Pennies to go away soon. Will Texas businesses still accept them? What to do with yours

Yahoo

30-05-2025

Need a penny for your thoughts? You might want to start charging more.
The U.S. government announced that it will soon halt production of the one-cent coin, citing ballooning manufacturing costs, as each penny now costs nearly four times its face value to produce.
After 233 years of production, the U.S. Treasury Department announced that the production of the penny will come to an end, and the only ones available will be pennies currently in circulation.
As pennies are phased out, prices will start to change, with items being rounded up to the nearest nickel, meaning everything can be essentially 1 to 4 cents more expensive.
President Donald Trump announced that the production of the penny will end as a cost-saving measure for the national budget.
As the penny is phased out, the nickel will become the smallest denomination used in cash transactions. While nickels are also produced at a loss — costing about 13.8 cents to make a coin worth only 5 cents — the penny is even more inefficient by percentage, costing 3.7 cents to produce a coin worth just 1 cent.
That means each penny costs 370% of its face value, compared to 276% for each nickel. And because the U.S. Mint produces roughly four times more pennies than nickels each year, the total budget impact of penny production is significantly higher — making it the more logical first step for elimination.
However, with the penny gone, the expected increase in nickel production could offset some of those savings by driving up overall coin manufacturing costs.
In the 2024 fiscal year, around 3.2 billion pennies were manufactured
The last order for pennies has already been taken by U.S. mints, and the Treasury told multiple news outlets that pennies will stop being put into circulation early in 2026, according to the Wall Street Journal, CNN, MSN, and Business Insider.
Think that old penny you have in the drawer might be worth something? Well, some are, but most aren't worth more than their face value.
"There are million-dollar pennies, but there are no $100 million pennies," said Donn Pearlman, spokesman for the Professional Numismatists Guild (PNG), a nonprofit organization composed of many of the nation's rare coin experts. "Only a few Lincoln cents dated 1909 to 1958 with the wheat stalks design on the back ("wheat pennies") have sold for $1 million or more."
If you find a 1943 copper Lincoln wheat penny, you might have something. These copper 1-cent pieces were produced accidentally as the U.S. mints were supposed to use zinc to save copper for the World War II effort, said John Feigenbaum, publisher of rare coin price guide Greysheet. The penny is worth some money, but only a few have gone for $1 million.
A quick Google search can give you an idea of whether the coin you have is rare and if it could be worth anything. But if you have questions, you can also reach out to the American Numismatic Association. The nonprofit educational organization is dedicated to educating and encouraging people to study and collect coins and other items related to it.
Beyond doing your own research, the easiest way to see if your coin is worth anything is to get it appraised. You can find a list of recommended coin appraisers from the American Numismatic Association at coin-dealer-directory.money.org.
Even after production stops, pennies will remain legal tender in the U.S. That means businesses can accept them for payment, and most will, especially as long as people still have them in circulation (which could be years).
If the total amount you're paying is correct, and you use pennies to make up that cost, most businesses will take it, just like they would with any valid coin or bill. For instance, if you're charged $10.05, and use five pennies, it's likely most businesses will accept.
However, businesses are not required to accept any specific form of payment under federal law, including coins. Any business can opt for cashless-only payments, or even state, "we don't take pennies anymore."
Just because the U.S. is halting penny production doesn't mean your jar of copper coins is worthless. Pennies will remain legal tender, so you've got several options for putting them to good use:
Cash them in: Most banks will accept rolled pennies, and coin-counting machines at grocery stores (like Coinstar) offer cash, gift cards, or donation options. Just keep in mind: some charge a fee for cash payouts.
Spend them: Pennies are still valid for transactions, so if you've got exact change, go ahead and use them, especially while they're still in circulation.
Donate them: Local charities, schools, and community causes often accept spare change. A handful of pennies may not seem like much, but together, they can add up.
Hold on to a few: With production ending, today's common penny might become tomorrow's nostalgic keepsake — or even a collector's item.
This article originally appeared on Austin American-Statesman: US ending penny production. What to do with your leftover pennies