Despite headlines warning of a penny shortage, banks, collectors and businesses across Eastern Washington say transactions are mostly unchanged – and pennies are widely available.
Greg Deckard, CEO and chairman of State Bank Northwest, compared the penny situation to the Y2K scare of 2000 when many people feared that computer networks would cease to function.
“A lot of people are worried about a penny shortage, but in the end, it ends up being nothing,” Deckard said. “We have an ample supply of pennies. I think for a long time for us, it will be business as usual until supplies run out.”
After years of calls to phase out the penny as its value has dwindled with inflation, President Donald Trump issued an order in February to stop minting the coin. After 232 years, the United States Mint struck the last penny on Nov. 12 in Philadelphia. By the time of its demise the U.S. Mint estimated it cost 3.69 cents for every penny made.
Deckard, who noted that he collected pennies as a young boy, said the industry’s solution once pennies become scarce will be to round up to the next nickel.
“I have a friend who says, ‘If I come into the bank one day and I deposit 6 cents, will you give me 10?’ I say, yeah. ‘If I come in the next day and deposit $1.01, will you give me $1.05?’ Yeah,” Deckard said. “If you think you can make money by coming in every day for a maximum of 4 cents, have at it.”
He noted that the vast majority of banking transactions occur electronically. The few times the bank would issue pennies are when it cashes checks.
And instead of customers coming in to purchase rolls of pennies, Deckard said his branches have experienced the opposite: Folks are bringing their pennies in.
“I suppose at some point, certain pennies might be worth something,” he said. “Unless you are an avid collector, I don’t think we’ll see a run on pennies.”
Unlike State Bank Northwest, Liberty Lake-based STCU has had enough customers coming into branches to get pennies that it has instituted a $1, or two-roll, limit, said Robyn Galtieri, the senior vice president for member operations and support.
“We did have some activity where members were coming and wanting to buy and abundance of pennies,” she said. The limit “was precautionary for us more to ensure our business members will have access to pennies.”
Galtieri said she was not privy as to why or any explanations from customers about their desire to purchase pennies.
“We have a number of members who are coin collectors who enjoy being able to purchase coins and going through them to see if there are any of value,” she said.
As for what happens after the coins become scarce, STCU does not have a set plan in place.
“There was an act introduced federally in April to create a law about rounding up,” Galtieri said. “That hasn’t gone anywhere yet. I expect some kind of guidance will come out federally at some point.”
Otherwise, the situation has caused kind of a fun scenario where people are talking about coin currency, she said.
“We’ll see how it plays out in the end,” Galtieri said.
Brian Jenner, owner of the Coin Cradle in Kennewick, said nothing’s changed for his business. If anything, more people are stopping by.
“Whenever they’re told there’s not going to be any more, that’s when they want it,” said Jenner, who started collecting coins in 1965 during college.
But he doesn’t think their value will hold in the long run and believes any spike is just temporary, driven only by people’s perception of scarcity.
He said he has seen TV marketers trying to sell rolls of pennies for as much as $15, which he believes is a “waste of people’s money.”
“Most young people just throw pennies away,” Jenner said.
Many businesses in Spokane have not changed how they give out change and do not plan to in the near future.
“We still give exact change, and as long as the banks are still providing pennies, we will use them,” said Leslie Fleischmann owner of Tossed & Found an antique shop on North Monroe Street. “When we can’t get pennies , we’ll probably just round up to the nearest nickel. But we haven’t changed anything, and probably won’t unless, until the pennies are gone.”
Other businesses that deal with cash echoed this sentiment. Coffee shops like Atticus and Indaba still give exact change.
Global Neighborhood Thrift has started rounding their change to avoid the use of pennies. “Bye bye penny!” reads a sign by the cash register.
“We’re simplifying change: no pennies needed. Starting October 31st, 2025, cash purchases at Global Neighborhood will be rounded to the nearest 5¢,” it reads. The way they are rounding up depends on the transaction. For example, if a total comes to $5.22, they will round the change to $5.20. If it’s 27 cents, they will round it up to 30 cents, explained Julie Kimball-Bryant, director of social enterprise and programs for the thrift store that employee refugees.
Kimball-Bryant said the store quickly started phasing pennies out after they went to the bank and were told they weren’t making pennies anymore.
“Which makes sense. It costs 3 cents to make one penny, so from a financial standpoint, it’s a great move, but it is a change for our staff in particular, who are new to American currency,” Kimball-Bryant said. “That’s just kind of an additional step that we would have to make.”
Kimball-Bryant said they have about 300 transactions a day, with about a third of them being cash payments.
“If people have exact change, that’s great. You can still use your pennies. They’re still valid currency, but it takes a hot second for people to adjust,” she said.
Up north, rural businesses are playing it by ear.
Tara Crandall, co-owner of Crandall Coffee Company, said the business still is using pennies and giving out exact change, though she expects that will change soon. The business’ payment system is scheduled to update so penny-level pricing will not be necessary, but for now, the system still shows amounts that include pennies.
The coffee company has multiple locations, including in Kettle Falls, Colville, Metaline Falls and Republic.
“If we don’t have access to pennies anymore, then we will round up or down and then just kind of try to balance it from there,” Crandall said.
Crandall said it may take businesses some time to adjust, but ultimately it should make things easier since they will not have to chase pennies all the time.
In Newport, Rob Owen, owner of Owen’s Grocery and Deli, said the store will use them until they cannot anymore. If they run out, he said they also round prices depending on the total.
Owen added he is saving a few rolls, mainly for his penny press that he has at the store.
“It’s more advantageous for me to keep the pennies and for people to be able to use the penny press than it is to give them out as change,” he said.
Similarly, Scott McGiovra, employee for the Pawnshop in Colville, said the end of penny production doesn’t change their business.
“We still take them in, we still give them out. They’re still current,” he said.
McGiovra said he does not believe this is something the store will phase out.
“Nothing’s changed yet,” he said.
