The government’s phasing out of the penny without providing any legal guidance on how to handle the transition is causing big headaches for retailers and could result in large corporate losses, class action litigation, banking problems and trouble for businesses that accept SNAP payments.
President Donald Trump announced on Feb. 9 that the U.S. Mint would cease producing pennies, which cost about 3.7 cents each to make. But unlike Canada, Australia and other countries that have eliminated their one-cent coins, the U.S. government offered no rules or explanations for how transactions should be handled going forward, creating a chaotic situation and a legal quagmire.
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