Plumas Bank reports that pennies are headed for retirement, and staff are here to help customers make “cents” of this change.
The U.S. Department of the Treasury has stopped production of the penny coin. Currently, Plumas Bank cannot order additional pennies, and branches are limited to their existing inventory.
The bank requests that local business clients with change orders reach out in advance for assistance. Plumas County customers can bring in their rolled pennies for cash.
“The Federal Reserve has pressed ‘pause’ on penny distribution, so we’re — quite literally — rolling with it,” said Plumas Bank. “Here’s what you need to know about how we’re keeping things smooth, simple and in your favor.”
Plumas Bank provides the following answers to common questions around the penny pause:
Q: So … did the penny really disappear?
A: There are still 240 billion pennies in circulation, but the U.S. Treasury is no longer producing pennies and we aren’t able to order any penny coin from the Federal Reserve. This means our supply is limited to what we have on hand.
Q: What happens when I cash a check?
A: Instead of digging around for pennies, we’ll round your cash back up to the nearest nickel. That’s right — no tiny coins, and you come out ahead.
Q: Wait … I get extra money?
A: Yep. When we round, it’s in your favor.
Q: I need pennies for my business. Am I out of luck?
A: We’ll keep filling penny change orders while supplies last. If you’ve got rolled pennies lying around, we’ll happily put them back into circulation.
Q: Can I help?
A: Absolutely. Bringing in your rolled pennies keeps the local supply flowing.
Q: How long will this last?
A: Unless the Fed decides to bring back the penny, we’ll keep adapting — and practicing our lasso skills to “round up” any pennies we can.
Q: Who can I talk to if I have questions?
A: Your friendly local Plumas Bank team. We may not have pennies, but we’ve got answers (and nickels — lots and lots of nickels).
