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<p>The paper investigates the inflationary implications for payments made in cash after removing the lowest and separately the second-lowest denomination coins from circulation in the United States. To obtain lower and upper bounds on cash inflationary or deflationary impacts, the computations utilize: (i) three rounding methods (symmetric, upward, and downward), and (ii) full dataset versus a restricted dataset (containing only the payments that must be rounded). Inflationary impacts on cash payments are computed both in aggregate and also separately according to 21 payment/merchant categories. The study also explores merchants’ potential income loss from rounding down cash payments.</p>

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Inflationary impacts of penny and nickel elimination

  • 期刊论文

  • 发表日期：

    2025年9月17日

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  • Oz Shy

摘要

The paper investigates the inflationary implications for payments made in cash after removing the lowest and separately the second-lowest denomination coins from circulation in the United States. To obtain lower and upper bounds on cash inflationary or deflationary impacts, the computations utilize: (i) three rounding methods (symmetric, upward, and downward), and (ii) full dataset versus a restricted dataset (containing only the payments that must be rounded). Inflationary impacts on cash payments are computed both in aggregate and also separately according to 21 payment/merchant categories. The study also explores merchants’ potential income loss from rounding down cash payments.