The Penny is Retiring – Here’s What That Means
October 24, 2025
The U.S. Mint has announced they will end the production of pennies in 2026. The change comes in response to rising costs and a decline in usage, as the average penny currently costs four cents to produce and distribute.
Pennies will still be accepted as cash, but once they are lost or damaged, they will not be replaced. It will likely take a few years before they fully disappear from everyday use.
A few ways you can still use your pennies:
- Spend them as usual.
- Check for older coins – pennies made before the early 1980s contain more copper and may be worth more.
- Hold on to them as collectibles.
- Deposit them at a Middletown Valley Bank branch.
What happens when I cash a check?
- Customers: You will still receive cash back, but all pennies will be deposited into your account.
- Non-customers: We will round to the nearest nickel:
- Transactions ending in 1, 2, 6, or 7 will be rounded down to the nearest nickel.
- Transactions ending in 3, 4, 8, or 9 will be rounded up to the nearest nickel.
MVB is here to assist you with any questions you may have about this change. The American Bankers Association has published a helpful list of FAQs regarding the penny.