The End of an Era: Why Florida Is Saying ‘Goodbye’ to Pennies
If you’re one of those people with a jar full of pennies in the kitchen, congratulations: you have a collector’s item. Florida has just taken a historic step toward modernizing its transactions, and it’s not on a whim. The reality is that producing a penny today costs nearly 4 cents. It’s literally a business where the government loses money on every coin it mints.
The short answer is this: Facing the federal order to stop producing one-cent coins (pennies), Florida’s Legislature has passed SB 1074, a law establishing clear rules for mandatory rounding in cash transactions. If you pay with a card, nothing changes; if you pay with cash, get ready to round to the nearest nickel (5 cents).
The Rounding System: How Will Your Bill Be Adjusted?
Don’t let the numbers confuse you. The system adopted by Florida is known as symmetrical rounding. Here’s the exact breakdown of what will happen when you reach the checkout:
| If your total ends in… | What will happen to your money? | Final Result |
| .01 or .02 | Rounded down | You pay .00 |
| .03 or .04 | Rounded up | You pay .05 |
| .06 or .07 | Rounded down | You pay .05 |
| .08 or .09 | Rounded up | You pay .10 |
Critical Note: This adjustment applies only to the final total amount (including taxes) and exclusively for cash payments. If you use Apple Pay, credit, or debit cards, you’ll continue paying down to the last exact penny.
3 Uncomfortable Truths About This Measure
- It’s not a ‘scam’ by businesses: Many readers ask if businesses will keep that extra money. Statistics show that, in the long run, consumers end up ‘winning’ or ‘losing’ the same amount. Sometimes you’re rounded down by 2 cents, other times up by 2.
- Sales tax doesn’t change: The law is very clear: tax is calculated before rounding. The state government isn’t charging more taxes—it’s simply adjusting how you hand over physical cash.
- Pennies remain legal: No one can refuse your pennies (for now). If you have exact change for $10.53, you can hand it over. Rounding comes into play when the business doesn’t have pennies to give you change or you don’t have exact change to pay.
The ‘Domino Effect’ on Hispanic Businesses
For our bodega owners, restaurant operators, and small business owners in Miami, Orlando, or Tampa, this means updating their Point of Sale (POS) systems. SB 1074 also protects them: rounding under these rules won’t be considered a ‘deceptive practice’, avoiding unnecessary lawsuits that often strangle small businesses.
Does it really benefit us? It saves time in lines and eliminates unnecessary weight in your wallet. But let’s be honest: for many, seeing a $1.98 bill jump to $2.00 ‘by law’ will feel like a small pinch to the wallet, especially with current inflation.
Image: ElHispanoParaTodos.com/PRESS
