1793-2025: The End of the Physical Penny
On February 12, 2026, financial regulatory partner Matt Bisanz will participate in a PLI webinar on the legal issues associated with the end of the physical penny and explore how lawyers can advise clients on adapting their businesses for this change.
The United States had a one cent coin from the founding of the nation until late last year. Even though the relative value of one cent declined to the point that many would forego picking pennies up from the street, the concept of a cent remains a key part of many commercial transactions. From the pricing of retail gasoline to the calculation of interest and loan amortization, the base 10 nature of the modern financial system makes it impossible to avoid transfers involving cents.
In May 2025, the U.S. Treasury announced that the U.S. Mint would cease producing physical pennies in the near future, which occurred in November 2025. In September 2025, the Federal Reserve Banks announced that the winddown in production had caused the inventory of pennies at certain distribution points to be exhausted. Eventually, the inventory at all distribution points is expected to be fully depleted, at which point banks and credit unions will be unable to obtain pennies. In turn, companies that rely on depository institutions for the coinage required by commerce, such as to make change at points of sale, will be unable to obtain pennies.
For additional information on the program, please see the webinar provider.
