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The U.S. has stopped making pennies

The U.S. Department of Treasury has stopped making pennies, but existing pennies remain legal tender. Here’s how this affects your business operations.

What’s Happening

The Federal Reserve received its final penny shipment and will stop distributing pennies to banks once current inventory runs out. No pennies are being removed from circulation, and they will continue to be valid for all transactions.

What stays the same:

  • All existing pennies remain legal tender
  • Customers can pay with pennies
  • You can deposit pennies at your bank

For Business Owners:

Businesses that handle cash will experience the penny’s retirement sooner. Here’s how to be prepared as the supply decreases.

  • Encourage digital payments: Promote card, mobile, and electronic payment options to reduce cash handling.
  • Plan for rounding: Decide how your business will handle rounding when customers pay with cash. Review your register and POS systems to set up rounding features for cash transactions.
  • Communicate clearly: Train staff to explain rounding policies to customers and post signage where appropriate.
  • Consult with professionals: Meet with your HomeTrust Banker if you have questions.

FAQ

When will the penny be discontinued?

  • Currently, the penny is not being discontinued or demonetized. However, the U.S. Department of Treasury has stopped making new pennies and the Federal Reserve will stop distributing pennies to banks when their inventory runs out.

Can I deposit pennies?

  • Yes. HomeTrust Bank continues to accept penny deposits without restrictions. We’ll provide updated information if this changes.

Can I still request or order pennies from HomeTrust Bank?

  • Yes, pennies are available but may be limited.

Do I have to accept pennies from customers?

  • Yes, pennies remain legal tender. You’re required to accept them for payment.

Should I switch to cashless operations?

  • Not necessarily. This change affects only pennies. Evaluate based on your customer preferences and business model, but expanding digital payment options can help reduce friction.

What if things change?

  • Removing a currency from circulation is rare, and the full effects of ending penny production are still unfolding. We’ll continue to provide updates as new information becomes available.