Penny Farewell: America's Copper Crisis

The United States has hit a snag with its decision to suddenly stop producing pennies, causing headaches for both banks and retailers nationwide. The move, initiated by President Donald Trump, is part of an effort to cut costs, as producing pennies and nickels has proved more expensive than their face value.

Merchants are scrambling to manage transactions without small change, and banks are rationing their dwindling supplies. The Treasury Department's abrupt cessation has come with little guidance, leaving businesses and consumers in the lurch as they head into the holiday season without clear federal instructions.

The shortage also poses legal challenges, as some regions prohibit rounding up prices, forcing retailers to bear the cost by rounding down. Calls are mounting for Congress to intervene with regulations to ease the transition, much like other countries have done in phasing out lower denomination coins.