Penny Production Discontinued
Penny Production Has Been Discontinued
The U.S. Treasury discontinued penny production earlier this year, and this has led to a nationwide shortage impacting financial institutions across the country. Here are some steps you can take to adapt.
While you may still be able to obtain rolled pennies at Sound Credit Union branches, quantities will be limited and subject to availability.
What This Means For Your Business
To help you adapt, here are some steps you can take:
- Adjust Pricing Strategies
- Consider pricing items in increments that minimize the need for pennies (e.g., $X.00 or $X.05).
- Implement Rounding Rules
- Round cash totals to the nearest $0.05 when pennies are unavailable.
- Clearly communicate this policy to customers through signage and verbal reminders.
- Review Point-of-Sale System Capabilities
- Many POS systems support rounding adjustments. Check your settings and enable rounding where possible.
- Update receipts and displays to reflect the new rounding practices.
- Encourage Alternative Payment Methods
- Promote electronic payments (debit, credit, and mobile wallets) to reduce reliance on coins.
- Prepare Staff for Customer Questions
- Train employees on how to explain rounding practices and why they are necessary.
If you have any questions or need guidance on implementing rounding rules, please contact Business Deposit Services.
Claire White
Claire White is the Vice President of Business Deposit Services at Sound Credit Union. She leads a team of Business Services Officers and Specialists who work closely with local businesses to provide personalized support and smart banking solutions. Claire is a Certified Cannabis Banking Professional (CBP) and helps ensure Sound’s cannabis banking program meets the highest standards of compliance and care. She also oversees the credit union’s treasury management program, helping business members access secure, efficient tools to manage their money with confidence. Claire is passionate about making business banking simple, accessible, and tailored to the unique needs of each member.
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