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The last-ever penny will be minted today in Philadelphia

(www.cnn.com)
460 points andrewl | 1 comments | 12 Nov 25 16:10 UTC | HN request time: 0.221s | 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. paxys ◴[12 Nov 25 19:10 UTC] No.45904641[source]▶
20 million customers doesn't mean 20 million transactions. Considering we are talking about a convenience store I'm sure a large chunk of their customers visit every day, some probably multiple times a day.

Assuming 3.4 million customers (cash users) and 2.5 cents average loss per transaction, it would only take one visit a month for them to cross a million dollars in losses.

Of course at that scale it's not like that million or two is really making a difference to their bottom line. Doing some quick Googling their annual revenue is estimated to be $6-7 billion.