The US will stop making pennies next year. Cash-only businesses are already affected

The U.S. Mint will stop producing pennies next year — and Wake Forest University Economics Professor Robert Whaples weighed in on NPR, explaining why the coin’s time has passed. Whaples notes that it costs more to make a penny than its actual value, and removing it could simplify transactions and reduce inefficiency. Cash-only businesses are already adjusting to the change.

“The penny has outlived its usefulness,” Whaples says — sparking national discussion on the future of cash. Listen here