Last month, the U.S. Treasury stopped producing the penny, a decision sparked by rising costs. Interestingly, making a penny now costs over three times its face value, which has led to concern across the country.
In Clark County, local treasurer Alishia Topper is feeling the effects. She recently warned that the county’s bank, JPMorgan Chase, is running low on pennies. This shortage affects various payment systems in schools, courts, and other local services that sometimes rely on cash transactions. “We need change to give to people paying cash, but we don’t have it,” Topper explained.
Businesses are responding in different ways. Chains like McDonald’s and Taco Bell have started rounding cash transactions, either up or down. This means if you buy something that totals $3.01, you might end up paying $3.00 or $3.05, depending on the store’s policy.
The National Restaurant Association is pushing for a national rounding rule to standardize this across the board, which would help reduce confusion and minimize financial losses for retailers. According to industry experts, these changes could relieve some pressure. In fact, many businesses have reported losing millions due to the way cash transactions are currently managed.
In light of these challenges, the Common Cents Act was introduced in September. This proposed law aims to provide structure by rounding cash payments to the nearest five cents, but so far, it hasn’t gained traction in Congress.
Topper believes a federal guideline would be the best solution. “Most people want to avoid paying a penny more than necessary,” she said. Her plan? To round down whenever the county runs out of pennies. However, there’s no official guidance from state or local agencies yet. While Oregon hasn’t finalized its policy, Washington State officials are still in discussions.
For now, residents planning to pay property taxes in Clark County with cash should prepare and find their penny jar. It’s a small but significant reminder of how even the smallest coin can impact daily life in unexpected ways.
Source link
Washington | Clark County
