After 230+ years, the penny is retiring

(FROST BANK) - Lost in couches, rattling in driers, swimming in fountains and finally rusting into the sunset. With the Treasury Department's decision to retire the penny, our favorite bronze coins are headed into their golden years.

Rest assured, Frost still has pennies in supply - and we'll keep you in the loop over the coming months on what this means for your cash transactions. But for now, here's what you need to know.

Making cents of it all.

This may seem like a little change - especially because it's the penny - but with billions in circulation, the move is a big deal:

· Earlier this year, the U.S. Mint officially ended production of the penny.

· The Federal Reserve has since stopped distributing the coins.

· Over time, the number of pennies in circulation will begin to decline.

· This is a nationwide change, affecting all financial institutions - not just Frost.

· Pennies remain legal tender and can still be used, deposited and accepted.

· This change will affect cash transactions only, not digital payments or digital deposits.

Again, a penny saved is still a penny earned. One-cent coins remain legal tender, even if they're no longer minted. So your coffee can of change will continue collecting value (and we can't wait to cash it for you one day).

Penny for your thoughts?

If you have any questions, comments or concerns, never hesitate to give us a call at (800) 513-7678 or chat with a Frost Banker at your nearest financial center.