(The Conversation) — By now, Americans know the strange math of minting: each penny costs about 4 cents to make. Chances are you have some in a jar or scattered among pockets, purses, and car ashtrays.
As small as it is, the penny punches above its weight culturally. If it ever disappeared, so too might the simple kindness of “take a penny, leave a penny,” alongside timeless classics like penny loafers and the tradition of tossing a penny in a fountain.
But the penny’s days are indeed numbered. The U.S. Mint pressed the last 1-cent coin on Nov. 12, 2025, following a directive from the White House. While pennies will remain legal tender, old ones will gradually be taken out of circulation.
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The impact of this change will reach beyond coin jars. Its ripples will be felt as small, cash-reliant Main Street merchants face another test of adaptability in a system that increasingly favors scale, technology and plastic. It will also be felt by people who rely on cash – often people without bank accounts who have the least room to absorb even tiny shifts in price.
My interest comes from my former lives as the chief financial officer of a large credit union and as a small-business owner. Now, I bridge theory and practice as a professor—or “prac-ademic,” as I like to say – studying the challenges facing Main Street businesses…