Among the bills sent to Florida Gov. Ron DeSantis last week is a proposal attempting to cope with the end of the production of the penny by allowing retailers to round up or down to the nearest nickel.
The bill (SB 1074) follows the federal government’s decision last year to cease production of the 1-cent coin.
The bill, sponsored by Sen. Don Gaetz, R-Niceville, would only apply to cash transactions.
It “prepares the Florida economy for a time without pennies, which is coming very quickly,” Gaetz said when the measure was before the Senate on Feb. 26.
Rounding to the nearest nickel would not alter the sales price, the amount of tax collected, or any surcharges, assessments or fees imposed on the sale, according to the bill analysis by legislative staffers.
The United States Treasury minted its last penny in late 2025 after deciding it was “no longer necessary to meet the needs of the United States.” The price to create the zinc and copper plated piece jumped from 1.42 cents to 3.69 cents per penny, according to the U.S. Treasury.
The penny was first created in 1792 and was one of the first coins authorized under the Coinage Act.
DeSantis has until May 15 to act on the proposal.
