SALT LAKE CITY — The jingle jingle jingle you’ll be hearing this holiday season will in fact be the sleigh bells of Kris Kringle, the self-proclaimed king of jingling.
It probably won’t be coming from your wallet according to Utah Division of Consumer Protection director Katie Hass.
“Maybe you budget and you like to pay cash and you know you’ve got your envelope of what is your Christmas budget, you may be noticing as you go to stores that there is a shortage on pennies,” said Hass.
This year, the Secretary of the Treasury decided to suspend production of the copper coin and pull it out of circulation.
The decision was influenced by the rising cost of producing the penny, which increased from $1.42 to $3.69 cents per penny.
Although the penny’s production is coming toa halt, you still might be looking to spend some Christmas coins.
“We are all learning once again how to go back into elementary school and round. We all learned how to round to 10, we all learned how to round to five,” said Hass. “We made a recommendation to stores and they don’t have to follow, but that they can round up or round down depending on where they land. If it’s $1.02 or one cent, you’re going to go down to a dollar. If it’s a dollar and three cents or four cents, we’re going to go up to the nickel. $1.06, seven cents, you’re going down to the nickel and then eight cents, nine cents you’re going up to $1.10.”
Hass said before you head out to shop with cash, it’s important to note that not all retailers will handle the penny shortage the same way.
“The big thing is stores need to be honest and transparent with consumers ahead of time, so if you’re paying in cash, you know it’s going to happen. Some national retailers have just said, we’re just going to eat those pennies. Some maybe can’t afford to do that,” said Hass.
And Christmas might be about giving, but it’s okay to receive too.
“Some stores that I’ve heard about offer and gift cards for people who bring in pennies and they’ll give you a two for one on your pennies,” said Hass. “If you bring in 100 pennies, you might get a $2 gift card to that store, so that’s something fun to think about. And a great business model for eight-year-olds if you want to help them collect all that loose change around your house.”
Most stores that are still taking pennies may have a flyer in their window letting consumers know how they’re handling the shortage.
Hass also says if you really would prefer a retailer to round down instead of up, ask kindly and they probably will.
