After more than 160 years in circulation, the humble penny is on its way out. Earlier this year, the U.S. Treasury announced that it will officially stop minting one-cent coins starting in early 2026. And while the change hasn’t taken effect yet, it’s already beginning to impact banks, businesses, and consumers alike.
At BankFive, we’ve already seen a shift. Financial institutions are no longer receiving new penny shipments, which means we’re relying solely on the coins already in circulation. As your banking partner, we want to help you understand what this change means, and how you can prepare.
Why Is the Penny Being Retired?
The decision to phase out the penny stems from a long-standing debate over its cost and usefulness. Today, it costs more than 3.7 cents to produce a single penny—a loss of over 270% per coin. That’s a significant expense for a denomination that many people consider inconvenient or obsolete.
While pennies will remain legal tender, their availability will gradually decline as fewer are circulated and more are removed from use. Eventually, they may become impractical for banks and businesses to handle.
What Should You Expect?
As pennies become scarcer, you may notice some small changes in your everyday transactions:
It’s important to note that digital payments will be unaffected by the upcoming phase-out of pennies. Whether you're using a debit card, credit card, or mobile wallet, your transactions will still process exact amounts, with no rounding involved.
Should You Hold Onto Your Pennies?
It might be tempting to stash away your pennies in hopes that they’ll become valuable collectibles someday—but experts say that’s unlikely. Most pennies in circulation today were produced in huge quantities and aren’t considered rare or valuable. Unless you happen to have a special coin, like a 1943 copper penny or a 1955 doubled die penny, your stash is probably worth exactly what it says: one cent per coin.
In fact, hoarding pennies could become more of a hassle than a payoff. As banks and businesses move away from handling them, it may become harder to exchange or deposit them in the future.
What You Can Do Now
This is a great time to clean out your coin jars, piggy banks, and junk drawers. By depositing your pennies now, you’ll help keep coins in circulation and support local businesses that still rely on cash transactions.
We’re here to make the transition as smooth as possible. Visit your nearest BankFive branch to deposit your rolled coins or use our coin machines which are available at all of our traditional branches, excluding our Digital+ locations.
Have questions or need assistance? Stop by your nearest BankFive branch or contact us. We’re here to support you every step of the way.
At BankFive, we’ve already seen a shift. Financial institutions are no longer receiving new penny shipments, which means we’re relying solely on the coins already in circulation. As your banking partner, we want to help you understand what this change means, and how you can prepare.
Why Is the Penny Being Retired?
The decision to phase out the penny stems from a long-standing debate over its cost and usefulness. Today, it costs more than 3.7 cents to produce a single penny—a loss of over 270% per coin. That’s a significant expense for a denomination that many people consider inconvenient or obsolete.
While pennies will remain legal tender, their availability will gradually decline as fewer are circulated and more are removed from use. Eventually, they may become impractical for banks and businesses to handle.
What Should You Expect?
As pennies become scarcer, you may notice some small changes in your everyday transactions:
- Rounding at checkout: If your total comes to an amount that would normally require pennies, some retailers may round prices to the nearest five cents. This is already a common practice in countries that have phased out low-denomination coins.
- Limited penny availability: Banks and businesses will have fewer pennies on hand, which may affect your ability to receive or exchange them during cash transactions. To manage supply, many banks—including BankFive—have begun placing limits on penny distribution. For example, BankFive currently limits penny requests from business customers to $10 per week.
- Deposit encouragement: Customers cashing checks at the bank may be encouraged to deposit their change rather than take it in cash, helping to preserve the coin supply.
It’s important to note that digital payments will be unaffected by the upcoming phase-out of pennies. Whether you're using a debit card, credit card, or mobile wallet, your transactions will still process exact amounts, with no rounding involved.
Should You Hold Onto Your Pennies?
It might be tempting to stash away your pennies in hopes that they’ll become valuable collectibles someday—but experts say that’s unlikely. Most pennies in circulation today were produced in huge quantities and aren’t considered rare or valuable. Unless you happen to have a special coin, like a 1943 copper penny or a 1955 doubled die penny, your stash is probably worth exactly what it says: one cent per coin.
In fact, hoarding pennies could become more of a hassle than a payoff. As banks and businesses move away from handling them, it may become harder to exchange or deposit them in the future.
What You Can Do Now
This is a great time to clean out your coin jars, piggy banks, and junk drawers. By depositing your pennies now, you’ll help keep coins in circulation and support local businesses that still rely on cash transactions.
We’re here to make the transition as smooth as possible. Visit your nearest BankFive branch to deposit your rolled coins or use our coin machines which are available at all of our traditional branches, excluding our Digital+ locations.
Have questions or need assistance? Stop by your nearest BankFive branch or contact us. We’re here to support you every step of the way.