Bye Bye Penny

Discussion in 'Coin Chat' started by Bill in Burl, May 22, 2025.

  1. Bill in Burl

    Bill in Burl Collector

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  3. Clawcoins

    Clawcoins Damaging Coins Daily

    yup, I just read this article about it
    https://news.yahoo.com/finance/news...is-saying-so-long-to-the-penny-165709511.html

    excerpt:
    The Treasury Department will begin phasing out the penny early next year, ending a run for a mainstay piece of American currency first produced by the federal government in the 1790s.

    This month, Treasury has made its final order of penny blanks — the material used to make pennies — and its coin producer at the US Mint will continue to manufacture pennies while an inventory of penny blanks exists.

    But production will cease after that inventory runs out, a decision first reported by the Wall Street Journal.

    ... Americans are using cash far less often. Cash remained the third-most-used payment instrument, accounting for 16% of payments in 2023, down two percentage points from 2022, according to the Federal Reserve.

    ... Businesses will need to start rounding up or down to the nearest 5 cents, though non-cash transactions will continue to be priced at exact change.
     
    Last edited: May 22, 2025
  4. chrissy1955

    chrissy1955 Member

    Yep, cash is spiraling down the ladder of options to pay, meanwhile credit card companies (you just gotta love 'em) and banks and merchants are charging a "premium" for their use. So, as always, we can bend over spread our legs and...........
     
    Timewarp likes this.
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