Where have all the pennies gone?

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“Where have all the pennies gone? Sounds a bit like a song from the 60’s “…long time passing” doesn’t it? But it is true, they aren’t making them anymore and the Co-op, like every business, is going to have to adjust. Personally, I won’t mourn their passing, I thought it was goofy when I first learned it cost more to produce than it was worth. Then, when Canada did away with the penny, several years ago I realized the solution was simple and we could do it as well. So—here’s how we’ll be handling it now the change is official.

When checking out at the register and paying with a debit/credit card, a cooper card or EBT nothing will change. You will be charged just what it says. However, when paying with cash, we ‘ll be rounding up, or down to the nearest nickel. And we’ve enabled our registers to do this work for us automatically. 

Rounding logic:

• Ends in .01 / .02 → round down to .00

• Ends in .03 / .04 → round up to .05

• Ends in .06 / .07 → round down to .05

• Ends in .08 / .09 → round up to .10

• Ends in .00 / .05 → no change

We will be creating a new receipt payout to include a short message about the adjustment and note your adjusted total. What happens when you get a cash refund? Basically, the same rounding rule will be followed, and your change will be rounded to the nearest nickel.