Kehoe signs Shields’ cash-rounding bill into legislation

ST. JOSEPH, Mo. (KQTV) -- House Bill 2819 will allow vendors to legally round cash transactions to the nearest nickel.

HB 2819, signed Monday, was sponsored by Representative Brenda Shields (R-St. Joseph).

The bill was created due to the recent decision by the U.S. Mint to halt penny production because of the rise in costs to produce the 232-year-old coin.

The bill will not apply to electronic or credit/debit purchases.

While production of the Penny has stopped, it is still legal to use in purchases. There are an estimated 300 billion pennies in circulation.

The U.S. Mint said the amount in circulation is more than the amount needed for commerce, and retailers and businesses can still price goods and services in one-cent increments. However, HB 2819 is accelerating that change for Missouri.

The penny was first authorized by the Coinage Act of 1792 and has played a role in daily life from the inception of the U.S. economy to today.