Pennies are going away: Are yours worth money?
President Donald Trump has ordered the U.S. Treasury to stop minting pennies because their production cost exceeds their face value. While scrapping pennies is illegal, you can check in with your bank or other institutions to cash in pennies, although they will remain legal to spend.
Here's what to know.
Generally speaking, it's U.S. government policy that all designs of Federal Reserve notes remain legal tender, or legally valid for payments, regardless of when they were issued. This policy includes all denominations of Federal Reserve notes, from 1914 to present.
The same applies to old coins. Old coins can be spent just like any other currency. In the U.S. for example, coins and banknotes issued by the U.S. Mint and the Bureau of Engraving and Printing retain their face value regardless of age. While some older coins may hold additional appeal to collectors due to their rarity or condition, they technically can still be used for their original intended purpose of transactions.
Here are some places to cash in your pennies in Michigan:
Bank of America
Chase Bank
Citibank
Coinstar
Comerica Bank
Fifth Third Bank
Huntington Bank
JP Morgan Chase
TCF Bank
Wells Fargo
The American 1-cent coin iscommonly known as a penny, and was first issued in 1793, the U.S. Mint said. The name penny traces back to England, from the Old English word pennige, Time Magazine says.
Experts say it's highly unlikely.
In rare cases, some 1943 pennies have sold for $1 million, while one went for more than $200,000 at an auction in 2019. Depending on their condition, those 1943 Lincoln wheat pennies would be worth at most between $100,000 and $250,000, John Feigenbaum, publisher of rare coin price guide Greysheet, told USA TODAY.
But the likelihood of having a near-priceless penny is similar to "saying your lottery ticket might be worth $100,000. Of course, anything is possible, right? But not likely," said Feigenbaum, who is also the executive director of the Professional Numismatists Guild, a nonprofit organization composed of many of the nation's rare coin experts
The American Numismatic Association, a congressionally chartered nonprofit dedicated to the study, collection, and appreciation of coins, paper currency, and other forms of numismatic items, operates the Money Museum, located in Colorado Springs, Colorado, which houses an extensive collection of rare and historically significant coins, paper currency, and related artifacts, providing visitors with an immersive experience into the fascinating world of money.The group maintains a list of coin dealers in Michigan that are members. There are 36 member shops in Michigan, among them:
rld, Inc. in Midland
in Ann Arbor
in Frankenmuth
in Monroe
in Plymouth
in Portage
in Davison
Pennies are made of copper-plated zinc, according to the U.S. Mint, a bureau of the Department of the Treasury. Modern pennies contain only 2.5% copper.
The first penny was 100% copper, per the U.S. Mint. Then, in 1856 the 'Flying Eagle' scent started production with 88% copper, the American Plating Company says. In 1864, after the Civil War, the design changed again with a 95% copper and 5% zinc makeup.
In 1982, the coin switched to 5% copper and 95% zinc. The modern penny has the least amount of copper with a small 2.5% copper plating and a 97.5% zinc base.
No, under federal law, in the U.S. it is illegal to export, melt or treat pennies, according to the U.S. Mint.
No, the U.S. Mint has not issued special pennies for Michigan, although there are pennies that include variations honoring Abraham Lincoln.
USA TODAY contributed.
Contact Jenna Prestininzi: jprestininzi@freepress.com.
This article originally appeared on Detroit Free Press: Pennies are being discontinued: Are yours worth money as they go away?
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