Small grocery chains in the Ohio Valley are on the lookout for your spare change and are willing to pay a premium for it.
This Saturday, November 1st, from 11 AM to 4 PM, Giant Eagle stores across the country are hosting Penny Exchange Days. Customers can bring in their pennies and exchange them for gift cards worth double the value of the pennies they hand in.
To participate, there’s a minimum requirement of 50 cents in pennies and a cap of $100 in pennies per transaction.
“We’re excited to provide our customers with a fun way to make use of their spare change while also ensuring that pennies remain available for cash transactions,” remarked Bill Artman, CEO of Giant Eagle. “If you’re more comfortable paying with cash, we suggest searching through your coin purse, your desk, or even your couch cushions.”
Giant Eagle has over 400 locations spread across Pennsylvania, Ohio, West Virginia, Maryland, and Indiana.
This initiative is being launched as many retailers notice a dip in hidden coins.
“We’re taking proactive measures to maintain the accuracy and fairness of our cash transactions,” added Artman.
The minting of new pennies is being restricted under President Trump’s direction. The Treasury Department had earlier indicated plans to withdraw the 1-cent coin from circulation early next year. Some businesses had anticipated this would happen sooner than expected.
As of late September, several Federal Reserve Banks have stopped fulfilling penny orders or accepting penny deposits. The National Convenience Store Association recently alerted its members that supply shortages in pennies were starting to emerge, with expected further impacts.
At this point, two chains, Love’s and QuikTrip, have announced they will round change for cash transactions, which could potentially lead to legal complications, experts warn.
Another chain, Sheetz, encourages customers to opt for cashless payments while allowing pennies to be exchanged for free self-serve drinks or donated to Sheets For the Kidz program. A spokesperson shared that the contributed coins will be recycled for use by other customers.
At PetSmart, customers can round up cash transactions to the nearest dollar, with any excess being donated to PetSmart Charities.
While the penny remains legal tender, its value as a collector’s item is likely minimal. Still, it seems that Giant Eagle’s exchange might be the most financially advantageous option for those holding onto their pennies.
