What You Need to Know About the Penny Phase-Out

October 28, 2025

By:

Effective immediately, we are unable to accept loose or wrapped pennies due to the Federal Reserve Bank restricting the supply of pennies.

The U.S. Department of the Treasury has officially ended production of the penny, which means New Tripoli Bank can no longer order pennies from or ship pennies to the Federal Reserve. We understand that this change will impact all of our customers and wanted to provide information on this shift in our monetary system.

Here are the main ways this change will impact our customers:

We may not be able to do change orders that include pennies.
You may be required to deposit your check if the change back to you would require pennies. You can then withdraw the cash that you need.
For non-customers cashing a check drawn on New Tripoli Bank, you may be required to open an account if the change back to you would require pennies (exceptions may apply).
Retailers and businesses may begin rounding cash transactions to the nearest nickel as pennies become unavailable.

Why is penny production ending?

The decision stems from the rising costs to produce new pennies. The current cost of the materials to create a new penny is almost four times the value of the currency, which in turn costs the government money each year.

Even though pennies are no longer being produced, existing ones are still legal tender. Here are some smart ways to transition away from using pennies:

When paying cash at retailers, expect totals to be rounded to the nearest five cents.
Consider switching to using digital payments or your debit card, which remain unaffected by the change.
Sign up for direct deposit for paychecks and government benefit payments.

View all articles