Pennies Phase Out: States Round Up to Nickels
Oakland News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
The United States has ceased producing one-cent pennies due to high production costs, leading to states implementing rounding rules for cash purchases. Prices ending in one, two, six, or seven cents round down, while three, four, eight, or nine round up. The Treasury will continue circulating existing pennies, but consumers have mixed feelings about the change. Several states have passed bills on rounding, and a federal bill for nationwide symmetrical rounding is pending. The move is expected to save fifty-six million dollars annually, but could increase demand for costly five-cent nickels.
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