Myths vs. Facts
Separating truth from fiction about the penny transition
Consumer Guide
“Prices will go up because of rounding”
Research from Canada (2013) and Australia (1992) shows NO measurable price increase (Source: Bank of Canada). Rounding balances out - you save as often as you pay extra.
“Pennies are worthless now”
Pennies remain legal tender (Source: Treasury FAQ). Over 100 billion in circulation can still be used, deposited at banks, or saved. They'll never expire.
“I'll always pay more with cash”
Symmetrical rounding means you round DOWN just as often as UP. Over time, it balances to nearly zero net difference.
“Banks won't accept my pennies”
Banks routinely accept penny deposits from account holders — most ask for rolled coins, and policies vary by branch. Call ahead for large amounts.
“Stores can round however they want”
Mostly true, with limits: in most states rounding is the store's choice, but it must be disclosed and applied consistently — deceptive rounding can violate consumer-protection law. Arizona is the only state currently mandating nearest-nickel rounding at retail (California's mandate begins July 1, 2027), and several states recommend rounding down.
“Card purchases will be rounded too”
Only CASH transactions round. Credit cards, debit cards, Apple Pay, and all electronic payments remain exact to the penny.
“I should rush to spend all my pennies”
There's no deadline. Pennies are legal tender indefinitely. Take your time deciding what to do with them.
3 Truths to Remember
Keep these key facts in mind
Rounding balances out over time
Pennies never expire
Cards are unaffected
Still have questions?
Check out our FAQ page for more answers about the penny transition and what it means for you.
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