U.S. Mint ends production of the penny

Production & Policy - The US Mint in Philadelphia ended the production of the American penny after more than 230 years [1] - Over 300 billion pennies are still legal tender in circulation [2] - President Trump previously called the penny wasteful due to its production cost being almost four times its face value [2] - A congressional bill attempting to eliminate the penny was proposed as early as 1990 [2] Business Impact & Adaptation - Some banks and businesses are scrambling due to the abrupt end of the penny [3] - The vast majority of businesses are expected to round cash transactions to the nearest nickel [3] - Retail trade groups are urging Congress to establish a national standard for rounding cash transactions [4]