After more than 230 years in circulation, the penny is beginning its slow goodbye. In 2025, the U.S. Treasury announced plans to stop producing new pennies, citing the rising cost—nearly four cents—to produce and distribute each coin. As a result, the United States Mint will officially cease penny production in 2026.
What does this mean for you?
While no new pennies will be made, those already in circulation will remain legal tender and can still be used for purchases. Because there are still plenty of pennies in circulation, this transition won’t happen overnight. Over time, though, cash transactions may begin rounding to the nearest nickel. For many, this shift is simply another reason to embrace the ease and convenience of digital payments—no coins, no counting, and no extra change to manage.
What Should You Do with Your Pennies?
You still have options as this transition begins:
- Spend them while they’re still widely accepted
- Bring them into your local branch to deposit
- Check for collectible coins (especially those minted before 1982)
- Hold onto a few as a piece of history
Banks across the country, including Planters First Bank, are working with organizations such as the Federal Reserve and the American Bankers Association to ensure a smooth transition as coin usage evolves.
For more information, the Federal Reserve and ABA have published FAQs to address consumer and business-related questions about the end of penny production:
- ABA: Phasing Out the Penny
- Federal Reserve Financial Services: Frequently Asked Questions about Penny Deposits and Orders
Looking Ahead
While the penny may be fading, your financial habits don’t have to skip a beat. In fact, this is the perfect time to simplify how you manage money—spend digitally, save automatically, and make every transaction count. Because sometimes, it’s the smallest changes that make the biggest difference.
Using your debit card or Mobile Wallet means no coins to count, no change to carry, and no rounding to worry about. Every purchase is quick, secure, and seamless.
Even better? Your everyday spending can help you save without even thinking about it. With a Super Savings Account, each debit card purchase is automatically rounded up to the nearest dollar, and the spare change is transferred into your savings account. It’s a simple way to turn small moments into meaningful savings—no pennies required.