If you’ve got a jar of pennies at home, now might be the time to check under the couch cushions too. The U.S. penny is slowly heading toward retirement, and while it’s the end of an era, it’s not something our members need to stress about.
At Volt Credit Union, we’re all about keeping money simple, transparent, and working for you. So let’s break it down.
Why Is the Penny Going Away?
Short answer: it costs more to make than it’s worth.
Right now, producing a single penny costs 3.7 cents to make. That means taxpayers lose money every time one is minted. According to the U.S. Mint, that’s over $85 million lost on penny production in 2024. Multiply that by billions of pennies, and suddenly that tiny coin has a big price tag.
Other reasons?
- Pennies slow down cash transactions
- They rarely get spent (hello, coin jars everywhere)
- Most payments today are digital anyway
Fun Penny Facts (Because We Can’t Resist)
- The penny has been around since 1793
- It used to be made of mostly copper, now it’s mostly zinc
- The average penny is only used once every 25–30 years
- Americans have an estimated $10+ billion in loose change sitting around (mostly pennies!)
That’s a lot of couch change.
So… What Does This Mean for You?
Here’s the good news: your money is safe, and this change is minimal.
- Prices aren’t suddenly jumping
- Your account balances don’t change
- Digital payments stay exactly the same
- Cash transactions may round to the nearest nickel (up or down)
- We will continue to provide pennies while our current supply lasts, but Volt will no longer be able to order pennies from the Federal Reserve or U.S. Treasury.
In other words, no pennies make sense.
Countries like Canada have already done this, and studies show it had little to no impact on consumers.
What About My Pennies? Here’s What You can Do:
You don’t need to rush in with a wheelbarrow of coins tomorrow, but:
- Keep using them. Pennies can still be used for purchases, deposits, and payments just as they always have.
- Cash in your coin. Bring your loose change to any Volt Credit Union location and turn it into usable account credit or cash.
- Go digital when you can. Using your Volt debit card or your digital wallet ensures exact totals and eliminates the need for coin-based change.
- Turn spare change into earning power: Bring in your pennies and cash them into your Volt High-Yield Checking account to start earning more on money that was just sitting around. Even small change can add up when it’s working for you.
The Volt Takeaway
Change can feel uncomfortable, even when it’s small. But this shift is about efficiency, savings, and keeping money moving smarter.
If you have questions, concerns, or just want to talk it through, we’ve got you. That’s what credit unions do best. Because at Volt, your money should work harder, not sit at the bottom of a jar.
Not a Volt Credit Union member yet?
Join today and make those pennies work for you.
