The U.S. Treasury Department has ceased minting new pennies.
Citibank: U.S. Penny Phase-Out FAQs
The U.S. Treasury Department has ceased minting new pennies. 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, and there are currently no announced plans to remove pennies from circulation or discontinue their use. Citibank will continue to proactively manage its coin inventory during this transition to best meet the needs of clients across its service areas. As Citibank begins to experience disruption in penny inventories, it may make adjustments to branch and/or client orders based on the supply.
Frequently Asked Questions
Due to limited availability, Citibank branches may need to adjust or decline client penny orders based on the supply of pennies available at the time of request.
Yes, at this time Citibank will continue to accept penny deposits. Pennies remain legal tender in the United States, meaning all pennies currently in circulation can still be used in daily transactions. As such, Citibank will continue to accept them for deposit.
Citibank understands the potential impact of the U.S. phasing out penny production on businesses, banks, and daily transactions. We are committed to supporting our clients through this transition by:
- Efficiently Managing Penny Supply: We are actively monitoring and managing penny supply across our locations to ensure a smooth adjustment.
- Providing Resources and Guidance: We will continue to offer up-to-date resources and guidance as new information becomes available from regulatory bodies.
Some transactions involving cash back to clients and non-clients may be rounded up to the nearest five cents depending on penny inventory.
If you have questions about pennies or coin inventory, please contact your Citibank banker or visit a Citibank branch.
No, digital transactions, including wires and electronic funds transfers, will not be affected.
The U.S. currency system has a history of evolving, and the transition regarding the penny is expected to be gradual, like past currency adjustments. While Congress and financial experts are continuously discussing the long-term future of the one-cent coin, further updates are anticipated in the coming years.
Currently, pennies remain legal tender and are fully spendable in all transactions, whether in circulation or personal savings. The primary change is the cessation of new penny production.
These FAQs are subject to change as new information becomes available.
© 2025 Citibank, N.A. Member FDIC. Citi, Citi and Arc Design and other marks used herein are service marks of Citigroup Inc. or its affiliates, used and registered throughout the world.