Phasing Out the Penny.
Why it's happening, what LCNB's response is, and what you should keep in mind going forward.
It costs the U.S. Mint 3.7 cents to produce each penny.
Earlier this year, the U.S. Treasury was directed to stop producing new pennies to help reduce government spending and improve efficiencies. In 2024, the U.S. Mint sold and shipped 3,172 million pennies at face value to the Federal Reserve. The same year, it cost the Mint approximately 3.7 cents to produce each penny, for a total gross cost of roughly $117 million. It was the 19th consecutive year that it cost more than one cent for the U.S. Mint to make a penny.
What do we do next?
What you can do
Spend or deposit your pennies. Spending your pennies could help local businesses struggling to make change.
Be aware that as the penny phases out, businesses will begin rounding totals up or down to the nearest nickel. Digital payments and eBanking will not be affected - only cash transactions.
What LCNB is doing
Accepting penny deposits and providing change to business owners as long as we have the capability.
We will continue to monitor coin circulation closely and manage supply as best as we can.