Originally Posted by
PatrickGSR94
I don't understand how that can work. Does everything now have to be rounded up to the next nickel? So in effect your money becomes a base-20 system or something like that. With so many transactions NOT ending on 5-cent increments in this country, as long as physical currency is accepted, I don't see how they could ever stop making pennies.
Cash sales that end in 1,2,6 or 7¢ will be rounded down, the rest will be rounded up. So, if I handed over $1.50 for a coffee that cost $1.42, I will receive a dime in change, and the guy who handed over $2.00 for a coffee and donut that cost $1.88 also would receive a dime in change.
This doesn't apply to debit, credit card or any other non-cash sales.
Any pennies in circulation that end up back at the bank are sent out for destruction (although I'm sure that the bank will receive $0.50 for each roll of pennies that it sends off).