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Should the US get rid of the penny?
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this post was submitted on 01 Jan 2025
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Yes. I think that's what the study explains in the last paragraph there. The customer is still likely to buy the item if it's ending in $.95 vs $.99. However, as the price of the item goes up, that four cent difference is less important. In the decision making of the buyer, but also costs the company more per unit. It's less important to the business/seller the more expensive it is. I think that's part of the reason they called it a wash.
The prices on shelves don't change when you drop the penny.
Final cost is just rounded to the nearest 5 cent at checkout if you pay in cash.