Goodbye, Penny: How the End of Penny Minting Affects Your Finances

The U.S. government has decided to stop making pennies, marking a significant penny minting shutdown, and this change will affect how Americans handle cash. At TEG Federal Credit Union, we’re here to help you navigate this transition. From managing spare change to saving money, here’s everything you need to know about the retirement of the penny, and how to make it work for you.

Why Is The Penny Being Retired?

The cost to produce pennies is higher than their actual value. For example, it costs about 3.7 cents to mint a one-cent coin. By stopping production, the government saves millions of dollars each year. Other countries have already phased out their smallest coins to simplify transactions and reduce costs.

Key takeaway: Retiring pennies isn’t just a small change, it’s an efficiency move than can save money for everyone.

How to Handle Your Spare Change

Many households underestimate the value of their coins. A typical home might have $60-$90 in spare change tucked away in jars or piggy banks. Instead of letting coins collect dust, you can turn them into real savings.

TEG Coin Management Tips:

• Bring spare change to any TEG branch as a member
• Use our fast, accurate coin machines for free
• Deposit the counted amount directly into a savings or free checking account
• Watch your “found money” grow into your financial goals

Bottom line: Managing coins properly is an easy way to boost savings without extra effort.

Why Every Coin Counts

Even though pennies are going away, the lesson remains: small amounts add up. Saving spare change can help you:

• Build an emergency fund
• Fund a special purchase
• Grow your overall savings

TEG savings accounts make it simple to turn small change into significant progress toward your financial goals.

Switch to Digital Payments with TEG Checking Accounts

As cash evolves, a free checking account at TEG helps you manage money efficiently:

• No monthly service fees
• Free debit card for fast payments
• 24/7 online and mobile banking
• Personalized, local support

Digital payments make transactions easier without needing pennies at the register, giving you more time and convenience.

The Penny in Language and Culture

Even as pennies disappear, their legacy lives on in phrases like:

• “Worth every penny”
• “A penny for your thoughts”
• “A penny saved is a penny earned”

This reminds us of the penny’s historical and cultural significance, even if it’s no longer in circulation.

Why Choose TEG for Coin Management and Financial Growth

The end of the penny is an opportunity to rethink how you manage coins, save money, and improve your financial habits. With TEG coin machines and savings accounts, turning spare change into growth has never been easier.

Take action today: Bring your coins to a local TEG branch, use our coin machines, or open a free checking account and start saving smarter.

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