Pennies will be going away soon. Here's why and what to do with yours

Yahoo

02-06-2025

It will soon be time to say goodbye — at least in part — to the penny.
The U.S. Treasury Department announced it will phase out production of the 1-cent coin beginning in early 2026 to comply with a February order from President Donald Trump. While coins currently in circulation will remain legal tender throughout the country, retailers may eventually start rounding prices to the nearest nickel to compensate.
But what does that mean for the billions of pennies in banks, change jars and couch cushions across the nation? Here's a breakdown of why penny production is being phased out, what to do with yours and how to determine if your little copper-coated coin is worth a lot more than you think:
On Feb. 9, President Trump called on U.S. Treasury Secretary Scott Bessent to end production of new pennies, citing costs.
"For far too long, the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful," he wrote in a post on Truth Social.
The Treasury Department announced in May it had placed its final order of penny blanks and would stop making them when the current stock is exhausted, which is expected to occur in 2026.
It is believed there are roughly 240 billion pennies currently in circulation in the U.S., according to a report from the New York Times.
According to Money Digest, it costs nearly 4 cents to produce a single penny. When they were originally introduced in 1793, pennies were made of pure copper, but their composition has changed over time to adapt to the economic climate. Today, pennies are comprised of a mostly zinc core with a copper coating.
Because of the cost of raw materials, labor, minting and shipping, it is estimated that the U.S. loses about $68 million annually by producing the coins.
No. Existing pennies will continue to be worth their face value and be considered legal tender, even after production ends, Treasury Department officials said.
Only Congress holds the power to completely remove a form of currency from circulation. A handful of lawmakers, including the late Sen. John McCain, have introduced bills over the years to eliminate or temporarily remove the penny from everyday use, but none has ever been enacted into law.
If you're hoping a penny in the bottom of your wallet might make you a millionaire, chances are you won't be heading to the bank any time soon.
While there are rare pennies that are still in circulation around the country, only one type has ever fetched more than $1 million at auction and their potential value dips significantly if they aren't in mint condition.
According to GOBankingRates, the most valuable pennies are those produced during low-minting years, including but not limited to 1931, 1933, 1939 and 1955. Misprint pennies are also highly sought after, though they are often even harder to find.
Here are five of the most valuable pennies and what they could fetch:
1943-D Lincoln Bronze Wheat Penny - $2.3 million, in mint condition (One penny sold for $1.7 million at auction in 2010.)
1944 S-Steel Wheat Penny - $1.1 million, in mint condition (Currently circulating coins could fetch roughly $400,000.)
1793 Strawberry Leaf Cent - $862,500
1943-S Lincoln Cent on Steel - $282,000
1909 VDB Matte Proof Lincoln Penny - $258,000
This article originally appeared on Louisville Courier Journal: Pennies going away: Reason, cost, most valuable penny list