After more than 230 years, the penny is saying goodbye. The U.S. Mint has stopped producing new 1-cent coins due to rising costs and the shift toward digital payments. While pennies remain legal tender, supplies will shrink over time, and businesses that handle cash may notice changes.
Why is this happening?
It costs more to make a penny than it’s worth—about 3.7 cents per coin. Ending production saves millions annually and reflects how Americans pay today: fewer cash transactions, more digital payments.
What does this mean for you?
- Pennies still work. You can spend them or deposit them into your account at First Savings Bank.
- We’ll keep accepting pennies. There is no deadline for depositing them or exchanging them for other money.
- Orders will be limited. Penny rolls are reserved for our business customers and may be available in only limited quantities. Availability isn’t guaranteed.
- Cash totals may round. As pennies phase out, rounding to the nearest nickel will become common. Digital payments remain unchanged.
Tips for your business:
- Update point-of-sale training and signage: Encourage use of exact change or digital payment methods.
- Review cash drawer processes: Determine how you’ll round transactions. Keep an eye out for local legislation that may impact these decisions.
What to do with your pennies:
- Spend them: Some merchants may stop accepting them as quantities diminish, so spend them while you can.
- Bring them to any First Savings Bank branch: Many of our locations have coin machines available or can provide empty wrappers for you to roll them.
We’re here to help you navigate this change.
Stop by your local branch or contact your banker today to discuss digital payment solutions to help make this transition as smooth as possible for your business.
