Department of the Treasury

Reduce need for Pennies by Price Rounding

Allow stores to round the price of cash purchases to the nearest nickle or dime. Transactions ending in .x1 and .x2 are rounded down to .x0, transactions ending in .x3 and .x4 are rounded to .x5, transactions ending in .x6 and .x7 are rounded to .x5, and transactions ending in .x8 and .x9 are rounded to .x0. This would be used only for CASH purchases, and is applied at the cash registered on the total price of the purchase, not on individual items. All transactions conducted by check, debit card, and credit card will be to exact penny. Financial institutes still provide cash transactions to the exact penny. This system was used by the Department of Defense in Europe for years because of the cost of shipping pennies overseas. None of the military who I served with every complained about not receiving pennies in their change for cash transactions or paying to the exact penny for transactions using checks or credit cards. This would drasticly reduce the cost of minting pennies and may eventually lead to the ability to stop minting pennies altogether.

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Idea No. 13305