(WJW) – A small grocery chain with locations across the Ohio Valley region wants your pennies, and they’re willing to pay handsomely for them.
From 11 a.m. to 4 p.m. on Saturday, November 1, all Giant Eagle locations will host a Penny Exchange Day. Customers can bring their pennies and exchange them for a gift card valued at double the number of pennies they provide.
The exchange will require a minimum of 50 cents in pennies per transaction, and a maximum of $100 in pennies.
“We are excited to offer our customers a fun way to make the most of their spare change while also supporting efforts to keep pennies available for cash transactions,” said Bill Artman, President and CEO of Giant Eagle. “We invite our customers to check their change jars, desk drawers, and couch cushions to help us maintain the availability of pennies for those who prefer to pay in cash.”
Giant Eagle has more than 400 stores across Pennsylvania, Ohio, West Virginia, Maryland, and Indiana.
This initiative comes as numerous retailers have reported a diminishing stash of pennies.
“We’re taking proactive steps to ensure that we can maintain accuracy and fairness in our cash transactions,” Artman said.
At the direction of President Trump, the minting of new pennies has been winding down. The Treasury Department previously reported that it expected to stop putting new one-cent coins into circulation early next year, a timeline that several businesses say they were prepared for, only to find themselves pinching pennies months ahead of schedule.
As of late September, several Federal Reserve coin distribution sites have stopped fulfilling penny orders, taking penny deposits, or both. The National Association of Convenience Stores warned last month that supply shortages were starting to emerge amongst its members, with more expected to be impacted.
So far, at least two gas and convenience store chains, Love’s and Kwik Trip, have said they will round change on cash transactions in favor of the customer. Rounding may, however, face legal challenges, experts warn.
Another chain, Sheetz, confirmed it is encouraging customers to pay with a cashless option. Customers can also exchange pennies for a free self-serve drink or as a donation to Sheetz For the Kidz. A spokesperson noted that donated coins “will then be recirculated for other customers.”
At PetSmart, customers can round their cash transactions up to the nearest dollar, with the extra change going toward PetSmart Charities.
Pennies remain legal tender and will likely gain little to no value as collectors’ items — though some may argue the Giant Eagle exchange is the most fiscally beneficial to penny holders.
