I wrote about it back in May, and the day has arrived. Today, the last penny was minted in Philadelphia. In short order, the penny will become a thing of the past. Most retail outlets have stopped accepting them. And yes, it’s legal for them to do so, especially since the penny’s grave has been dug.
After 238 years, President Donald Trump gave the penny its death sentence, and that sentence was carried out earlier today. There are many reasons as to why this happened, not the least of which is cost. The penny cost four times its worth, so why this hasn’t happened earlier, I don’t know. This phase-out should have happened long ago.
Some retails have been rounding up or down their prices, but as it turns out, such a practice is illegal in most states. So what to do with the penny then? Simply stop accepting them! I really don’t think the penny ever served a useful purpose. Things should have been rounded ages ago. Had that happened, this day would have come and gone decades ago.
To put it simply, the penny has absolutely outlived its welcome, so I’ll bet the people who mint the coins are happy to see the penny die a much-deserved death.
Don’t expect to see prices like $17.81 or $4.01 ever again. From now on, it’s $17.80 or $4.00. Walmart, for example, is going to have to change prices on thousands of items. That will cost retail outlets dearly, but it’s a change that had to be made.
So, since we’re out of pennies…nickel for your thoughts?