Businesses Adjust as Penny Discontinuation Shakes Economy
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By Casey Dyer
On November 12, the US Mint officially ended all production of the penny after nearly 230 years of production.
Several different reasons for the discontinuation of the penny have been cited. The main consensus of most officials, including president Trump is that pennies became too expensive to print. Though each penny was worth one cent, it would cost from two to four cents to print.
According to the U.S. Treasurer, Brandon Beach, this decision will save taxpayers millions, saying “God bless America, and we’re going to save the taxpayers $56 million” before officially printing the final pennies.
Others also cite the relative uselessness of the penny in the modern age. As banking technology has advanced, most people don’t even carry cash, let alone change. When combined with the general increase in prices since the creation of the penny, many don’t see the purpose in any change.
Photo Courtesy Casey Dyer
A sign at the counter of a dollar store in Blue Valley asking for pennies. This sign is one of many one could see while shopping at smaller businesses.
Though there is some merit to this thought process, all change, including the penny, are very important for businesses, especially smaller businesses. Small denominations of change prevent people from being shortchanged or overchanged. Because of this, since the penny’s demise, businesses have begun asking customers specifically for exact change to avoid running out of pennies.
Of course, like with most changes, it is still too soon to know the true effect of the penny’s end. It is still important to remember that even something as small as a penny can cause big waves.
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