But penny-pinchers beware: as businesses start rounding up prices, the move is expected to raise costs for shoppers. One study by researchers at the Richmond Federal Reserve estimated that could cost consumers $6m annually.
…or when divided by the population (currently 342 million), under 2 cents per person.
In the US attention has now turned to the nickel, which has a face value of five cents but costs nearly 14 cents to produce.
Retiring that coin would have a far bigger impact on shoppers, costing consumers some $55m per year, according to the Richmond Fed study.
…or about $0.16/person.
In exchange, everyone gets to:
Carry around less change
Spend less time waiting for change or behind people getting change at the register
Pay for things with coins easier
However, nickels only result in an annual loss of about $17.7m/year right now, so economically it would still be a net-loss, dollar-value wise.
…or when divided by the population (currently 342 million), under 2 cents per person.
…or about $0.16/person.
In exchange, everyone gets to:
However, nickels only result in an annual loss of about $17.7m/year right now, so economically it would still be a net-loss, dollar-value wise.