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I just returned from purchasing a $2.13 and a $2.47. Initially, the system insisted on a $1.00 minimum denomination; I bought the $2.13. Then, when I said YES to further purchases on that credit card transaction to get the $2.47, the minimum had clearly switched to $.01 (one cent).
It appears that once you cross the $1.00 threshold you can buy whatever small stamps you'd like. Might be useful if folks wanna get some $.34's along with their $2.13's, etc.