Coronavirus Puts Penny's Future at Risk

A nationwide coin shortage caused by the coronavirus pandemic has revived a debate: Is now the time to eliminate the penny?

During lockdowns, consumers have stayed home and avoided emptying their piggy banks of coins in exchange for paper money. Shoppers have also opted to rely on credit and debit cards instead of touching cash.

With coins in short supply, the Federal Reserve formed a U.S. Coin Task Force, which will make recommendations on ways to cope with the shortage.

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