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The last-ever penny will be minted today in Philadelphia

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334 points andrewl | 1 comments | 12 Nov 25 16:10 UTC | HN request time: 0s | source
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MrHeather ◴[12 Nov 25 16:24 UTC] No.45902076[source]▶
>But with 20 million customers a year, and 17% of them paying with cash, the policy will eventually cost Kwik Trip a couple of million dollars a year, McHugh said.

If we figure two-fifths of cash transactions need to be rounded up and the store is losing an average of 1.5 cents each time, their expected losses would be around $2,000, yeah?

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1. patch_collector ◴[12 Nov 25 16:36 UTC] No.45902230[source]▶
20m customers * 17% * 4 cents * 'x' transactions per customer = $136,000 * x

I suppose this makes some sense. In a worst case situation, if every customer makes 10-20 transactions per year, and they always round down the maximum possible amount, they would lose millions per year.