Summary
Businesses in the U.S. are facing a shortage of pennies. This issue arose after the U.S. stopped making pennies earlier this year under President Trump. As a result, many stores are rounding cash transactions to the nearest five cents.
Key Facts
- A penny is worth one cent, which is a small part of a U.S. dollar.
- President Trump ended the production of pennies, calling it wasteful.
- The U.S. Mint stopped making pennies in May, leading to a shortage sooner than expected.
- Businesses are rounding prices to the nearest five cents due to lack of pennies.
- Some laws require exact change, complicating this solution for certain retailers.
- Convenience stores are severely affected, with some losing significant money.
- The penny, in circulation since 1793, costs nearly four cents to make.
- Not making pennies could save money, but making nickels is more expensive.
