Discontinuation of Penny Production FAQs
The U.S. Department of the Treasury Has Stopped Minting Pennies. Here’s What it Means for You.
Key points:
- The Federal Reserve has received its final shipment of pennies. Once that supply is gone, banks will no longer receive new pennies.
- Pennies are not being removed from circulation, and there are no plans to discontinue their use.
What to expect at Union Bank:
As the national penny supply declines, availability at our branches will vary. To ensure fairness:
- We will continue to accept pennies for deposits, payments, and cash transactions.
- We’re monitoring coin inventory and adjusting orders as needed.
- When pennies run out, cash payouts may be rounded to the nearest five cents. This could vary by location and day.
Can I still use pennies?
Yes. You can deposit and spend pennies as usual. They remain legal tender, but no new pennies are being minted.
How will this affect my banking?
Union Bank will:
- Continue accepting pennies for deposits and transactions.
- Encourage digital payment options for convenience.
- Round cash payouts to the nearest five cents when pennies are unavailable.
What if things change?
We’ll keep you informed as new guidance becomes available.
Questions? Contact us at 800.754.4343 or visit your local branch.