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Penny's End: US Stops Minting, Businesses Struggle
Manage episode 523284151 series 3700769
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The U.S. Treasury Department has ceased minting pennies, ending a two hundred thirty-two year run, due to production costs outweighing their practical value. This decision has led to a nationwide shortage, causing challenges for businesses and sparking debates on future cash transaction handling. Some stores are offering incentives for penny collection, while others are rounding up or down to the nearest nickel. The National Association of Convenience Stores urges federal guidelines to standardize the process, as rounding down could cost businesses over one million dollars a day.
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