U.S. penny to be retired in 2026
The U.S. Treasury Department has announced it will stop minting pennies in early 2026.
As the penny is phased out, coin distribution locations are expected to have varying levels of inventory. However, pennies in circulation will continue to be recognized as legal tender in the United States. At this time, there are no announced plans to remove pennies from circulation or discontinue their use.
First Horizon will continue to proactively manage our coin inventory during this transition so we can best meet the needs of customers across our service area. As First Horizon begins to experience disruption in penny inventories, we may make adjustments to banking center and/or customer orders based on the supply.
For further details, the Federal Reserve offers a FAQ section on its website that provides additional information about penny deposits and ordering procedures.
Frequently Asked Questions
When will penny production stop?
The U.S. Treasury Department has announced it will stop minting pennies in early 2026.
How will this affect businesses?
Due to limited availability, First Horizon banking centers and Vault Services may need to adjust client/customer penny orders based on the supply of pennies available at the time of request. If you have questions about coin inventory, contact your banker or visit a banking center.
Can I still use pennies to make purchases?
Pennies remain legal tender in the United States, and there are currently no plans to discontinue their use. We continue to monitor developments through trade groups representing banks across the country, including the American Bankers Association, and will provide updates as needed.
Is First Horizon continuing to accept penny deposits?
Penny deposits are still accepted at First Horizon without restriction.
Who can I contact with questions about pennies?
If you have questions about pennies or coin inventory, contact your banker or visit a banking center.
First Horizon Bank. Member FDIC.
