For more than two centuries, the penny has been a staple of U.S. currency. However, in recent years, the cost of producing pennies has exceeded their face value.
According to reports from the U.S. Mint, it costs more than 3 cents to manufacture a single penny, making production economically unsustainable.
In addition to rising production costs, supply chain challenges and declining demand for physical coins have accelerated the decision to discontinue penny production. Digital payments, card transactions, and mobile banking have reduced the need for small-denomination coins, further influencing this shift.
The U.S. Mint’s Decision
In 2025, the U.S. Mint officially announced it would stop producing pennies. This historic change marks the first time in modern U.S. history that a coin denomination has been phased out due to cost and practicality.
What This Means for Our Customers
Starting January 1, 2026, First Oklahoma Bank will implement updated procedures:
- DEPOSITS: Physical pennies will still be accepted and credited to your account for their exact value
- CHECK CASHING: Transactions requiring a penny will be rounded up to the nearest $0.05
- ROLLED PENNIES: We will continue to provide rolled pennies while supplies last
Â
Questions? We’re Here to Help
If you have questions about these changes, please visit your local branch or call 918.392.2500.
Thank you for your understanding as we make this transition together.