Source estimates that Penny will no longer be minted early next year | Credit: John Brueske/Shutterstock
The US Treasury recently announced that it will gradually end mint penny, which has been produced for over 230 years.
Millions of people have expressed concern about their fate, but US officials say Penny is still in fiat currency and is being used by thousands of retailers across the United States.
“Looking at their experience in Canada, there’s no change in the transaction in the first year after they stopped making pennies,” said Jeff Leonard, spokesman for the National Association of Convenience Stores. I said CNN. Leonard said U.S. convenience stores trade more cash than any other group in the country. He added that about 32 million or 20 percent of daily purchases by customers.
Retailers will continue to accept them
The National Retail Federation, which represents most major chains in the US and thousands of small retailers, said it expects members to use pennies even after production ceased at some point early next year.
However, as banks start to run out of penny supplies, many shops are expected to close cash transactions to the nearest nickel.
Electronic transactions such as credit card purchases and debit cards continue to go down to Penny, with only cash transactions being rounded, Leonard said.
“The main goal of retailers is to serve their customers and make this transition as seamless as possible,” said Dylan Jeon, senior director of government relations at NRF.
Approximately 114 billion pennies
Treasury officials said about 114 billion pennies are circulating across the United States, but “it’s not being used seriously.” Most are in bottles, junk drawers, or somewhere else to collect dust and in forgotten houses.
On February 10, 2025, President Donald Trump said Penny was in vain post His social media platform, true social.
“For too long, the US has been minting pennies and literally costing more than two cents,” he said. “This is extremely wasteful! I have instructed the US Treasury secretary to stop production of new pennies. Let’s tear waste from the budget of the great nation, even if it’s a pennies at once.”
