U.S. Mint presses final cent after more than 200 years
America’s last penny was minted at the United States Mint in Philadelphia, ending coin production that began in 1793 and ended on November 12.
Americans have more payment options than cash, but don’t want the option of using paper or coin currency to disappear and support legislation that would require most U.S. businesses to accept it, according to a new survey.
As more and more businesses go cashless or place limits on whether they accept cash as payment, consumers want to maintain that option due to factors such as privacy and the inability of unbanked people to access credit and debit cards.
In a survey of 5,000 Americans conducted by the Siena Institute, 85% said they had paid cash for something in the past 30 days. The most popular payment method among respondents was debit card, with 35% preferring debit card, 24% cash and 24% credit card.
However, 84% of respondents said they opposed the U.S. transition to a cashless society.
The study was commissioned by the Payment Choice Coalition, a group of businesses and organizations that support the use of cash.
Cash is better in emergencies, advocates say.
“Cash is important and it’s not going away,” said Jeff Sinnes, president of the Payment Choice Coalition.
People’s support for the use and acceptance of cash spans the political and income spectrum, with some wanting a choice that protects their privacy and others highlighting the 25 million households in the U.S. that are unbanked or underbanked and do not have access to payment methods other than cash, Shins said.
Jay Zagorski, an economist and clinical associate professor at Boston University’s Questrom School of Business, said cash could also be useful in the event of a natural disaster or national emergency where the nation’s power and communications networks are crippled and machines that process electronic payments are inaccessible.
If the United States were attacked, the banking system would be the first target, he said.
“The wars of the future are probably going to be cyberwars, and you may think you’re rich, but you can’t really spend money if all electronic access to your funds is cut off,” Zagorsky, author of “The Power of Cash,” told USA TODAY.
Although Zagorski is a proponent of cash, he is not recommending that people stop using electronic payment methods. Still, he suggests using cash at least once a week to maintain the infrastructure that circulates cash through society.
Cash has its advantages, survey respondents say.
Highlights of Siena’s research on cash perceptions include:
92% of respondents said paying with cash offers more privacy than paying digitally or by card. Three in four people, or 75%, said they found it easier to track their spending when using a card or payment app instead of cash. However, 70% of respondents also said that using physical cash helps them stay within their budget.
Reasons for using less cash include the convenience of using card or mobile payments (86%), less in-person shopping (62%), not carrying cash regularly (60%), and stores and businesses that don’t accept cash (30%).
Nearly six in 10 (59%) survey respondents said they believe all businesses, regardless of size, should be required to accept cash.
Pending bill could keep cash transactions in place
Different states and cities have implemented their own cashless bans, but they vary widely, creating a “muddy patchwork,” Thinnes said. The coalition supports the Payment Choice Act. The legislation, introduced in both the U.S. House and Senate, would require most businesses to accept in-person payments of up to $500.
85% of survey respondents said they support legislation requiring most brick-and-mortar stores to accept cash.
Zagorski, who is not affiliated with the Payment Choice Coalition, said the Payment Choice Act is a start, but as currently written, it would apply to retail stores. That rules out many other essential businesses where people might want to spend cash, such as restaurants and doctor’s offices, he said.
Pending legislation also mandates reverse ATMs where people can deposit cash and obtain electronic cards loaded with money. However, Zagorski said the law does not specify that these reverse ATMs must be located in locations that are convenient for consumers.
Are we heading towards a cashless society?
More and more businesses no longer accept cash. For example, Major League Baseball stadiums and many other professional sports arenas have gone cashless.
29% of survey respondents said they had encountered a business that refused to accept banknotes or coins. This also includes restaurants, retail stores, and entertainment venues.
59% of respondents said they believe all businesses should be required to accept cash.
The use of cash and personal checks has declined in recent years, while credit and debit card payments have increased in recent years, according to the latest 2025 Consumer Payment Choice Diary, published annually by the Federal Reserve’s FedCash Service.
Cash is the third most commonly used payment method for the fourth year in a row, with 14% in use in 2024, behind credit cards (35%) and debit cards (30%). The usage rate for personal checks was 3%.
A recent survey by Empower found that 18% of people say they use cash every day, and one in five say they use it only a few times a year. Nearly four in 10, or 37%, said each generation is less reliant on cash than the previous generation.
Still, Shins said the survey results show cash remains important to consumers.
“The vast majority of Americans don’t think cash is going to disappear,” Shinnes said.
Betty Lin-Fisher is a consumer reporter for USA TODAY. Contact her at blinfisher@USATODAY.com or follow her at @blinfisher on X, Facebook and Instagram and @blinfisher.bsky.social on Bluesky.. Sign up for our free The Daily Money newsletter, breaking down complex consumer and financial news. Subscribe here.
