The U.S. Department of the Treasury has announced the discontinuation of the U.S. penny coin. As a result, the Federal Reserve is gradually depleting its penny inventory at select distribution locations.
What This Means for You
- Penny availability may be limited. As regional Federal Reserve coin distribution centers exhaust their supplies, banks are no longer be able to order pennies.
- Penny deposits are still accepted. The Federal Reserve will continue to accept penny deposits, though availability may vary by location over time.
Timeline of Changes
The Federal Reserve and PS Bank are monitoring penny inventory weekly. Changes could begin as soon as local supplies are exhausted at individual distribution sites.
What You Can Do
- Businesses: Prepare for reduced penny availability in cash transactions.
- Consumers: Consider rounding cash purchases or using alternative payment methods.
- Community: Stay in touch with our team for the latest updates on penny availability.
Have Questions?
For more information, visit the Federal Reserve Banks website: www.frbservices.org or speak with your local branch manager.