After 233 years of production, the U.S. Mint is no longer producing pennies. What does this mean for the future of cash payments?
As USA Today reports, pennies are still considered legal tender and remain a valid form of payment:
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Generally speaking, it’s U.S. government policy that all designs of Federal Reserve notes remain legal tender, or legally valid for payments, regardless of when they were issued. This policy includes all denominations of Federal Reserve notes, from 1914 to present. The same applies to old coins.
However, you may have seen videos online or even experienced firsthand how many businesses are now changing their cash payment policies. For example, in Grand Rapids beloved local chain Mr. Burger has implemented a new rounding policy for cash payments, rounding the price up or down to the nearest nickel.
For patrons paying with credit or with debit card the exact price will be charged, and the price will remain unaffected.
Similarly, Ohio-based grocery chain Kroger, which operates 120 locations across 82 Michigan cities, has asked their customers for exact change when paying in cash:…