On one of the many iconic episodes of Seinfeld, Kramer walks into a restaurant and tries to pay the entire bill with pennies, making a mess in the process. He’s thrown out.

When was the last time you used a penny? When was the last time you even walked around with change in your pocket?

One penny costs almost 4 cents to produce. That’s the main reason President Donald Trump recently ordered the Treasury Department to halt penny production, arguing that it’s a waste of taxpayer money.

Kevin McColly understands. McColly has served as CEO at Bellevue-based Coinstar for three years. The company — now owned by Apollo Capital Management, LLC — has more than 25,000 Coinstar kiosks worldwide, where people deposit loose coins and receive cash, gift cards, or can make a charitable donation. In most transactions, the company keeps around 12% depending on the market, though users can link their Coinstar account certain merchants or their bank and avoid the fee.

The company facilitated 50 million transactions last year, with the average being $58. The most-frequent Coinstar customers use a kiosk about half-a-dozen times per year. Americans collectively have an estimated $7 billion in unused change. 

Seattle magazine caught up with McColly to weigh in on the future of the penny and other things related to coins.

What do you think about getting rid of the penny?

I think we have to choose our words very carefully. I totally agree with stopping production of the penny. It’s not cost-productive. It’s wasting natural resources. I don’t think we need to make more. I don’t agree with the elimination of the penny. Recycling the pennies that you have puts money back in your pocket, which every consumer needs.

How many pennies did Coinstar take in last year?

About 14.5 billion. Coinstar processes a little over three times the amount of pennies that the Mint produces every year, which was 4.5 billion in 2023.

Are we heading toward a cashless society?

I think there’s a lot of misconceptions around the pace at which we’re moving toward being cashless. The percentage of cash transactions are shrinking, but that’s really because the number of transactions is increasing. The number of cash transactions is actually fairly consistent.

What’s America’s relationship with coins right now?

The number and value of coins going through the Coinstar machine has been very consistent during the 20 years that I’ve been here. We know that there’s this consumer that is heavily cash-preferred or dependent, and they’re using our kiosks fairly regularly. Most of our kiosks also accept dollar bills. The roadmap for our products in the future includes being able to load it right to your phone with a digital debit card.

Where do you see Coinstar in five or 10 years?

The underbanked are looking for financial services. We want to provide financial services right to your phone to bridge that physical to digital divide. For lower- to moderate-income folks it’s a real necessity.

Final thoughts?

I’m not sticking my head in the sand and saying cash transactions will be here forever. There is a slight decline, but they’re going to be around for a long, long time.