Pennies Phase Out, States Round Cash Purchases

0:00Local headlines in two minutes or less, you're tuned in to Durham News Today. Several months after the United States stopped producing pennies, some states are issuing guidelines to round-cast purchases to the nearest nickel. President Trump ended penny-minting last year, noting it costs $3.7 per coin while the mint confirmed that figure for $20. $24, with about $114 billion still in circulation, exact change remains tricky amid shortages. Meanwhile, symmetrical rounding has emerged as a key fix, where prices ending in 1, 2, 6, or 7 cents round down to the nearest nickel, and those ending in 3, 4, 8, or 9 round-up. A federal bill for this nationwide past the House Committee, but still needs full House and Senate approval before reaching the President's desk. State actions are picking up pace, with bills awaiting governor signatures in Arizona, Florida, Oregon, Tennessee, Virginia, and Washington. Indiana recently signed a law making rounding optional for businesses on non-zero or 5 cents

1:03totals, letting them choose up, down, or symmetrical. Methods. Consumers have mixed feelings, with some posting receipts online about feeling short change by opinion or two, even if studies show prices often end. In 8 or 9 cents, potentially costing shoppers millions collectively. Lawmakers argue it ensures fairness since rounding evens out over time. Treasury officials say halting pennies saves $56 million yearly, though it might increase demand for nickels that cost nearly 14, since each to produce. Proposed changes could tweak nickel composition for savings, keeping the shift underway, special thanks to our sponsor for supporting this episode. Your bedtime ritual just got better. Built-in Sound, Built-in Comfort, S-O-L-L-I, solelypillow.com.