A bill has been introduced to kill the penny, mostly because it actually costs more than a penny to produce a penny. That makes sense, and I’m all for it. It’s not like you can do much with pennies these days anyway, so I say go for it.
Did you catch the idea of rounding down a transaction ending in 1, 2, 6 and 7 and rounding up 3, 4, 8 and 9? Did you have to think twice about it? I sure did. Let’s walk through it: If the transaction ends in 1 or 2 cents, round down to 0 cents. If it ends in 6 or 7, round down to 5 cents. If it ends in 3 or 4 cents, round up to 5 cents. If it ends in 8 or 9 cents, round up to 0 cents (and the next dollar).
The bill apparently contains a provision for a dollar coin and a two-dollar bill. Let’s get real. We’ve already covered the fact that bills cost way more than coins to make and they don’t last nearly as long. Drop the bill and make a two dollar coin. Or even a five-spot. You want to save money, let’s go for it and not create more useless paper currency that will be gone in eighteen months or so.