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ICBA called on the Treasury Department to restart production of the one-cent coin and develop a formal plan to phase out the production of the penny.
ICBA said that public comments by President Donald Trump have reignited national interest in the cost and relevance of penny production, apparently prompting Treasury to discontinue production of the penny, though no formal announcement has been made.
With community banks experiencing noticeable disruptions in penny availability, the absence of an official statement and phaseout plan has led to a penny shortage before any strategy for managing halted production has been implemented, ICBA said.