Latest news with #DonnPearlman
Yahoo
5 days ago
- Business
- Yahoo
Pennies to go away soon. Will Texas businesses still accept them? What to do with yours
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 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
Indianapolis Star
11-05-2025
- Business
- Indianapolis Star
Are your old pennies worth millions? Experts say you shouldn't bank on it
Do you own an old penny worth as much as a million dollars? Experts say it's highly unlikely. You may have seen one of many headlines blasted online lately about valuable pennies in circulation, "Lincoln Wheat Penny Worth $124M You Could Have at Home" reads one, but the reality is most pennies are worth one cent or possibly a bit more. Reality does not meet the hype, according to one expert. "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 1959 with the wheat stalks design on the back ("wheat pennies") have sold for $1 million or more." The most valuable U.S. coin ever, a $20 gold piece, a 1933 "Double Eagle" coin, sold for $18.9 million at auction in 2021. The most valuable pennies, which are rare but possibly still in circulation, are 1943 copper Lincoln wheat pennies, a few of which 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. In rare cases, some 1943 pennies have sold for $1 million, while one went for more than $200,000 at an auction in 2019. Big Lots: Retailer set to open more than 70 stores: Is your store on the list? Depending on their condition, those 1943 Lincoln wheat pennies would be worth at most between $100,000 and $250,000, Feigenbaum 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 PNG's executive director. So-called "wheat pennies" get their name from the back of the coin having stalks of wheat encircling the "One Cent" text. They were produced from 1909 to 1958. In 1959, the wheat stalks were shorn and pennies began displaying an engraving of the Lincoln Memorial. Most Lincoln wheat pennies are not super-valuable and are worth just a few cents more than one cent. However, some may escalate into the hundreds of dollars, depending on the condition and when minted. Certain vintages, especially with minting errors, may be worth thousands. You can see the NGC price guide here. But headlines about super-valuable "Lincoln wheat pennies" stretch the imagination. Most likely, the headlines are created by artificial intelligence to drive traffic to a website, Feigenbaum said. "These coins are improbably in people's change," he said. Still, all the online-stirred interest has resulted in "coin shops being inundated with these folks who believe they have something rare, but they don't," according to Feigenbaum. Increased interest in coins has led to overvalued coins being sold on eBay and Etsy, plus there are counterfeit Lincoln wheat pennies made in China being hawked. "If I've seen these coins ... somebody is every now and again being taken advantage of," Feigenbaum said. Even though the most valuable coins are usually in collections and have very publicly been "sold and resold," Feigenbaum said, sometimes people may inherit a cache of well-preserved coins or purchase some at an estate sale. Mike Snider is a reporter on USA TODAY's Trending team. You can follow him on Threads, Bluesky, X and email him at mikegsnider & @ & @mikesnider & msnider@
Indianapolis Star
11-05-2025
- Business
- Indianapolis Star
Are your old pennies worth millions? Experts say you shouldn't bank on it
Do you own an old penny worth as much as a million dollars? Experts say it's highly unlikely. You may have seen one of many headlines blasted online lately about valuable pennies in circulation, "Lincoln Wheat Penny Worth $124M You Could Have at Home" reads one, but the reality is most pennies are worth one cent or possibly a bit more. Reality does not meet the hype, according to one expert. "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 1959 with the wheat stalks design on the back ("wheat pennies") have sold for $1 million or more." The most valuable U.S. coin ever, a $20 gold piece, a 1933 "Double Eagle" coin, sold for $18.9 million at auction in 2021. The most valuable pennies, which are rare but possibly still in circulation, are 1943 copper Lincoln wheat pennies, a few of which 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. In rare cases, some 1943 pennies have sold for $1 million, while one went for more than $200,000 at an auction in 2019. Big Lots: Retailer set to open more than 70 stores: Is your store on the list? Depending on their condition, those 1943 Lincoln wheat pennies would be worth at most between $100,000 and $250,000, Feigenbaum 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 PNG's executive director. So-called "wheat pennies" get their name from the back of the coin having stalks of wheat encircling the "One Cent" text. They were produced from 1909 to 1958. In 1959, the wheat stalks were shorn and pennies began displaying an engraving of the Lincoln Memorial. Most Lincoln wheat pennies are not super-valuable and are worth just a few cents more than one cent. However, some may escalate into the hundreds of dollars, depending on the condition and when minted. Certain vintages, especially with minting errors, may be worth thousands. You can see the NGC price guide here. But headlines about super-valuable "Lincoln wheat pennies" stretch the imagination. Most likely, the headlines are created by artificial intelligence to drive traffic to a website, Feigenbaum said. "These coins are improbably in people's change," he said. Still, all the online-stirred interest has resulted in "coin shops being inundated with these folks who believe they have something rare, but they don't," according to Feigenbaum. Increased interest in coins has led to overvalued coins being sold on eBay and Etsy, plus there are counterfeit Lincoln wheat pennies made in China being hawked. "If I've seen these coins ... somebody is every now and again being taken advantage of," Feigenbaum said. Even though the most valuable coins are usually in collections and have very publicly been "sold and resold," Feigenbaum said, sometimes people may inherit a cache of well-preserved coins or purchase some at an estate sale. Mike Snider is a reporter on USA TODAY's Trending team. You can follow him on Threads, Bluesky, X and email him at mikegsnider & @ & @mikesnider & msnider@
