Pennies in Transition: EVB’s Guide to the Change

On November 12, 2025, the United States Mint struck the final circulating penny, ending more than 230 years of production. The penny has been a small but enduring part of our economy, yet it cost 3.7 cents to produce each 1-cent coin, totaling roughly $56 million per year in taxpayer dollars. With roughly 300 billion pennies already in circulation, the decision was made to end new production. With the discontinuation of new pennies, the way we handle cash transactions is beginning to change.

What this Means for You

• Pennies remain legal tender and can still be spent or deposited.
• No new pennies will be minted, so as coins are lost or damaged, the supply will gradually decline.
• Cash payments may eventually be rounded to the nearest five cents, similar to how countries like Canada and Australia handled the elimination of their smallest coins. Electronic payments, including debit and credit cards, will not be affected.

EVB’s Plan and Policy
To help customers navigate this transition:

• EVB will no longer distribute pennies in bulk to customers.
• Routine check-cashing, withdrawals, and other account services will continue as usual until further notice.
• We encourage customers to recirculate pennies by spending them or depositing them at the bank to help ease circulation challenges.

A Step Toward Modern Banking
The retirement of the penny reflects both economic efficiency and changing consumer behavior, as cash use declines and digital payments become more common. EVB is committed to helping our customers adapt smoothly to this change and will continue to provide guidance and support as policies evolve.

For more details on the Mint’s historic final strike, visit the United States Mint press release.