What the Penny Phaseout Means for You - and How Monson Savings Bank Is Helping
In February 2025, the U.S. Treasury officially stopped producing pennies, citing the high cost of minting - nearly four cents per penny. While existing pennies remain legal tender, their circulation is slowing, and many banks and retailers are experiencing localized shortages.
At Monson Savings Bank, we’re committed to helping our customers navigate this transition smoothly. You may notice some cash transactions being rounded to the nearest five cents, a practice already adopted by countries like Canada and Australia. Electronic payments, however, remain unaffected.
We encourage customers to bring in any spare change, especially pennies, they may have at home. Recirculating coins helps ease the strain on local supply and supports smoother transactions for everyone.
As always, our team is here to answer questions and provide guidance. When we all work together, we can turn small changes into big progress.
Please feel free to contact our team if you have any questions about the penny phaseout.
Learn more about the penny phaseout from the American Bankers Association here.
