Matt Sengbusch knew this day would come. As the caretaker of more than 40 pressed penny machines in the Bay Area, he’s acutely aware of what’s happening in the coin market and had been following the push to make the penny obsolete for years.
That day finally came in November, when the U.S. Mint stopped printing pennies and Sengbusch not only had to finally reckon with the eventual disappearance of one of San Francisco’s most beloved — and perhaps cheapest — souvenirs, but also how this will eventually affect the entire city’s coin supply.
Pressed penny machines flatten a penny, engrave it and turn it into a keepsake, but most of those machines rely on two quarters, too; they charge 50 cents, plus the penny itself, to complete the transaction. Sengbusch’s other business, creating and renting out miniature versions of classic arcade machines, also relies on quarters. Few businesses still rely on coins the way his do, as many laundromats, city parking meters and vending machines have been equipped to take credit cards.
Sengbusch is the reason those who still deal with coins every day are still able to access them, as his business helps move change around San Francisco. The pandemic-era coin shortage has been mostly resolved, but pennies will soon become more scarce, as many banks no longer distribute them. The penny shortage has already been affecting businesses like McDonald’s and Home Depot, which have reportedly been asking customers paying cash to round up or down their transactions…