Where have all the pennies gone?
Where Have All the Pennies Gone?
If you’ve visited your local branch or placed a recent change order, you might’ve heard that pennies are no longer available. It’s true — and you’re not alone in noticing.
Across the country, banks are facing the same situation as the Federal Reserve has discontinued the distribution of pennies. While this change may take some getting used to, we want to assure you that your bank is here to help make the transition as smooth as possible.
Why is this happening?
The U.S. Mint and Federal Reserve have determined that producing pennies is no longer practical due to rising production costs and limited circulation use. As a result, banks are no longer able to order pennies, and existing supplies will gradually phase out as inventories are depleted.
Our team is committed to communicating openly and helping our customers adjust. Whether you run a business that frequently needs coin for transactions or you’re just curious about what this means for everyday banking, we’ve put together some helpful answers below.
Frequently Asked Questions:
1. Why can’t my bank order pennies anymore?
The Federal Reserve has discontinued the production and distribution of pennies nationwide. This means all financial institutions, including ours, can no longer order new penny shipments.
2. Will I still be able to get pennies from my bank?
We’re no longer able to supply pennies for change orders. However, we will continue to use our remaining penny inventory when cashing checks until supplies are depleted.
3. Does this affect other coins?
No. All other coin denominations remain fully available for change orders and transactions.
4. How will this impact my business?
If your business typically includes pennies in cash transactions, you may need to adjust how you handle small denomination change once penny supplies are depleted. Every business is different, so we encourage you to review your internal procedures to determine what works best for your operations. Our team is available to answer questions about how this change may affect your banking services.
5. Can I still deposit pennies?
Yes, we will continue to accept penny deposits. Deposited pennies will help support existing inventory for as long as supplies last.
6. As a business owner what should I tell my customers who expect exact change?
Since this is a nationwide change impacting all financial institutions, you may want to let your customers know that pennies are no longer being distributed by the Federal Reserve. Each business can decide how to manage transactions that previously involved pennies. If you have questions about how this affects your banking relationship, we’re happy to help.
We’re Here to Help
We understand that change like this can cause a few bumps in the road, but our team is here to support you every step of the way. If you have questions or want help finding the best solution for your business, reach out to your local branch, or call customer service at 1-866-505-3736.