Is it Goodbye for the Penny?

Ode to the Last Little Penny

Farewell, dear penny,
our copper-clad friend—
your long, tiny journey
has come to an end.

You hid in our pockets,
our cars, and our sinks,
but now you retire
(we’re saving on inks).

So as prices round neatly
to nickels with grace,
Pillar Bank smiles—
less clutter, more space.

We’ll miss your soft jingle,
your luck-bringing shine,
but cheers to the future…
and rounding up every last dime.

Is it Goodbye for the Penny? The U.S. minted the final pennies last week. “I think it makes sense to stop producing pennies, primarily due to the cost, as it costs nearly 4 cents to make one penny, costing taxpayers millions of dollars,” said Shane Bauer, Pillar Bank’s CEO. “Additionally, fewer and fewer people use cash today, the trend toward electronic payments is obviously not going to stop.  Moving away from the penny makes perfectly good sense (no pun intended).  And I think it is a good reminder that pennies can still be used. There is something like 100 billion pennies in circulation, so they are not going away anytime soon.”

In short, it’s not quite goodbye for our penny while it’s still in circulation but several aspects of daily life could be affected:

  • Cash Transactions – As pennies become scarcer, rounding to the nearest nickel or dime might become commonplace in cash transactions.
  • Collectors and Hobbyists – The rarity of pennies post-discontinuation could generate heightened interest among coin collectors and hobbyists, potentially driving up the value of these once-common coins.
  • Banking Operations – Financial institutions like Pillar Bank will likely need to adjust their coin handling procedures as pennies phase out of circulation, which could involve training staff, updating systems, and accommodating customer inquiries.

The discontinuation of the penny symbolizes the evolving nature of our economy and underscores the increasing role of technology in shaping financial practices. At our Pillar Bank, we aim to stay at the forefront of these changes, ensuring a seamless transition and digital tools for our customers during this historic shift. This is a learning curve for all.