The U.S. Department of the Treasury has officially ended production of new pennies, marking a historic change in U.S. currency. While pennies will remain legal tender, banks can no longer order new one-cent coins from the Federal Reserve. As supplies run out, you’ll begin to notice fewer pennies in circulation nationwide.

Why is the penny being phased out?

According to the U.S. Mint’s 2024 Annual Report, producing and distributing one penny costs 3.69 cents—nearly four times its face value. In 2024 alone, that cost taxpayers about $85 million. Retiring the penny will help reduce waste and save money.

How is Springs Valley handling this change?

Springs Valley Bank & Trust Company will continue to provide pennies while supplies last. As the transition continues:

• Cash withdrawals and cashed checks may be rounded down to the nearest nickel, with any remaining balance deposited into an account you hold with Springs Valley.

• Electronic transactions—including deposits, withdrawals, and transfers—will continue to be processed to the exact cent.

What Should I Do with My Pennies?

• Cash Them In: Bring in your coins to any Springs Valley Banking Center to deposit or exchange.

• Spend Them: Pennies will continue to be accepted as legal tender for now.

• Go Digital: Utilize your Springs Valley Debit Card or mobile payments for exact totals and convenience. 

What this means for you

This change will not affect the value of your money, your balances, or your electronic transactions. It simply reflects a practical step to reduce costs and simplify cash handling nationwide.