End of The Penny

The production of the penny was halted last November after Trump called it “wasteful,” as each penny costs 3.69 cents to produce, according to the U.S. Mint, which said the country lost $83 million producing them in a year. If enacted, cash totals that end in one, two, six or seven cents can be rounded down to the nearest amount divisible by five. Meanwhile, totals ending in three, four, eight or nine cents can be rounded up.

The approximately 300 billion pennies currently in circulation will remain legal tender, even though they are rarely essential for financial transactions.