The United States has had a one cent coin since the founding of the nation and on Wednesday, November 12, the last American penny will be minted. Even though the relative value of one cent declined to the point that many would forego picking pennies up from the street, the concept of a cent remains a key part of commercial transactions. In the absence of legislation, the official, financial and commercial sectors have been left to their creativity to implement with the phase-out of the penny. This podcast discusses the legal issues associated with the end of the physical penny and what it means for financial institutions and commercial businesses.
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This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.
