US EditionState lawmakers rush to set rules for when pennies run out
States including Arizona and Florida adopt symmetrical rounding to the nearest nickel for cash transactions after penny minting ends, with federal legislation pending.
- Following the end of penny production last year, legislators in Arizona, Florida, Oregon, Tennessee, Virginia, and Washington are advancing bills to establish rounding guidance for cash transactions.
- The cessation of penny production led to difficulties making exact change, prompting proposed legislation to adopt 'symmetrical rounding' where cash payments round to the nearest nickel.
- Under this system, prices ending in one, two, six, or seven cents round down, while three, four, eight, or nine round up; for example, a $1.92 total becomes $1.90, and $1.98 rounds to $2.
- A federal bill passed the House to apply symmetrical rounding nationwide, with supporters saying it is "important to prevent a confusing patchwork of state policies" as states vary.
- Several state measures currently await governors' signatures while the federal proposal remains pending before the Senate, aiming to resolve consumer frustrations over exact change and maintain business efficiency.
16 Articles
16 Articles
State lawmakers draft rounding rules as U.S. Mint stops penny production - RetailWire
The U.S. Mint has halted production of new pennies, prompting at least six state legislatures to introduce bills standardizing how retailers round cash transactions to the nearest nickel. The shift affects cash transactions, which represented 18 percent of all point-of-sale purchases in 2023. Card and digital payments calculate exact change electronically and remain unaffected by the absence of pennies. Three states are considering requirements…
With Pennies Scarce, States Begin to Set Rounding Rules
Months after the last of the United States' 1-cent coins were pressed, some states are beginning to set rounding guidance for cash purchases, per the AP . The move to stop minting the penny last year has led to shortages and struggles to make exact change. One solution is rounding to...
Coverage Details
Bias Distribution
- 69% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
