Last year around this time, I remember seeing a lot about the “coin shortage” along with signs that says please pay with credit/debit card or use exact change. I had thought the entire thing had past until a mini mart that I frequent seemed to avoid giving back the correct amount of coin change due. The first 2 times it happened they “rounded down”, one time it was about .50 cents and I was given the next dollar. Anyway the 3rd and 4th time it happened, they rounded in their benefit. I didn’t say anything since they seemed to be going both ways. The owner, a guy that looks like he is in his early 30’s was in the store the next time In went in. I suggested he post a sign that explains things. There are a lot of people that would stop going there over the principle of the matter. If it was my store, I would hit the laundry mats and car washes just for quarters. Then you can always just round down to the nearest quarter in the customers favor. This way your average loss per cash sale would only be 12 to 13 cents. If you are giving out no coin change, your average is around .50 cents (between .01 cents and .99 cents).
On to the Low end ADVANTAGE PLAY:
Went to Walmart today, I was given back $50 in paper change, when it should have been $49. I told the clerk she gave me to much change, she then informed me Walmart is “Rounding coin change” due to the shortage. I was shocked by two things: With Walmart’s banking relationships, and as big as they are it seems they would be first on the list to obtain coin change. The 2nd being they would round down to the nearest dollar on every transaction. If this is nationwide, this is very significant.
I have posted 2 Walmart receipts where you can see the itemized line on the receipt that reads “Rounding”. Anyway, the first thing I thought of was several a different low level + Expected Value situations. I knew a man who would buy the .99 cent cheap cans of spray paint for $1.08 and take them to the flea market and sell for $2. People would buy them. This guy had a state resale license to where he eventually didn’t pay sales tax upon purchase. A situation where 2 cans would be 1.98, you give the $2, where they round down to $1. It’s basically a buy one get one free. I can think of a few situations where it would probably be worth about $20 per hour doing different things with this. Couple situations where you can benefit doing returns in a particular way as well.
Even a family that goes shopping and buys 100 items. On average it should equal around .50 cents saving per transaction. If you go in with a family of 4 and each of you are willing to go through the checkout several times with cash, you can save a good amount of money.
An easier Advantage play is hit the Laundry mats and car washes for change. Go to smaller non corporate stores and offer to sell $100 in quarters for $115 to $120, if the store does the math it’s a good move, the only issue is most wont be able to figure out why it’s cheaper to pay a 20% premium vs. always rounding to the next dollar in the customer favor. Probably best if you make up a good explanation on a piece of paper. 10 stores a day at $20 bucks and you have $200 cash in your pocket. Good for someone collecting unemployment lol.
Overall, personally I don’t find it worth my time, I did find it interesting and wanted to share it.
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Originally Posted by garrett
