Treasury Department to phase out penny
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After over 200 years, the United States government plans to stop making new pennies, the Treasury Department told the Wall Street Journal.
There is currently no official plan to recall pennies, and financial institutions are expected to continue accepting them. While pennies will remain legal tender, they will gradually disappear from circulation, which is expected to impact product pricing.
Treasury Department will take pennies out of circulation next year. Costly nickels, however, could cancel out savings.