Recently, the United States Treasury has decided to stop producing the US penny. The United States announced its last order for the cent in May. Other countries such as Canada and Australia have entirely removed the penny. According to most sources, it costs around 4 cents to make a penny. With most transactions in the United States being 80% through debit or credit, it’s a logical decision. While the cost to make a penny is outrageous, the nickel costs more in comparison with the nickel taking 14 cents to one nickel. A numismatist who studies the effects and looks at coins, Dave Sorrick states the impact of the penny being gone should have minimal effects on the economy. All dollar amounts will be rounded up to the nearest nickel amount. For example, a product that costs $19.81 will be rounded down to $19.80. In contrast, if a product costs 19.83 it will be rounded up to $19.85. All transactions between debit or credit cards will not be rounded.
