Bristol, Connecticut, has introduced a new policy to address the ongoing penny shortage affecting businesses. Local leaders decided to round cash payments to the nearest nickel amid a nationwide dilemma exacerbated by the federal government’s cessation of penny production.
Bristol’s Rounding Policy Explained
Under the new policy, cash transactions at City Hall will be rounded based on the following guidelines:
- If a bill totals $1.01 or $1.02, it will be adjusted down to $1.00.
- If a bill is $1.03 or $1.04, it will be rounded up to $1.05.
This initiative aims to simplify transactions and alleviate the burdens placed on local businesses due to the shortage of pennies. Despite the federal halt on penny production, there still remain over 100 billion pennies in circulation.
Local Business Perspectives
Some Bristol business owners have already adapted to a cash system that excludes pennies. For instance, Ken Meehan, owner of Ken’s Grille, has operated without pennies for over 25 years. He maintains that pricing items with whole numbers simplifies change-making.
“It’s just easier to make change,” Meehan stated. “I’m not counting pennies.”
Community Reaction
Customer sentiments mirror the adaptability of businesses. Joe Fitzsimons, who frequents the Bell City Diner, supports the rounding initiative. He believes it is a practical solution in light of the current situation.
“It’s fair,” Fitzsimons commented. “Common sense.”
State Guidance vs. Local Policy
This policy, however, contrasts with the recommendations from the Connecticut Department of Consumer Protection, which advises businesses to always round down to the nearest nickel. Under state law, customers should not pay more in cash than they would with other payment methods. For example, a coffee priced at 99 cents should be charged at 95 cents.
Bristol leaders recognize the need for a local plan in light of the ongoing penny production issue. They are seeking to promote business efficiency while navigating the constraints of a dwindling currency supply.
