Photo: The Miami Herald
A Miami hardware store has decided to put its money where so many anti-penny activists’ mouths are.Coconut Grove, Fla.-based Shell Lumber has stopped accepting the coins altogether, the Miami Herald’s Douglas Hanks reports:
“Annoyed at the task of accounting for the roughly 1,200 pennies needed each day for the store’s 10 registers, Shell last month eliminated pennies from transactions altogether. While customers using credit cards still pay the full amount, Shell clerks lower sales amounts by up to four cents on cash transactions so that no pennies need to change hands.”
The shop’s decision comes after Canada announced it would start phasing out its own one cent coin, which costs the country a whopping $11 million per year to produce.
The U.S. government spends 2.4 cents for every penny the Mint hammers out and nickles set the country back 11.2 a pop, according to Minyanville. Part of President Obama’s proposed U.S. Treasury budget includes finding cheaper materials to make the coins as the cost of copper, nickle and zinc continues to rise.
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