Business Guide to the Penny Phaseout

The U.S. Treasury stopped producing new pennies in 2025. While pennies are still available at City branches, availability may become limited over time. Now is a good time to review your cash-handling practices and prepare for possible changes.

Debit cards, credit cards and mobile wallets are not affected and will continue to process for the exact amount. Many businesses are preparing to round cash transactions to the nearest nickel after tax:

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Debit cards, credit cards and mobile wallets are not affected and will continue to process for the exact amount.

Clearly communicate any cash-handling changes through signage, receipts, websites and social media. Make sure employees understand the process and can answer customer questions.

If you begin rounding cash transactions, consider adjusting your change orders to maintain an adequate supply of nickels.

If you begin rounding cash transactions, consider adjusting your change orders to maintain an adequate supply of nickels.

Consult your accountant or tax professional and stay informed about applicable cash-rounding requirements in the states where you do business.

Contact your local City banker with questions or to discuss your business cash needs.