Retailers Are Preparing
Retailers don’t expect the disappearance of new pennies to cause any chaos. Many anticipate transitioning to rounding cash transactions to the nearest nickel once penny supplies dwindle at banks.
Even after minting halts, the penny will still be accepted as payment. As Jeff Lenard noted, “If someone wants to pay with pennies, most retailers will err on the side of making those customers happy.”
What It Means for Consumers
Most consumers are unlikely to notice a significant difference right away. Electronic payments (credit or debit cards) will continue to be processed to the penny, while only cash transactions may be rounded.
Canada, which halted penny production in 2012, offers a preview of what the U.S. can expect. “For the first year after they stopped making pennies, there’s really no change in transactions,” Lenard told CNN.
Penny Production Bills
Several U.S. states had previously introduced legislation related to penny usage, rounding, or alternatives. Here are a few:
