No More Pennies: U.S. to Stop Making 1¢ Coins After 2026
The United States is gearing up to ditch pennies!
If you haven’t heard, the U.S. Treasury has set the stage to sunset the production of pennies. It was recently announced that they’ve ordered their final batch of “penny blanks”, and the coins will no longer be produced once they run out. This is expected to happen sometime early next year.
In terms of wasteful spending, this change certainly makes a lot of cents as it costs substantially more to produce a copper penny than they are worth – in fact, it’s more than triple! 🤯
So what does that mean for consumers?
This change could eventually push retailers to round prices up or down to the nearest nickel, as it’s projected that there won’t be enough pennies in circulation to support cash payments.
However, it’s also been suggested that the U.S. will follow in the footsteps of Canada, which ended its penny production way back in 2013. In turn, they round cash transactions up or down to the nearest nickel. And since only cash payments are affected, credit, debit, and check payments remain the same as they always were.
And don’t worry, even once production and distribution have ended, the penny will still be a valid currency if you still have them. 🙌
A penny for your thoughts? Drop us a onlinement below!
