As you may have heard, the U.S. Mint has officially ended the production of new 1-cent coins (pennies) for circulation after more than two centuries.
Here’s what that means for you and for us at All One Credit Union:
1. Pennies remain legal tender.
All existing pennies still count. You can continue to use them the same way you always have.
2. You may see fewer pennies in circulation.
Because no new ones are being minted, over time you may notice that fewer pennies show up in day-to-day cash change or at registers. This doesn’t mean you’ll be short-changed it just means the coin will gradually become less visible.
3. What this means for cash transactions at branches and vendors.
We’ll continue to accept and dispense pennies normally at our branches, to the extent possible.
Some businesses may begin to round cash totals to the nearest five cents or ask for exact change more often. That said, this is optional and will evolve gradually.
4. What you can do to help.
If you have jars of pennies, consider bringing them into your branch for coin counting or deposit. The following locations have convenient coin counting machines: 20 Adams Street, Leominster, 159 Mechanic Street, Clinton and 910 West Boylston Street, Worcester.
When using cash, you might want to keep an eye on whether you have enough small coins (nickels, dimes) for smooth transactions.
5. Why is this happening?
Over recent years the cost to produce a penny has exceeded its 1-cent value. The U.S. Treasury determined that continuing full production was no longer fiscally sustainable.
6. Bottom line for you: No action required.
Everything you do today with your cash and account holds. We simply believe in keeping you informed, so you’re comfortable with any subtle changes you may notice. If you have any questions or want to roll coins in for deposit, we’re here to help.
Additional information can be found here:
Thank you!
