Mike’s Bikes a small franchise in California has banned pennies in its stores. Mike’s states “The world we live in is the world we ride in. To help take good care of it, we have decided to eliminate pennies from our stores. For all cash transactions where pennies would have been used, we will be rounding down in favor of the customer to the nearest nickel.”
Why you ask??? It’s not necessarily for obvious reasons (like pennies weigh your pockets down which was my initial thought!).
Producing pennies uses valuable resources – Pennies are 3% copper and 97% zinc and mining these metals usually means bad news for the environment.
Producing pennies wastes taxpayer money – As of 2010 it cost 1.79 to make each penny!
Rounding down is good for business – Since all transactions will be rounded in favor of the customer, its like getting up to a 4¢ discount.
Dealing with pennies wastes time and money – Its estimated that we spend 12 hours a year handling pennies and it adds 2 to 2.5 seconds per cash transaction.
I’m not sure how I feel about this. I’m not necessarily attached to pennies so their elimination wouldn’t devastate me but it seems like if they were really “unsustainable” they would have met their demise long ago. I also can hear my grandmother’s voice saying “pick up those pennies and save them, pennies make dollars!” I’m very interested to know what you think…..let me know how you feel about the extinction of the penny.
Source: Triple Pundit