Federal Reserve Financial Services to Take New Actions to Support Penny Circulation

CHICAGO--(BUSINESS WIRE)--
Federal Reserve Financial Services (FRFS) today announced new actions to better support the circulation of pennies for commercial activity. Beginning on Jan. 14, the Federal Reserve will resume accepting pennies from banks and credit unions at commercial coin distribution locations providing services under arrangements with the Federal Reserve that were previously suspended.

While the Federal Reserve continues to support penny deposits, local inventory constraints had limited that activity at some locations. Our monitoring of the flow of penny deposits from financial institutions as these changes take effect will determine whether some subsequent expansion of ordering options for pennies is feasible, given that penny production has ended.

The Federal Reserve’s role for coin is limited to distribution to banks and credit unions on behalf of the U.S. Mint, which is the nation’s issuing authority for coins. The Federal Reserve does not provide coins directly to businesses or consumers.

About FRFS

FRFS provides payment services and seeks to foster the stability, integrity and efficiency of the nation’s monetary, financial and payment systems. It offers a comprehensive suite of payment and information services to financial institutions. Visit FRBservices.org® for additional information.

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Media Contacts

Liz Miklya (Federal Reserve System) P: (773) 882-9841

Maryellen Thielen (Federal Reserve System) P: (312) 825-3837

Source: Federal Reserve Financial Services