We want to make our members aware of an important update regarding penny availability and how it is affecting financial institutions across the country, including ours. The U.S. Mint and Federal Reserve has discontinued the minting and distribution of pennies, which means that we are no longer able to order them. Because we can no longer secure pennies from the Federal Reserve, we are no longer able to provide pennies for change orders. We understand that this may be an inconvenience, and we appreciate your understanding as we navigate circumstances outside our control.
We will continue to use our remaining penny inventory for cash transactions, ensuring you receive the most accurate change possible. This will continue until our current supply is fully depleted.
Whether you run a business that needs pennies for transactions or you’re simply curious about how this impacts everyday banking, we’ve compiled answers to frequently asked questions below.
Thank you for your patience, flexibility, and continued membership. If you have any questions, please feel free to contact us.
Frequently Asked Questions
- Why can’t Charter Oak order pennies anymore?
The U.S. Mint and Federal Reserve have determined that producing pennies is no longer practical due to rising production costs and limited circulation use and have discontinued the production and distribution of pennies nationwide. This means all financial institutions, including ours, can no longer order pennies.
- Will I still be able to get pennies from Charter Oak?
We are no longer able to supply pennies for change orders. However, we will continue to use our remaining penny inventory for cash transactions until supplies are depleted.
- Does this affect other coins?
No. All other coin denominations remain fully available for change orders and transactions.
- How will this impact businesses with cash transactions?
If a business typically includes pennies in cash transactions, they may need to adjust how small-denomination change is handled once penny supplies are depleted. Every business is different, so we will encourage our business members to review their processes to determine what works best for their operations.
- Will Charter Oak still accept pennies for deposit?
Yes. We will continue to accept pennies in deposit transactions and for cash redemption in our Coin Counting Machines. Deposited pennies will support our existing inventory for as long as supplies last.
