The End of U.S. Penny Production
The U.S Mint has announced that it will discontinue the production of the penny, a change that will gradually phase the penny out of circulations nationwide. While the penny may be small, this change has big impacts on how cash transactions will work going forward and we want to help you understand what comes next.
What you Should Know About the Penny Changes:
Why is the penny being discontinued?
The penny costs more to produce than the one cent it is worth. The cost to mint a penny is nearly 4 cents. Discontinuing the penny could save taxpayers over $50 million annually.
What happens now?
You can still deposit pennies at First Heritage branches. Pennies can still be used at your favorite retailers but be aware of rounding up policies.
How will this affect businesses?
Discontinuing the penny will impact businesses in several ways. While we will continue to support our business members while navigating these changes, we are no longer able to order rolls of pennies for businesses.
What should you do?
Switch to digital payment methods. Add your debit or credit card right to your Mobile Wallet.
What should I do with the pennies I have?
You can still use pennies in everyday cash transactions while they're still common in circulations. You can deposit pennies through our coin machines at our Headquarters, Elmira Heights and Mansfield branches.
At First Heritage we are committed to helping you understand what changes mean for your finances and making sure your banking experience remains seamless. If you have any questions, please call us at 800.833.3338 and a Member Services Representative would be happy to help.