The Penny is Retiring

The U.S. Mint is officially retiring the penny. Rising production costs and declining use have made the smallest coin more expensive to produce than it’s worth. As circulation winds down, you may notice limited availability or delays in penny orders. We are actively monitoring supply levels and like other financial institutions nationwide, may need to reduce or deny requests based on availability.

Our Commitment

We will continue to accept pennies and our team is here to help support individuals and businesses during this transition.

If your business accepts cash payments, you’ll need to prepare for this transition by updating your Point of Sale (POS) system to support rounding policies for cash transactions. Electronic payments (credit cards, debit cards and digital wallets) will continue to process exact amounts.

• Assess hardware compatibility — older POS systems may require upgrades. 
• Contact your POS provider to enable rounding features for cash transactions. Electronic payments will continue to be processed for the exact amount. (e.g., rounding to the nearest nickel).
• Train your staff to manage customer inquiries for a smooth transition.
• Communicate with customers to make them aware of rounding with cash transactions by including signage at checkout or via email.
• Consult your tax professional to ensure your system and reporting remain compliant.