Massachusetts Businesses Prepare for Life Without Pennies

A penny for your thoughts as we ponder a life in Massachusetts without pennies.

Why the U.S. Stopped Minting Pennies

It's true. After 233 years, the U.S. Treasury Department no longer mints pennies. It stopped last year, saying it would no longer be "fiscally responsible or necessary to meet the needs of commerce in the United States." Each penny cost 3.69 cents to make when the minting ceased.

Find a penny, pick it up, and all day you'll have good luck!

That's it: no more bending for pennies while taking my walks. Not to mention, my lucky streak has apparently come to an end.

So if I buy something from a retailer for eight cents and pay with a dime, what happens to my two-cent change?

How Massachusetts Stores Could Handle Cash Transactions

The Massachusetts Office of Economic Development's Division of Standards (DOS) has given considerable thought to this matter and has made a recommendation.

"The Division's assessment is that the enforcement and application of applicable price accuracy and disclosure sections of Massachusetts General Law would not be materially affected by any policy change authorizing or requiring rounding of cash transactions to the nearest $.05," according to the DOS.

In other words, retailers can round up and charge you 10 cents or round down and charge you a nickel.

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State House News Service reported the Department of Standards "recommends that any business choosing to round cash transactions clearly post its policy at entrances and points of sale, including in multiple languages where appropriate." Any applicable sales tax must be assessed on the price before it is rounded up or down.

When Pennies Actually Bought Something

Remember how valuable pennies seemed when you were a kid? Just a few of them could buy you a bag of candy for the double feature at the Capitol or Olympia theaters.