"Among the slew of executive orders signed by President Donald Trump during his first few weeks of his second term was one that ordered the U.S. Mint to cease minting pennies, because each one literally cost us more than 2 cents, which he described as so wasteful! Unlike some of his other nominations and actions, this move was far less controversial and even garnered bipartisan praise."
"The president understated the penny's cost; it's actually almost four cents per coin. The last penny for general circulation was minted on Nov. 12 in Philadelphia. It remains legal tender until Congress passes a law changing its status. But what to do now? Should retailers refuse to accept them? Should prices be rounded up or down? Other countries that have phased out low denomination coins had messaging campaigns and guidance for merchants, customers, banks, and others that would be affected."
The federal government stopped minting new pennies after an executive order directed the U.S. Mint to cease production because each penny costs more to produce than its face value. The coin's production cost approaches four cents per piece and the last circulation penny was minted Nov. 12 in Philadelphia. Pennies remain legal tender until Congress changes their status. No coordinated guidance or messaging has accompanied the production halt, leaving questions about merchant acceptance, price rounding, and bank handling. The Perpetual Penny Paradox describes how pennies given as change are rarely spent, driving continuous demand for replacement pennies for cash transactions ending in non-zero final digits.
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