System and method for storing credit on a value card or cellular phone rather than accepting coin change

A system for allowing purchase transactions with no coin change, the system comprising:

• a plurality of storage devices issued to or possessed by a plurality of consumers, wherein each storage device can store a PIN related to a unique account stored on a remote computer, the account having only a balance between $0.00 and $0.99;
• a merchant point of sale system constructed to read the PIN, and to access the unique account and read and update the balance of the unique account, wherein, when a consumer makes a purchase and presents one of said storage devices to the point of sale system, the point of sale system reads the PIN number on the storage device presented and reads the balance of the unique account as a starting balance;
• the point of sale system, after totaling an amount for a purchase consisting of a dollar amount and a coin amount, the coin amount being between $0.00 and $0.99, compares the coin amount with the starting balance of the unique account;
• if the starting balance of the unique account is greater or equal to the coin amount of the purchase, the point of sale system requires tender of only the dollar amount of the purchase from the consumer, and the point of sale system updates the balance of the unique account to the starting balance minus the coin amount of the purchase;
• if the starting balance is not greater or equal to the coin amount of the purchase, the point of sale system requires tender of the dollar amount of the purchase plus one dollar, and the point of sale system updates the balance of the unique account to an amount equal to the starting balance plus (one dollar minus the coin amount of the purchase);
• wherein, the consumer only pays full dollar amounts.

A method for creating sales transactions involving no coin change comprising:

• issuing a balancing card or telephone application presenting a code associated with an account that can only contain an amount between $0.00 and $0.99;
• scanning said card or code after completion of a transaction at a point of sale, said transaction requiring payment of a dollar amount and a cents amount, the cents amount between $0.01 and $0.99;
• if said account contains an amount greater or equal to the required cents amount of the transaction, subtracting the cents amount of the transaction from the account;
• if said account does not contain an amount greater or equal to the required cents amount of the transaction, augmenting the required dollar amount of the transaction by $1.00 and adding the difference between $1.00 and the cents amount of the transaction to the account;
• wherein, the consumer only pays full dollar amounts.