Earlier this year, our upstairs neighbors in Canada decided to stop minting one cent pieces. Now that anti-penny sentiment has seeped across the border to the town of Morrisville, VT, where one sporting goods store has decided to just say no to copper coins.
Calling the penny an “outdated, outmoded, overpriced nuisance of coinage,” the owner of Power Play Sports says that on Sept. 1, the store started rounding its change up to the nearest nickel. Credit and debit card transactions will continue to be charged as they were before.
“I think pennies are unnecessary on a larger scale,” he explains to ABC News. ”Eighty-five percent of my transactions are by credit card or check, that’s why it was an easy thing to do… It doesn’t cost me much money because no one pays in cash currency anymore.”
He says that his customers are perfectly happy to not receive pocketfuls of pennies when they do make a cash purchase, and he’s not being hurt by having to occasionally round up a few cents.
“If the most that can be lost on a single sale is 4 cents, then the average per sale loss is 2 cents,” he explains.
Thanks to Lenny for the tip!