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Yahoo
25-05-2025
- Business
- Yahoo
So what happens to America's 114 billion pennies once the US stops making them?
The American penny isn't going anywhere anytime soon. The US Treasury Department announced Thursday that it plans to start winding down production of the one-cent coin it has been minting for more than 230 years. But the penny will still remain legal tender, and will still be in use at thousands of retailers around the country for sometime to come. 'If we look at the experience in Canada, for the first year after they stopped making pennies, there's really no change in transactions,' Jeff Lenard, spokesperson for the National Association of Convenience Stores, told CNN. Convenience stores do more cash transactions than any other group, about 32 million a day, or about 20% of the total number of purchases by their customers, Lenard said. The National Retail Federation, which represents most major US store chains as well as thousands of small retailers, also said it anticipates its members will use pennies even after production stops at some point early next year, although it does anticipate that many will round cash transactions to the nearest nickel once the supply of pennies at banks starts to run short. 'Retailers' primary goal is serving customers and making this transition as seamless as possible,' said Dylan Jeon, senior director of government relations for NRF. There are an estimated 114 billion pennies currently in circulation, but they are 'severely underutilized' according to the Treasury department. Many are at home in coin jars or junk drawers, or some other forgotten location gathering dust. The math says that all those pennies could fill a cube roughly 13 stories high. Many people don't even take them as change, tossing them into the leave-a-penny-take-a-penny dishes at store checkouts. Lenard said the large number of pennies in circulation means that retailers won't necessary run out of them for a while. But eventually stores won't be able to get new rolls of pennies from their banks and will start rounding transactions up or down to the nearest nickel. The decision when to do that will rest with each retailer, not official government policy. Electronic transactions such as credit and debit card purchases, will continue to be down to the penny, Lenard said, with only cash transactions being rounded. Even in countries like Canada, where penny production has been discontinued, the penny remains legal tender today. Canada's finance ministry said pennies retain their value for transactions 'indefinitely' despite the fact that it stopped making the coin in 2012. If a customer wants to use pennies to complete a transaction, most retailers are likely to allow them, Lenard said. 'There's a saying in retail, 'Never lose a customer over a penny,'' he said. 'I never really thought of it in these terms, but it applies even more here. I think if someone wants to pay with pennies, most retailers will err on the side of making those customers happy.'
Yahoo
08-04-2025
- Automotive
- Yahoo
Gas Prices Hit 2025 High — Here's How To Save at the Pump
Average gasoline prices in the U.S. recently hit a 2025 high — and touched their highest point since last fall in the process — according to data from AAA. Seasonal factors are mainly to blame, as the fuel industry goes through the normal refinery maintenance and summer-blend gasoline switch. The average gas price nationwide was $3.26 a gallon as of April 7. That was down slightly from the 2025 high of $3.28 a gallon set last week. Current prices are at their highest level since September 2024 but remain below the year-ago average of $3.59 a gallon. For You: Trending Now: There's a chance that gas prices could go down amid a global slump in oil prices tied to President Donald Trump's tariff plans, Bloomberg reported. But you can still expect prices at the pump to remain comparatively high during the warm months because of factors such as higher demand, lower inventories and more expensive production, according to the National Association of Convenience Stores. If you want to keep your gasoline costs low during the months ahead, here are three ways to save at the pump. Some gas stations offer a lower price if you pay with cash instead of a credit card — and that difference usually ranges from 10 to 15 cents a gallon, according to Consumer Reports. In some cases you might save as much as a dollar per gallon. If you don't carry cash around, then another option is to pay with a cash-back or rewards credit card. Even though the credit card price might be higher than the cash price, the cash-back reward could end up getting you a better deal. Check Out: Gas apps soared in popularity when inflation peaked a couple of years ago and average gas prices rose above $5 a gallon. With a gas app, you can enter your location and route and find the lowest gas prices in your area. GasBuddy is the most popular app for finding real-time prices at stations across the country, but it's not the only one. Gas Guru is another app. AAA also has a mobile gas app, as do insurers such as GEICO and GPS services like Waze and MapQuest. Numerous gas chains and retailers have rewards programs that offer discounted prices, cash-back rewards and other perks for fueling up. Among the leaders in this space are Walmart (through its Walmart+ program), Costco, Kroger, Safeway, Circle K, Pilot Flying J, Speedway and Amazon Prime. More From GOBankingRates 5 Luxury Cars That Will Have Massive Price Drops in Spring 2025 4 Things You Should Do if You Want To Retire Early 10 Cars That Outlast the Average Vehicle 9 Things the Middle Class Should Consider Downsizing To Save on Monthly Expenses This article originally appeared on Gas Prices Hit 2025 High — Here's How To Save at the Pump
