The federal government minted its last penny about two months ago, but it will be decades before the penny becomes a rare coin. Newly confirmed U.S. Mint Director Paul Hollis from Mandeville says enough pennies have been minted to stack them to the moon and back.
“There’s tons, I mean literally tons and tons of pennies, that are out there. I think that some will re-circulate, I hope,” Hollis said.
In addition to the massive amount already in circulation, the fact that Americans rarely use cash anymore will prolong the penny’s survival. Hollis says consumers are using coins less and less.
“For a retailer, I would suspect that a small percentage of their transactions, perhaps less than 20%, are made with cash or coin,” Hollis noted.
Some stores are already price-rounding to eliminate the need for pennies. Hollis hopes retailers will do so in favor of the consumer.
“Businesses, I think, will start doing rounding. I hope that they do it in the favor of the customers,” Hollis said.