The Treasury unveils its plan to kill the penny

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Thu, May 22, 2025

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The Treasury unveils its plan to kill the penny | CNN Business

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The Treasury unveils its plan to kill the penny | CNN Business

^{Published on 2025-05-22 13:40:46 - CNN}

The US Treasury is phasing out production of the penny and will soon stop putting new one-cent coins into circulation, the department said in a statement Thursday.

The article from CNN, dated May 22, 2025, discusses the U.S. government's decision to discontinue the production of the penny due to its rising production costs and diminishing purchasing power. The penny, which costs more to produce than its face value, has been a topic of debate for years, with many arguing that it no longer serves a practical purpose in everyday transactions. The decision to phase out the penny will begin in 2026, with the U.S. Mint ceasing production and the Federal Reserve stopping distribution. Businesses and financial institutions are encouraged to round cash transactions to the nearest nickel, while digital transactions will remain unaffected. The move is expected to save the government millions of dollars annually and reflects a broader trend of countries reevaluating the necessity of low-denomination coins.

Read the Full CNN Article at:
[ https://www.cnn.com/2025/05/22/business/us-discontinue-penny ]

N@N

The Treasury unveils its plan to kill the penny | CNN Business