The Wall Street Journal on Thursday reported that the US Treasury will stop minting new pennies next year, bringing an end to the country’s smallest monetary denomination.
According to the Journal, the Treasury lost $85 million last year on new pennies, with 3 billion new one-cent pieces minted and then sent into circulation.
The move is expected to save the government $56 million annually.
For businesses, the lack of new pennies in circulation will mean cash transactions need to be rounded up or down to the nearest 5 cents, with the nickel now the smallest coin in circulation. Digital transactions can still be rounded to the nearest penny.
With the penny exiting circulation, America’s first president, George Washington, will be the lone figure featured on two different denominations — the dollar and the quarter. Abraham Lincoln, whose face is currently the “heads” side of a penny, is also featured on the $5 bill.