NEW: Dept. of Treasury Confirms It Will Phase Out Penny Production
GoLocalProv News Team
NEW: Dept. of Treasury Confirms It Will Phase Out Penny Production
The United States Treasury on Thursday said it is phasing out production of the penny and will soon stop putting new one-cent coins into circulation.
“A Treasury spokesperson said the government made its final order of penny blanks this month, and the United States Mint will continue to manufacture pennies only as long as an inventory of penny blanks exists,” reported CNN. “Consumers with pennies will still be able to use them for purchases. But without new pennies moving into circulation, businesses that complete cash transactions will have to start rounding up or down to the nearest nickel.”
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTThe Wall Street Journal first reported the development.
It marks the latest move since President Donald Trump said in February that he was ordering the United States Mint to stop making pennies, citing the cost.
“For far too long the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful! I have instructed my Secretary of the US Treasury to stop producing new pennies. Let’s rip the waste out of our great nations budget, even if it’s a penny at a time,” Trump wrote in a post on social media.