A small but familiar part of American currency has retired: the U.S. government has announced it will no longer be minting pennies. While this may mark the end of an era for our smallest coin, we see it as the start of something new, a simpler way to manage change, and maybe even a lighter wallet or purse! At Queensborough, we understand that even the smallest things can carry value, not just financially, but sentimentally. Whether it’s pennies or portfolios, every cent matters when it comes to your financial well-being. And while the penny may be leaving circulation, our commitment to you isn’t going anywhere.

A Brief History of the Penny

The U.S. penny has been in circulation since 1793, making it one of the oldest forms of American currency still in use. The familiar Lincoln penny, introduced in 1909 to commemorate Abraham Lincoln’s 100th birthday, became an enduring symbol of thrift, history, and American values. But in recent years, the cost to produce a penny has far exceeded its face value… more than 2 cents per coin. Combined with changing consumer habits and a move toward digital payments, the decision to retire the penny has been a long time coming.

It’s Not the First to Go: A Look Back at Retired U.S. Currency

The penny isn’t the first piece of U.S. currency to retire. Throughout our nation’s history, several coins and bills have come and gone:

1. The Half-Cent (1793–1857): Worth 1/200th of a dollar, the half-cent was discontinued when it no longer made economic sense.
2. The Two-Cent Coin (1864–1873): Introduced during the Civil War, this coin had a short lifespan and was retired as currency needs changed.
3. The $500 and $1,000 Bills: High-denomination bills once used for large transactions between banks were officially discontinued in 1969 due to lack of use in everyday commerce.
4. The Susan B. Anthony Dollar (1979–1981, 1999): Although not officially retired, it fell out of favor due to confusion with the quarter and was replaced by the golden Sacagawea dollar.

Each of these changes reflected broader shifts in our economy and society, and this moment is no different.

Looking Ahead

At Queensborough, we believe that change can be a good thing especially when it leads to more efficient, modern ways to manage money. Whether you're rolling coins, balancing a budget, or investing in your future, we're here to guide you with personal service, trusted advice, convenient technology and a commitment that’s never out of circulation.

Change is part of life, but having a trusted financial partner by your side makes all the difference. We’re proud to be that partner for you.

We’re here for you every cent of the way.