US EditionSo What Happens to America’s 114 Billion Pennies Once the US Stops Making Them?
- On Thursday, the US Treasury revealed intentions to gradually cease production of the one-cent coin, which has been in circulation for over 230 years.
- The decision follows rising production costs, including nearly four cents to make each penny and an $85 million loss last year.
- There are about 114 billion pennies in circulation, with thousands of retailers, including convenience stores handling millions of daily cash transactions, still using the coin.
- Retailers will keep accepting pennies as long as banks continue supplying them, but once those supplies dwindle, each store will choose to adjust cash payments by rounding amounts either up or down to the closest five cents. Electronic payments will still be processed precisely to the penny, according to Lenard.
- This shift mirrors Canada’s 2012 penny phase-out, which caused no transaction changes, and many US retailers aim to keep customer satisfaction by allowing pennies as long as possible.
58 Articles
58 Articles
The U.S. Treasury Department announced that it will stop minting a penny in early 2026. Although its production will be suspended, the pennies that remain in circulation will retain their validity as a means of payment throughout that country, but a novel rounding system will be implemented.The reasons behind the end of the penny coin in the U.S.: how much money is savedThe determination to put an end to the production of the penny, driven by Pr…
Trump's Plan To 'Rip The Waste Out' Means End Of The Road For The Penny, But What Happens When Cash Totals Jump To The Next Nickel
The U.S. Treasury will strike its last penny early next year, ending a 233-year production run, yet the copper-colored coin will keep rattling in cash drawers for years as retailers gradually round transactions to the nearest nickel. What Happened: There are about 114 billion pennies in circulation, stacked together, they would make a metal cube 13 stories tall. The Treasury says stopping penny production could still save $56 million a year, eve…
With Penny Production Ending, Penny Presses May Face Uncertain Future
The U.S. Treasury Department confirmed last week that penny production will cease in early 2026, and while cashless payment methods become increasingly common, there's one niche attraction that still relies on the coins: the penny press.
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