As pennies become increasingly scarce nationwide, the Bank of Estes Park is inviting residents to bring in their loose change and have it counted – for free.
The offer comes as the United States grapples with a growing shortage of pennies following the federal government’s decision last year to halt production of the one-cent coin. The move was prompted by the rising cost of minting pennies, which reached 3.7 cents per coin in 2024, according to the U.S. Mint.
The Mint incurred a loss of over $85 million in 2024 alone due to the production of approximately 3.2 billion pennies and expects the move will save approximately $56 million per year in production saving.
Federal officials estimate that about 114 billion pennies remain in circulation, but many are sitting unused in jars, drawers and coin collections rather than being spent. For those who are counting, 114 billion pennies is $1,140,000,000, or approximately 0.006% of all the money in circulation.
Authorized by the Coinage Act of 1792, the penny was among the first coins produced by the the U.S. in 1793. But after 232 years in circulation, the Mint ended penny production on Nov. 12, 2025. An estimated 300 billion pennies remain in circulation—far more than are needed to meet the nation’s day-to-day commerce needs.
As coin supplies tighten, some retailers are rounding transactions to the nearest nickel or encouraging customers to pay with credit or debit cards.
Bank of Estes Park said it hopes to help keep coins in local circulation by offering free coin counting to anyone, regardless of whether they are a customer.
“Every penny counts,” said Scott Applegate, president and CEO of the Bank of Estes Park.
The bank’s program is intended to return idle coins to circulation and ease the burden on local businesses that are struggling to make exact change, said Applegate.
The bank uses a Mach 6 coin sorter and counter that can process 3,000 pennies, nickels, dimes, quarters, half dollars, and dollar pieces per minute.
The U.S. Treasury Department has encouraged Americans to cash in their stored coins to help alleviate the shortage.
Applegate said they expect some businesses to continue rounding purchases when exact change is unavailable. In some cases, customers cashing checks may receive most of the amount in cash, with any odd cents deposited into their accounts.
For non-customers, the bank offers the option of donating any remaining cents that cannot be paid out to a local nonprofit. The Bank of Estes Park’s current designated beneficiary is Crossroads Assistance Ministry.
According to Applegate, the Bank of Estes Park’s initiative is an effort to support the community and local commerce. Residents can bring in pennies and other coins during regular banking hours.
Penny facts
- 1793: The U.S. Mint produced its first one-cent coin, making the penny the nation’s oldest circulating denomination.
- Nov. 12, 2025: After 232 years, the U.S. Mint stopped producing new pennies.
- 300 billion: Estimated number of pennies already in circulation — far more than needed for everyday commerce.
- 25 years: Average lifespan of a penny in circulation, compared with about 18 months for a $1 bill.
- Today’s penny: 97.5% zinc with a thin 2.5% copper coating.
- Pre-1982 pennies: 95% copper and 5% zinc.
- Weight today: 2.5 grams.
- Weight before 1982: 3.11 grams.
- Copper prices rose so high that the metal in each penny became worth more than one cent.
- 1943: Pennies were made of zinc-coated steel to conserve copper for World War II.
- A handful of 1943 pennies were mistakenly struck on copper blanks; some have sold for nearly $100,000.
- Mining zinc and copper can release sulfur dioxide, lead and other heavy metals into the environment.
- Despite its copper color, the penny contains less copper than nickels and quarters.
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