Giant Eagle offers customers a double gift card reward on Nov. 1 for Penny Exchange Day.
During this one-day event, the retailer will give customers a Giant Eagle gift card valued at twice the amount of pennies that customers bring into any of its Giant Eagle or Market District supermarkets. The event will take place from 11 a.m. to 4 p.m.
There is a minimum of 50 cents in pennies exchanged per transaction which would result in a $1 Giant Eagle gift card and a maximum of $100 in pennies exchanged per transaction which would result in a $200 Giant Eagle gift card.
According to President and CEO, Bill Artman, the goal is to maintain an adequate supply of pennies.
The event is seen as a unique and fun opportunity to reward customers for joining the effort. The main goal is to help keep pennies available for those who pay with cash.
With the production of the penny beginning to phase out, the Federal Reserve has begun to limit the penny deliveries to banks and commercial customers which has resulted in the reduced availability of pennies in certain geographies.
This event from Giant Eagle is a proactive step to ensure that the company maintains accuracy and fairness while it awaits any formal guidance from the U.S. government regarding future rounding practices.