JACKSONVILLE, Fla. — With the penny set to go the way of the Dodo bird, state lawmakers are looking to ensure there’s a uniform standard for rounding to the nearest nickel.
Action News Jax told you last month how some major corporations like McDonald’s are already developing their own rounding systems for cash payments.
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Either way you slice it, someone stands to lose a few cents per-transaction.
And those pennies stack up quick, with the National Restaurant Association estimating universally rounding down could cost their members $13 to $14 million a month.
Local consumers we spoke with shared their two cents, and had differing views.
“I think it would be more convenient to round up. Just cause we still have nickels,” Jasmine Smith said.
RELATED: Time for change: Final penny pressed at Philadelphia Mint
“Round down for sure for people. You know, help them out as much as we can,” Hadeel Sweatt said.
But Florida lawmakers are proposing a statewide standard.
New bills filed in the House and Senate would require businesses to round down to the nearest nickel for cash transactions that end with a one, two, six or seven and round up when the total ends in a three, four, eight or nine cent digit.
RELATED: Some restaurants are rounding change after the production of new pennies ended
“This is in the best interest of consumers and of business because it says with certainty this is when you round in this particular direction and ensures fairness and consistency,” said Samantha Padgett with the Florida Restaurant and Lodging Association.
Padgett favors the idea, particularly because it mirrors federal legislation dubbed the “Common Cents Act.”
“Seeing a state the size of Florida pursue and possibly pass and enact this type of legislation will encourage our Congressional delegation to support this type of legislation. And we hope that it will help a federal solution to progress,” Padgett said.
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The consumers we spoke with were split on the government mandating a rounding solution, with some feeling it would make things simple.
“I think some of it is, you need consistency. Right? If I’m going in to spend, knowing what you’re going spend and how much you’re going to spend is always a benefit to the customer,” Josh Sweatt said.
Others favored allowing businesses to decide whether or not to pinch their pennies.
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“I mean it’s their prices. So, consumers are going to still buy what they want to buy and what they don’t, they won’t,” Smith said.
The clock is ticking for policymakers to implement a solution.
Padgett said while it’s unclear when pennies will officially run out, businesses are reporting their allotments of the copper-colored coins are already dwindling.
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