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US Treasury Proposes Reducing Penny Production Amid Cash Rounding

5/25/2025

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Summary

Story summary

The US Treasury aims to cut penny production while maintaining its status as legal tender.
Retailers may round cash transactions to the nearest nickel but will continue accepting pennies.
Around 114 billion pennies are currently in circulation, with many remaining unused.
Electronic transactions will reflect exact amounts, while pennies may still be accepted indefinitely.
Canada's experience indicates minimal impact on transactions after ending penny production.

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Story summary

The US Treasury aims to cut penny production while maintaining its status as legal tender.
Retailers may round cash transactions to the nearest nickel but will continue accepting pennies.
Around 114 billion pennies are currently in circulation, with many remaining unused.
Electronic transactions will reflect exact amounts, while pennies may still be accepted indefinitely.
Canada's experience indicates minimal impact on transactions after ending penny production.