SPRINGFIELD, Mo. — The U.S. Mint has ceased production of the penny as of Wednesday, potentially signaling the end of the 1-cent coin in the future.
David Smith, an economics professor at Missouri State University, noted that although there is currently no shortage of pennies, they may become less common in circulation over the next 5 to 10 years.
He also highlighted potential challenges with cash transactions in the future.
“Most people would say, just round up to $10.10 and here’s my $10 bill and here’s my dime.” said Smith, “But there will be some people who say, no, you’re going to give me $0.03. And if you don’t give me that $0.03, you can give me the nickel back. So that’s going to be a bit of a hassle.”
The full article is available at ozarksfirst.com.
(Story by Michael McLaughlin, ozarksfirst.com)
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