Understanding the Penny Shortage
What the Penny Shortage Means for You
The Federal Reserve has announced that the U.S. Mint will no longer manufacture pennies. As a result, banks and businesses across the country are adjusting how they handle cash transactions and penny availability.
We're here to help. For more information, read below or contact a banker.
Why Is This Happening?
- Production Halt: The U.S. Mint has stopped producing pennies due to rising costs and declining usage.
- Limited Supply: As existing pennies circulate out of use, availability will continue to decrease.
What You Can Expect at Our Bank
- Rounding Transactions: Cashback transactions may require rounding to the nearest nickel or result in change being deposited into your account.
- Penny Sales May Be Limited: We may restrict the sale of pennies to ensure fair access for all customers.
- Change Orders for Businesses: Commercial customers may see adjustments in penny orders based on availability.
What You Can Do
- Use Digital Payments: Whenever possible, opt for digital transactions to avoid the need for coins.
- Bring in Rolled Pennies: Select banking centers may accept rolled pennies. Ask a banker if your banking center has a coin counter.
- Request Penny Wrappers: We may have wrappers available if you’d like to roll and deposit your pennies.
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