Penny Shortage

The U.S. Treasury decided to stop making pennies because each penny costs about 3.7 cents to produce. By ending production, taxpayers are expected to save around $56 million each year.

 

Why is there a Penny Shortage?

Even though businesses are still accepting pennies, there are fewer of them available because:

 

• Many people keep pennies in jars or containers at home instead of spending them.
• More people use debit cards, credit cards, and digital payments, so fewer pennies are returned to stores and banks.
• Federal Reserve locations have reduced or stopped sending pennies to banks because supplies are running low.

 

What Does This Mean for Customers and Businesses?

For now, you can still use pennies for purchases, and businesses may continue giving pennies as change.

 

As pennies become harder to find, some businesses may adjust their pricing so totals round more easily to the nearest five cents. For example, instead of pricing an item at $9.99, a store may use prices that result in totals such as $10.00 or $10.05.

 

How West Shore Bank Can Help During the Penny Phase-Out

West Shore Bank can:

 

• Accept pennies for deposit into customers’ accounts.
• Exchange pennies for larger bills or coins.
• Keep customers informed about coin availability at local branches.

West Shore Bank will continue monitoring coin supplies and working with industry partners to help customers manage the transition.

 

How You Can Help...

If you have extra pennies at home, consider bringing them to a West Shore Bank branch. Putting pennies back into circulation helps businesses that still need them to make change.

 

You can also reduce the need for change by using electronic payment methods, such as debit cards, credit cards, or digital wallets. These payment options are convenient and include security features that help protect your information.