The Federal Reserve has published an FAQ about what the end of penny production will mean for penny ordering and deposits as coin distribution locations run out of inventory.
Earlier this year, President Trump directed the Treasury Department to stop producing pennies, calling the currency “wasteful” as it costs nearly four cents to produce a single penny. The U.S. Mint produces coinage but the Fed distributes coins to banks and credit unions.
The FAQ contains a list of coin distribution locations that have ceased fulfilling penny orders and explains the process the Fed will use to fulfill future orders and deposits.
“The Federal Reserve will continue to fulfill orders of pennies as inventory allows,” according to the FAQ. “As a result of Treasury’s decision to end production of the U.S. penny coin, coin distribution locations accepting penny deposits and fulfilling orders will vary over time as localized inventory is depleted at certain coin distribution locations.”
