So what happens to America’s 114 billion pennies once the US stops making them?

The American penny isn’t going anywhere anytime soon.

The American penny isn’t going anywhere anytime soon. The US Treasury Department announced Thursday that it plans to start winding down production of the one-cent coin it has been minting for more than 230 years. But the penny will still remain legal tender, and will still be in use at thousands of retailers around the country for sometime to come. “If we look at the experience in Canada, for the first year after they stopped making pennies, there’s really no change in transactions,” Jeff Lenard, spokesperson for the National Association of Convenience Stores, told CNN. Convenience stores do more cash transactions than any other group, about 32 million a day, or about 20% of the total number of purchases by their customers, Lenard said. The National Retail Federation, which represents most major US store chains as well as thousands of small retailers, also said it anticipates its members will use pennies even after production stops at some point early next year, although it does anticipate that many will round cash transactions to the nearest nickel once the supply of pennies at banks starts to run short. “Retailers’ primary goal is serving customers and making this transition as seamless as possible,” said Dylan Jeon, senior director of government relations for NRF. There are an estimated 114 billion pennies currently in circulation, but they are “severely underutilized” according to the Treasury department. Many are at home in coin jars or junk drawers, or some other forgotten location gathering dust.