The FAQs state, “Retailers should continue accepting pennies and providing penny change for cash transactions” and “businesses may round the final amount of a cash transaction to the nearest five-cent increment” when penny change isn’t available. See: https://home.treasury.gov/news/featured-stories/penny-production-cessation-faqs

House Financial Services Committee Ranking Member Maxine Waters (D-CA) and Senate Banking Committee Ranking Member Elizabeth Warren (D-MA) send a letter to the Treasury Department, the Mint, and the Federal Reserve regarding insufficient information that the government had provided to the public about the impacts of penny production cessation.https://www.banking.senate.gov/imo/media/doc/warren_waters_letter_to_treasury_mint_fed_re_penny.pdf and here https://www.banking.senate.gov/newsroom/minority/ranking-members-elizabeth-warren-and-maxine-waters-urge-federal-agencies-to-provide-immediate-guidance-to-address-the-national-penny-shortage-caused-by-the-trump-administrations-abrupt-end-to-penny-production

November 12 — The United States Mint hosted a ceremonial strike at its Philadelphia Mint, where Brandon Beach, Treasurer of the United States, struck the final circulating one-cent coin. The event marked the official end of the penny’s 232-year production run as a circulating coin. In February 2025, Donald Trump directed Treasury Secretary Scott Bessent to ...

The United States Mint hosted a ceremonial strike at its Philadelphia Mint, where Brandon Beach, Treasurer of the United States, struck the final circulating one-cent coin. The event marked the official end of the penny’s 232-year production run as a circulating coin.https://www.usmint.gov/news/press-releases/united-states-mint-hosts-historic-ceremonial-strike-for-final-production-of-the-circulating-one-cent-coin

The current penny shortage and lack of guidance from the federal government have left retailers and other cash-accepting businesses uncertain on how to handle cash transactions where pennies are unavailable. The National Retail Federation (NRF) and National Association of Convenience Stores (NACS) as part of a coalition of trade associations representing thousands of businesses across ...

Why a Smart Review Won’t Cost Taxpayers More or Harm the Economy A January 21, 2025, DOGE post claimed that the penny cost taxpayers $179 million in FY 2023. While this claim is not accurate per US Mint annual reports, DOGE is right to consider ways to improve the cost and efficiency of US currency. Eliminating ...

Pennies cost more to make than they are worth, and often accumulate unused. But would eliminating them cause prices to get rounded up?

By Steven T. Dennis / February 10, 2025 04:49PM ET / Bloomberg Government President Donald Trump’s order Sunday night to stop minting billions of pennies annually potentially comes with some unexpected costs. The penny, a staple of US currency since since 1793, costs more than 3 cents to make, costing the government a net loss of $85 million, per the US Mint’s 2024 ...

The Mint Actually Loses Money Without the One-Cent Coin Eliminating the penny won’t save the government money. In fact, such a move would have a significant negative impact on the U.S. Mint’s cost structure. Many overhead expenses at the Mint would remain and would need to be absorbed by other coins, increasing their per-unit costs. Additionally, ...

DOGE’s suggestion to eliminate the penny as a cost-saving measure is fundamentally flawed. In reality, removing the penny would increase government losses, not reduce them. “The government won’t save money if the penny is eliminated,” said Americans for Common Cents Executive Director Mark Weller. “Such a change would have a massive negative impact on the ...

Government Report Highlights Disproportionate Impact on Vulnerable Families October 1, 2024 A new report from the U.S. Consumer Financial Protection Bureau (CFPB) reveals that the shift to cashless payment systems in school cafeterias has had an unintended consequence: increased costs for lower-income families. As more schools transition to cashless systems, many districts have partnered with payment ...

Largest Card Network Faces Allegations of Anti-Competitive Practices September 25, 2024 The U.S. Department of Justice filed a sweeping antitrust lawsuit against Visa on September 24th, accusing the debit-card giant of stifling competition. The suit seeks to open the market to new competitors and challenges Visa’s alleged efforts to monopolize the debit-card sector. According to the government, ...

August 5, 2024 Two pennies began their journey to the International Space Station on August 4, aboard a SpaceX Falcon 9 rocket from Cape Canaveral Space Force Station, Florida. These pennies were part of the uncrewed capsule’s 8,200-pound cargo. The pennies will be used in a “STEMonstration,” a series of short educational videos filmed on the space ...

Cash is still vitally important, even as society’s transition toward digital payments accelerates, according to Royal Canadian Mint President Marie Lemay. During the COVID-19 pandemic, as businesses closed their physical doors and consumers shifted their buying online, there was an immediate and dramatic impact on coin demand. Lemay noted recently that coin demand is starting to ...

October 10, 2022. Many Florida restaurants and gas stations are accepting only cash in the wake of Hurricane Ian. These businesses need electricity and an internet connection –which doesn’t currently exist or is poor– to process payments and track sales. “Cash demand skyrockets during crises, be it man-made or a natural disaster,” said Americans for Common ...