The U.S. Mint discontinued the penny on November 12, bringing an end to the coin that had been produced since the 1700s. The least valuable piece of U.S. currency had become the most expensive one to produce, costing more than three times the coin’s face value. So what does the absence of pennies mean to the average American? Pennies already in circulation will retain their market value and remain legal tender. Without the production of pennies, many stores are rounding cash transactions up to the nearest nickel, though some states prohibit the action. Gas station/convenience store Kwik Trip announced that it will round down prices to the nearest 5 cents for all cash transactions, in favor of customers. There are an estimated 300 billion pennies currently in circulation, far exceeding the amount needed for commerce. As for how long it will take before pennies disappear altogether, the best estimate is “several years.” Existing pennies are still good. You can spend them, deposit them at banks, or treat them as keepsake items.
