COLLINSVILLE, Okla. — Pennies are going the way of the dodo bird.
“Inevitably, we know that it’s going to happen. We’re just trying to kick that can down the road,” Collinsville City Manager Chuck Ralls said.
Ralls is pinching pennies.
“We’ve got three pennies in [the city register]. So we might make it through the end of the day,” Ralls said.
Ralls is asking for the public’s pennies. The city will exchange them one-to-one. Anyone can stop in Collinsville City Hall to trade their pennies for bigger coins. Five for a nickel, ten for a dime, 100 for a dollar, and so on.
“It’s frustrating,” Allison Mitchell, owner of Caddy Corner, said.
A sign at the register says “cash is king.” Cash means change, and change means pennies.
“So I actually did run out [of pennies] and I had to go bank hopping. Which was fun – started three new bank accounts, by the way – that was exciting,” Mitchell said, “Now I don’t even know where I’m banking, because it’s like everywhere at this point.”
Mitchell got lucky. Ralls says city officials can’t get pennies from any of the banks around town.
“We kind of, amongst ourselves, brought in pennies that we had at home, and tried to meet the need, hoping that the bank would get some in. But it does not appear to be the case,” Ralls said.
MAKING ‘CENTS’ OF THE DECISION
- Scott Bessnet, the US Treasury Secretary, directed the US Mint to stop producing pennies.
The decision was made because of the cost to produce pennies.
- One penny costs almost four cents to produce, according to the Treasury.
- The US Mint expects to save $56 million per year, ceasing production of the penny.
Mitchell and Ralls are preparing for a reality absent the copper coin.
“Likely, we would just have to take the payment as presented and apply any overage to the next utility bill,” Rall said.
Mitchell is bracing for the day when pennies will dry up.
“Eventually, I’ll get to that point, but I’m hanging in there, I’ll keep bank hopping. I’m fine with it. Doesn’t bother me,” Mitchell said.
Collinsville staffers are ready to exchange coins. City hall is open Monday through Thursday from 7 a.m. until 6 p.m.
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