Carri Sailor is faced with a conundrum.
In a business climate where every penny is important, the Rookies owner must soon decide how to dole out exact change when customers pay with cash.
Sailor is loath to over-charge customers, even by a cent or two. But as the till runs out of pennies she’s going to have to decide whether to round up, or down.
A few cents here or there begin to add up, Sailor said.
The issue for Sailor, and other retailers across the country, is that the United States stopped minting the one-cent pieces last November, which means merchants and businesses will eventually be unable to obtain them in bulk from banks.
“We knew it was happening, so we bought extra pennies last year,” Sailor said.
But that stock is rapidly dwindling, to the point employees are bringing in pennies of their own to help keep the supply filled, Sailor said.
Sailor is investigating whether she can adjust her menu prices to ensure every item totals the nearest nickel or dime, without costing either her or her customers. That task is made all the more difficult with the combined 8.75% sales tax rate applicable to all sales. (Remember, the state’s elimination of food sales taxes in 2025 does not apply to prepared food at restaurants).
Heather Curry, vice president at Bank of Commerce in Gas, said the bank still has a fair amount of pennies, but will no longer sell them in bulk to businesses or individuals.
“If someone were to cash a check, we’ll still give them pennies,” she said. “But we don’t sell rolls any more.”
WHILE there’s not exactly a penny shortage nationwide — estimates range from 115 to 300 billion in circulation — but with no new pennies being minted, banks and retailers will eventually have to rely on recycled coins, which can cause local supply issues.
And there’s no indication pennies will ever be rejected as legal tender.
But because state and federal officials provided no guidance on the issue when the penny production ceased, businesses have been left to set their own rounding and payment policies.
Many already are rounding to the nearest nickel, either up or down, when totaling their merchandise.
Daniel Gile, manager at G&W Foods, said though his store still has plenty of pennies on hand, he, too, will begin rounding to the nearest nickel when the time arises.
Walmart employees will soon do the same as well.
Jim Gribble, manager at A&W Restaurant in Iola, said his restaurant is taking a similar but different approach in that employees will round down to the nearest 5 cents, every time.
