The penny has officially been retired and is no longer being produced by the U.S. Mint. For more than 230 years, the penny was a staple of U.S. currency, so we understand it may take time for consumers and businesses to adjust to changes in cash transactions. 

Below, you’ll find answers to common questions and details on how GreenState is updating our process for handling pennies for both members and non-members. 

Why has penny production been suspended? 

Following rising production costs (an increase from 1.42 cents to 3.69 cents per penny over the last decade), the Secretary of the Treasury determined it is no longer necessary for United States currency needs. 

Can pennies still be used for retail transactions? 

Yes, the penny remains a legal tender and can be used for payment. However, businesses may be shifting their individual processes for the acceptance and issuance of pennies due to decreased circulation. 

Will GreenState provide rolls of pennies? 

No, GreenState will no longer provide pennies to consumers and is unable to order pennies from the Federal Reserve. 

How will GreenState handle member transactions with pennies? 

Effective December 16, 2025, pennies will be accepted for deposit but will not be available for withdrawal. When cashing checks or redeeming coins, cash back totals will be rounded down to the nearest $0.00 or $0.05, and remaining pennies will be deposited into the member’s GreenState savings account.  

For example, if a member cashes a check for $27.43, the member will receive $27.40 in cash and the remaining $0.03 will be deposited into savings.  

How will GreenState handle non-member transactions with pennies? 

Effective December 16, 2025, the check cashing and coin redemption fee amounts will be reduced and rounded to the nearest $0.05. 

For example, if a non-member is cashing a check for $100.87, the $10.00 fee will be reduced to $9.97, and the non-member will receive $90.90. Or, if a non-member is redeeming $53.82 in coins, the 10% fee would be adjusted from $5.38 to $5.37, for a total payout of $48.45. 

Will GreenState financially benefit or generate additional profit from these rounding changes?

No, members will always receive exact change through a combination of cash dispenses and deposits to savings. GreenState will never round amounts down for financial gain.