Penny

Congress has approved a bill to end production of the US penny, sending the measure to President Trump to sign into law. If enacted, the US Mint would stop striking one-cent coins, which cost more to make than they are worth. The move follows long-running debate over the penny's expense and declining use in everyday cash transactions.

Congress has passed and sent to President Trump legislation that would formally end production of the US penny, moving to retire the one-cent coin after years of debate over its cost and usefulness. Treasury loses money making each penny, and officials have argued the coin is no longer practical. Trump's signature would wind down minting of the coin.

The US Senate has passed the Common Cents bill, legislation that gives merchants a framework for rounding cash transactions and formally phases out the penny. The measure now heads to the White House, where the president can sign it into law. Financial industry observers are tracking its implications for payments and retail.

US lawmakers are moving to phase out the penny, raising questions about whether Americans can still use the one-cent coin in everyday transactions. Discussion centres on what a 'penniless' future would mean for cash payments, pricing and the Treasury's minting costs, as Congress plots an end to penny production.

Congress has officially moved to end the US penny, retiring the one-cent coin from circulation. The move ends more than two centuries of penny production, which in recent years has cost more to mint than the coin was worth. Coverage is focused on what the change means for consumers, cash transactions and prices, including how cash payments will be rounded once pennies disappear.