Overview
- Of 165 Federal Reserve coin-distribution terminals, 102 are neither supplying pennies nor accepting deposits, a sharp increase since early October and including major hubs such as New York, Chicago, St. Louis, Dallas and San Francisco.
- The U.S. Mint struck the final circulating one-cent coin on Nov. 12 in Philadelphia, ending a 232-year run; pennies remain legal tender with an estimated 250–300 billion still in circulation.
- Banks and retailers are urging the federal government to reopen coin terminals, issue clear rounding guidance and launch public education, citing legal risks for SNAP transactions and price parity.
- Treasury officials estimate ending penny production will save taxpayers about $56 million annually, as each coin has recently cost roughly 3.69 cents to make.
- Operational strains are mounting as banks ship pennies long distances to deposit them, some stores post “No Pennies” notices, and cash transactions are rounded locally, raising concerns for cash-dependent consumers and small businesses.