Phasing out the penny is set to involve some cost to U.S. consumers paying in cash as businesses are set to round transactions to the nearest nickel, new research from the Federal Reserve Bank of Richmond revealed on Wednesday.
The U.S. government is set to end the production of new pennies, which has become a loss-making process, early next year.
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April 24, 2026 15:15 ET Economics news flow was relatively light this week even as the conflict in the Middle East continued, raising concerns for policymakers. In the U.S., spending data, initial jobless claims and pending home sales were the highlights. Business confidence in the biggest euro area economy was in focus in Europe. Inflation data from Japan gained attention in Asia.