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The US plans to remove the one-cent coin from circulation

2025-05-22 18:54:00, Kosova & Bota CNA

The US plans to remove the one-cent coin from circulation

The Trump administration hopes to save a lot of money by phasing out the penny. The Treasury Department has placed its final order for blank pennies and plans to stop minting pennies once that supply runs out.

Each coin costs about four cents to produce, so the move is expected to result in immediate savings of $56 million a year. A Treasury spokeswoman confirmed the decision, which was first reported by the Wall Street Journal.

President Trump called for the gradual elimination of the coins in February. Canada, New Zealand and Australia have also eliminated their one-cent coins.

One-cent coins will remain legal tender, which is fortunate since there are more than a billion dollars worth of coins in circulation that are worth that much. However, most are rarely used, gathering dust in coffee cans on dressers and in people's forgotten pockets, as the Americans say.

Their gradual removal may require stores to round prices up or down to the nearest whole number, although the growing popularity of cashless payments makes this less of a problem. Fewer than one in five payments are made with cash, according to the Federal Reserve Bank of Boston./CNA





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