Fed will resume accepting pennies at commercial coin distribution centers

Starting Jan. 14, the Federal Reserve will resume accepting pennies from credit unions and other financial institutions at commercial coin distribution locations that were previously suspended. Thursday’s announcement follows continuous advocacy from America’s Credit Unions, the American Association of Credit Union Leagues (AACUL), and all state leagues after penny production ended late last year.

The organizations wrote to Federal Reserve Governor Christopher Waller and members of Congress last month to address the uncertainty that has followed the end of penny production.

According to the Fed, it will monitor the flow of penny deposits from financial institutions as these changes take effect, and will determine whether subsequent expansion of ordering options for pennies is feasible.

America’s Credit Unions, AACUL, and leagues continue to seek clarity on the end of penny production, including a uniform national rounding standard.