The Trump administration has announced its intention to phase out the production of pennies, with the Treasury Department ceasing its minting as soon as current supplies run out. Each penny costs approximately four cents to manufacture, leading to projected annual savings of $56 million. Although pennies will remain legal tender, their decreased usage, especially with the rise of non-cash transactions, is seen as an opportune moment for this change. This move follows similar actions taken by other nations, and it is suggested that the demand for nickels may subsequently increase, despite their own production costs being a concern.
The phase-out may require stores to round prices up or down to the nearest nickel, although the growing popularity of non-cash payments makes that less of a headache.
President Trump called for the phase-out back in February, stating it could result in savings of $56 million a year as each penny costs nearly four cents to produce.
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