The end of pennies

Curious what might happen to prices now that the last pennies have been produced. I've read that one of the big burger chains has been hoarding them to have enough to make change and one of the supermarket chains in the NE is offering double the value for a trade of pennies, with some limits, thinking they could run short over the holidays. One would think that the more people will hoard them, the scarcer they will be. Anymore I routinely see pennies dropped in parking lots or streets and sidewalks and suspect people consider the value not worth picking up. I usually pick up pennies, but when cycling it pretty much takes a dime for me to stop for change on the street.

I'm thinking it won't take long for prices to adjust and will no longer be $XX.99 but rounded off up or down to the nearest nickel. And change coming back after purchase will be rounded up or down in the mean time. Although sales taxes will need some sort of adjustments, also.

Canada got rid of pennies more than a decade ago. They survived.

I see a notice about pennies when I go through the drive thru at McD for my breakfast daily. I pay with my debit card vi Apple Pay so it doesn’t affect me. About the only time I use cash these days is for something charitable at church, such as a bake sale.

There have to be done a ton of pennies hidden away in jars at home. I have a quart glass jar about 1/3 full of change I need to cash in somewhere. Coins are the main reason I hate paying with cash.

Something like 80% of US purchases are cashless.

Yeah, not that big a deal, just one of the signs of the times. I used to be a numismatist and historically we've had three cent pieces, two cent pieces, half dimes, large green backs, and large pennies. I think I still have a silver certificate and a two dollar bill in my safety deposit box. I think it's interesting that pennies are thought of as having so little value that people won't pick a dropped one up off the pavement. Might have something to do with 40% of the population being obese and have trouble bending over. Another sign of the times.

I don't think cash is going away anytime soon, but will be used a lot less.

Old people use Payoal. Younger people use Venmo or Apple Pay.

I believe Venmo is going to hook up with PayPal in the near future if it hasn’t happened already, at that point, I will sign up for Venmo.

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Originally Posted by iris lilies

Old people use Payoal. Younger people use Venmo or Apple Pay.

I believe Venmo is going to hook up with PayPal in the near future if it hasn’t happened already, at that point, I will sign up for Venmo.

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When you are at the checkout, how are you paying? Venmo and PayPal aren’t set up for point of sale use. Apple Pay and Google Pay are. So you’ve got people using their cards through Apple/Google Pay and then direct card use.

Quote:

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Originally Posted by iris lilies

Old people use Payoal. Younger people use Venmo or Apple Pay.

I believe Venmo is going to hook up with PayPal in the near future if it hasn’t happened already, at that point, I will sign up for Venmo.

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I guess I'm old school. The only one of those I've used is Paypal and only when I've bought and sold on eBay by and they may have even gone to something new now. I have one credit card and that seems to get me though most cashless transactions. Most of the time I use cash when dining out or sometimes when buying gas. It seems like many of the restaurants now process a credit card at the table. but I've never felt comfortable when the waiter/waitres disappears to a front desk or back room with my card. I don't hear much about gas station credit card skimmers lately, but it seems to come up in the news sometimes.

Every time I have used PayPal I get scammy emails and texts. I refuse to use them.

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Originally Posted by KayLR

Every time I have used PayPal I get scammy emails and texts. I refuse to use them.

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PayPal isn’t set up for paying at a store. It’s online purchases.