Shop Fair on Avenue C at Fourth Street has had posted notices explaining that cash totals will be rounded to the nearest nickel: 1 or 2 cents and 6 or 7 cents round down; 3 or 4 cents and 8 or 9 cents round up. (The penny may be gone, but the math remains.) Debit and credit card transactions are not affected.
Meanwhile, the Common Cents Act, which passed the House of Representatives this week, would establish nationwide rules for rounding cash purchases to the nearest nickel as the U.S. gradually phases out the penny.
The proposed law is reportedly intended to give retailers a consistent standard for handling cash transactions, while electronic payments would continue to be charged to the exact cent.
So don't be surprised if more penny-related signs start popping up at neighborhood businesses.
