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For several months now, in the United States, there has been a historic moment regarding the national currency: the penny stopped being produced by order of the Treasury Department, and with each day, there are fewer coins in circulation.

That is why the future of the penny in the United States is a controversial topic that has caused various reactions in different states, since both merchants and lawmakers are discussing what cash payments will look like in the coming months.

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The New York Legislature has already approved Law A9274 and is awaiting Governor Kathy Hochul’s signature. The proposal is based on the federal decision to stop producing pennies because of the manufacturing cost they represented for the country.

In response, New York sought a way to avoid rounding problems at the checkout lines of stores such as supermarkets, pharmacies, and restaurants. When Hochul signs the law, rounding will change and will be applied to the final total of the purchase.

They confirmed what the new way of paying will be like: the new rounding method

The new rounding rules will be seen in everyday life with a system like this:

  • Ending in .01 or .02: rounds down to the previous multiple of five cents.
  • Ending in .03 or .04: rounds up to .05.
  • Ending in .06 or .07: rounds down to .05.
  • Ending in .08 or .09: rounds up to .10.
  • Ending in .00 or .05: no change.

The law makes it clear that taxes will continue to be calculated on the actual price of the transaction and that the new adjustments will not generate new tax obligations.

Will it affect other payment methods?

This measure will affect only those who pay in cash, since purchases made with methods such as:

  • Credit card
  • Debit card
  • Transfers
  • Digital wallets
  • Apple Pay
  • Venmo
  • Zelle

They will continue to be charged the exact amount without rounding. This does not mean that those who pay in cash will pay more, but rather that the system is designed so that some transactions go up and others go down.