Patent ID: 7284696

Claim:
A method for completing transactions without the use of coins, the method comprising: providing a transaction card comprising a card body and a memory storage disposed on said card body, said memory storage comprising a smart chip and a magnetic swipe strip capable of being read by a card reader, said memory storage storing an identification for said transaction card and a monetary value for said transaction card; said transaction card being associated with an account at a financial or commercial institution via said identification; making at least one first purchase of goods or services having a first purchase price including a factional dollar amount; tendering a first whole dollar amount in currency above said first purchase price, wherein a difference between said first purchase price and the first whole dollar amount tendered is represented at least in part by a first value in coins less than one dollar; inserting said transaction card into a first card reader, said first card reader reading said transaction card identification and said monetary value; increasing said monetary value by crediting an overpayment credit to said monetary value, via said card reader, said overpayment credit being at least said first value in coins less than one dollar; and recording said identification for said transaction card and said monetary value following said first purchase in a memory storage in said first card reader and transmitting said transaction card identification and said monetary value from said memory storage in said first card reader to a central database; and erasing said transaction card identification and said monetary value from said memory storage in said first card reader.