Penny Production Stopped: What You Need to Know
The U.S. Department of Treasury has stopped the production of the penny. While the penny may be small, this change has big impact on how cash transactions will work moving forward and we want to help you understand what comes next.
Why has Production Stopped?
The decision was influenced by the rising cost of producing the penny. The production and distribution of a single penny cost 3.69 cents.
What is the Impact on UFCU Members?
Even though the penny is not completely gone, UFCU has limited how they provide pennies to Members.
- If you are a Personal account Member, you will no longer be able to receive rolled pennies.
- If you are a Business account Member, you will be limited to $10 in rolled pennies per month.
What can Members do with their Pennies?
The penny remains a legal tender and you can still use pennies in everyday cash transactions. Alternatively, you can directly transfer pennies to your UFCU account at thousands of Coinstar® kiosks1. Find a Coinstar kiosk near you.
At UFCU we are committed to helping our valued Members understand what these changes mean for your finances. We appreciate your patience as we navigate this change together. If you have any questions, please refer to the U.S. Mint FAQs.
1 Coinstar is not a bank. Retail Remote Transfer Services are offered by Evolve Bank & Trust, member FDIC, through Coinstar as a service provider of Evolve Bank & Trust on Coinstar Kiosks. To receive the benefit, the transaction must be completed using a UFCU debit card.