KNOXVILLE, Tenn — The Tennessee Comptroller of the Treasury sent a memo to local governments on Tuesday, providing guidance on payment processing following the discontinuance of the penny.
In November 2025, the United States Mint printed the last penny after 230 years in circulation. It said in its annual report that each penny costs 3.69 cents to make, almost three cents more than the coin’s value. Comptroller Jason Mumpower encouraged local governments to consider five ways to adjust their payment procedures.
The options include encouraging people to use exact change when using cash, offering alternative payment methods like credit and debit cards or online payment portals, establishing protocols for crediting a customer’s account, declining cash payments or adjusting rates, fees and charges to multiples of 5 cents or 10 cents…