By Staff Report
Florida is preparing for the end of the penny.
A bill, SB 1074, that would allow retailers to round cash transactions to the nearest nickel passed unanimously in the Senate on Thursday. The proposal comes after the federal government last year stopped production of the 1-cent coin.
The measure, sponsored by Sen. Don Gaetz, R-Niceville, would apply only to cash purchases.
“It prepares the Florida economy for a time without pennies, which is coming very quickly,” Gaetz said.
According to a legislative staff analysis, rounding to the nearest nickel would not change the sales price, the amount of tax collected or any surcharges, assessments or fees tied to a transaction.
A House companion bill, HB 951, is also ready for a floor vote.
The U.S. Treasury minted its final penny in late 2025 after determining the coin was “no longer necessary to meet the needs of the United States.” The cost of producing the zinc and copper-plated coin rose from 1.42 cents to 3.69 cents per penny, according to the Treasury.
The penny was first authorized in 1792 under the Coinage Act and was among the nation’s earliest coins.
AMBER PATINO