S. is done producing the penny. While the death of the little copper coin leaves many feeling nostalgic, producing it simply isn\u2019t worth it for the U.S. Mint at 3.69 cents a pop \u2014 an increase of 1.42 cents over the last decade.\u00a0 While some consumers<\/p>\n","protected":false},"author":1,"featured_media":22375,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[58],"tags":[],"class_list":{"0":"post-22374","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-homes"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The penny is out. Experts weigh in on what it means for consumers | BudgetADirect<\/title>\n<meta name=\"description\" content=\"After a run of more than 230 years, the U.S. is done producing the penny. 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