US Ends Penny Production

The United States is discontinuing the production of the penny, with the last coin minted at the Philadelphia Mint following President Trump's decision to cancel the 1-cent coin due to production costs exceeding its value. This change has led to a nationwide penny shortage, impacting retailers, banks, and businesses, which are now adjusting by hoarding coins or rounding prices. In response, some grocery chains across five states offer exchanges where customers can trade pennies for gift cards during November. The end of the penny marks a significant change after over 200 years of circulation, affecting everyday transactions and local businesses.