The Great Penny (Cent) Redemption
BLUEJAYWAY
Posts: 10,635 ✭✭✭✭✭
Some stores are redeeming times 2 in face with a gift card double in value. Finally my girlfriend's saving penny's for years is coming to fruition. Redeeming 16 pounds for a double valued gift card.
Regardless of the amount, the doubling of your $ is always a plus in this economy. Not many opportunities out there.
Successful transactions:Tookybandit. "Everyone is equal, some are more equal than others".
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Most of her cents were pre 1982. Probably a pound of post 82.
Offers like this have the potential to bring huge numbers of cents out of hiding. It will be interesting to see just how many do turn up.
A few here are doing that here as well. I got mine
Seriously, like which stores? I have 25 boxes of them that have been searched and rerolled and re-boxed. $625 just waiting to carry back to the bank, but I would gladly give them up for twice as much at many stores.
In New York State many if not all Market 32's and Price Choppers are doing the 2-1. Up to $100 in cents which would equal a $200 gift card. I believe there are others in the US. Just this coming Sunday from 1-4PM. For the above markets redemption agift card is issued. Google the articles to locate other offers by stores.
There is a $100 limit in cents
I imagine many folks will be going to their local credit union or bank and asking if they can get bags or boxes of cents in order to redeem them at some of these stores. Might make a good flip!
In honor of the memory of Cpl. Michael E. Thompson
how many branches does my bank have
I would think the stores involved in this may have tried to drain the banks before offering this redemption offer. But then again maybe the banks were short of cents as well hence why this offer by the stores.
Also the involved stores could raise their prices every so slightly after this offer expires. Thereby recouping some of their initial investment.
I have a modest "horde" of pre-1981 solid bronze cents.
I do not plan to get just 2x face value for them - so they will sit for a while longer.
If I had any accumulation of zinc cents, I would certainly let those go for 2x face value.
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Might be worth keeping some in your pocket. When they give you the excuse they have no cents in the till to give you the two cents they owe you, hand them three cents and ask for a nickel. Really confuse them.
"A dog breaks your heart only one time and that is when they pass on". Unknown
I have a 5 gal jug that is about a third full of just cents. Maybe they'll start making deals like that in our little rural place. And yes, I checked every penny before it ever went into the jug. Lol
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U.S. Army Veteran 1/11 ACR Fulda, Germany
The redemption process is this. Will be redeemed by total weight of cents, not by an individual count of each coin. Fair?
It wouldn't surprise me that after businesses start rounding up prices on all items, they will eventually not even accept pennies for transactions. The common circulated cent will be deemed worthless.
My Original Song Written to my late wife-"Plus other original music by me"
https://youtube.com/playlist?list=PL8A11CC8CC6093D80
U.S. Army Veteran 1/11 ACR Fulda, Germany
not fair as the pre and post 1982 weights will differ 3.1 grams to 2.5g
I am thinking there will be a coin counter/sorter implemented, otherwise the store may still be counting the first $100 in cents at the end of the allotted time
... Just this coming Sunday from 1-4PM. ... ...
It's all about what the people want...
We are submitting 16 pounds of cents. 2400 count.
For those interested will post results. Will be interesting to see the calibration on the scale. They are going by weight. 450 are of the zinc variety.
There is no need to round prices on items. Stores sell items priced at "2 for 89 cents" or "3 for a dollar" right now.
Well we have no taxes on edibles here in Tx..So .89 would require cents.
My Original Song Written to my late wife-"Plus other original music by me"
https://youtube.com/playlist?list=PL8A11CC8CC6093D80
U.S. Army Veteran 1/11 ACR Fulda, Germany
And if you bought just one, that would require rounding. Yet the price isn't rounded. Right?
Redeemed for $52.98. And we didn't even have to pay shipping.
We were first in line. When we left there were 13 people waiting. Have to wonder how many Wheaties might of been redeemed.
i'll bet a lot of wheaties
They do round...up. lol. 3 for $1 becomes 34 cents if you buy one.
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The point I was making is that it's not necessary for stores to reprice items due to a lack of one cent coins, as some items are currently priced such that it is not possible to pay with exact change right now and there aren't any problems dealing with it.
Sure there is. Our local walmart has some cereals priced at $4.98. Now here in Tx., we don't have sales tax on food. So if I put a $5 bill in the slot, it has to give me .02 cents back. Of course all this is null if I pay with a debit card.
My Original Song Written to my late wife-"Plus other original music by me"
https://youtube.com/playlist?list=PL8A11CC8CC6093D80
U.S. Army Veteran 1/11 ACR Fulda, Germany
You are still misunderstanding my answer. Sure, you need to round when you pay with cash if pennies are no longer available- just as you need to round right now when you pay with cash if you buy one of something priced 2 for 89 cents.
With no pennies, the rounding happens after you total up your purchases at the register, individual prices don't need to be rounded. Just like the way it has been practically forever.
I was stationed in England 1973 - 1976. We did most of our shopping on base at the BX and commissary. There were no cent coins in use on base or any of the bases on that side of the world. The government figured out in their infinite wisdom that it would cost too much to fly over tons of cents each year for commerce.
So, they went to rounding, 2 cents or less, round down, 3 cents and up, round up. Since that only applied to your total purchase it was not a huge cost when shopping. If you wrote a check, you paid the unrounded amount and also the same if you used a credit card. American Express was the onbase bank at the time and I had a checking account and checkbooks for both US dollars and another for British Pounds (and the exchange rate changed daily so that made keeping balances up to date pretty difficult).
So, 3 years with no cents in use was not an issue and I have to believe that over that time the round up and round down probably balanced themselves out since it only applied to cash purchases and most trips to the commissary were always paid by check.
Many people complain about the handling of the cent, picking up etc. The dime is smaller,they don't seem to complain about picking up the dime. So it's a value issue.
While I was in the military for 24 years, on every deployment/assignment, the never handled cents, anywhere. The military used nickels as the lowest denomination of US coinage everywhere I was stationed. The standard currency in Russia was US $100 bills! That was vey surprising. Most places I went gladly accepted US dollar bills at the current exchange rates. The different monies I collected while overseas is now worthless! That's because they changed to the Euro. So now I have hundreds of foreign monies that ae pretty, but also pretty worthless. That's OK, easy come, easy go.
I had two calls today asking if we were buying regular pennies, not wheats regular penny's
There's no problem getting cents in change in NYC
There was a redemption period for most of these currencies
NOW you tell me! LOL THANKS!!!
Gosh............ just for the convenience of finally catching up our penny collections, the boys & I would be willing to offer-up FIVE times face for up to 5 2025-D pennies in excellent condition!! That's a whole QUARTER for the first entrepreneur who responds!!
I'm pretty sure that's how Warren Buffet kick-started his fortune!.......