Question of the Day: Which two major fast food chains have changed their cash transaction policies due to the penny shortage?

Answer: McDonald’s and Burger King

To ask:

• Do you think the penny is still useful, or is it time to get rid of it?
• If companies have to round prices, should they round them up, down, or to the nearest nickel? What is the fairest way?
• If more businesses stop accepting cash because coins are scarce, could that have negative consequences for everyone?

Behind the numbers (People):

“McDonald’s is adapting to the halt in penny production and the resulting shortage. The fast food chain’s representative confirmed to ABC News that it is in the process of setting up a system to round down or up to the nearest five cents. The change comes as penny production ceased, making it a problem for many customers and cashiers to provide exact change.”

About the author

Dave Martin

Dave joins NGPF with 15 years of teaching experience in mathematics and computer science. After joining the New York City Teaching Fellows program and earning a master’s degree in educational administration from Pace University, his teaching career took him to New York, New Jersey and a summer in northern Ghana. Dave believes financial literacy is essential to creating well-educated students prepared for a complex and highly competitive world. In the free time that two young daughters allow themselves, Dave enjoys video games, Dungeons & Dragons, cooking, gardening and taking naps.

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