Stop Making Cents: The End of the Penny

In this episode of The Journal, Jessica Mendoza and Oyin Adedoyin discuss the U.S. Treasury's decision to stop minting the penny after decades of debate. They explore the history of the penny, its evolution from a symbol of freedom and frugality to a sign of wastefulness, and the rising costs of production. The conversation covers potential economic implications, such as rounding to the nearest nickel and the future of the physical coin and cash economy. Mark Weller, Executive Director of Americans for Common Sense, provides an opposing viewpoint, arguing against the elimination of the penny due to concerns about inflationary rounding and the increased production costs of nickels. The episode further examines the psychological impact of losing the penny on sales and pricing strategies, questioning the future of the ubiquitous ".99" price tags.