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Indianapolis Star
08-06-2025
- Business
- Indianapolis Star
What does the end of the penny mean? Here's what experts are saying
Penny for your thoughts? Or maybe they are worth a nickel now that the Treasury Department is following President Donald Trump's suggestion to stop making pennies. Last month, the Treasury Department placed its last order of blanks – flat metal discs to make pennies – in a move set into motion by President Donald Trump in February. He argues that the coin costs more than 3 cents to produce (actually 3.69 cents, according to the U.S. Mint). Now that we know it's curtains for the coin, many questions arise. What does the demise of the penny mean for consumers and collectors? Could the last pennies be valuable? Here's what we know. MIA Money: $1.7 trillion sits in lost and forgotten 401(k) accounts. Is one of them yours? Doubtful. The U.S. Mint made about 3.2 billion pennies in 2024, according to its annual report, so there will be billions of 2025 pennies available. "There's nothing, statistically, that says they should become valuable," John Feigenbaum, publisher of rare coin price guide Greysheet and executive director of the Professional Numismatists Guild (PNG), a nonprofit organization composed of many of the nation's rare coin experts, told USA TODAY. The coin's legacy could be akin to the 1976 bicentennial quarter, Feigenbaum said. "Everybody, at the time, was hoarding them (and) you couldn't find bicentennial quarters in change. Now people have plastic bags full of them and they're still worth 25 cents," he added. However, the 2025 pennies could have an alternative value as an entry point to collectors. "This would surely spike demand … in other Lincoln pennies, like the ones that go all the way back to 1909," Feigenbaum said, adding that the Lincoln penny, which first featured the 16th president in that year, has had "quite a run." Parents could get a Lincoln penny coin collecting book – options include those from Whitman Publishing, which also publishes Greysheet – and talk to their children about "American history, and who this Lincoln guy is and what would the different designs be all about," Feigenbaum said. Not if you are hoping for them to be valuable. Just as there has been misleading hype about the value of some Lincoln wheat pennies, there may be misinformation about the increased value of 2025 pennies. That's nonsense, Feigenbaum said. They are "not going to be" more valuable, according to Feigenbaum, who said he favored getting rid of the penny. Maybe it's a good time to take all those coins gathering dust in a cup or piggy bank to the bank or a Coinstar machine. The average home has $60-$90 in coins at home, according to the Federal Reserve. Are your old pennies worth millions?: Experts say you shouldn't bank on it Maybe. Not making pennies will nix out the more than $179 million it costs taxpayers to make them, based on figures from the Department of Government Efficiency (DOGE), the department formerly connected to Tesla and SpaceX CEO Elon Musk. The U.S. Mint estimates that not making pennies will save $56 million in material costs, with additional savings from better and more efficient production, CNBC reported. 'For every penny that the United States government prints, we're actually losing money. So, it's a net cost to the federal government,' said Raymond Robertson, director of the Mosbacher Institute for Trade, Economics and Public Policy at the Bush School of Government and Public Service at Texas A&M University, in a news release. But the lack of pennies likely means more reliance on nickels, which cost even more to produce – 13.78 cents, the U.S. Mint says. If the U.S. Mint makes more nickels, "It actually is going to increase costs for the government,' Robertson said. 'So, it's really not clear how much cost savings the government will realize by eliminating the penny," he added. One of the bills (H.R. 1270) introduced in the House of Representatives (technically, Congress holds the power to eliminate a currency) also proposes getting rid of the nickel, too. There is no time frame for prices to be set in five-cent increments – a move to change all those prices ending in 49 or 99 cents to the nearest five cents due to lack of pennies – but they will likely eventually, said Bill Maurer, dean of the School of Social Sciences at the University of California, Irvine, and director of UCI's Institute for Money, Technology and Financial Inclusion. When there are not enough pennies for stores and other retailers to make change, businesses will need to round up or down, the Treasury Department said, according to The Wall Street Journal. For the time being, merchants can keep prices as they are, but the 18% to 20% of Americans who rely on cash could eventually pay a rounded-up price, based on 5-cent increments. "If someone comes to you with cash, you round up, right? So if you're kind of doubly screwed if you're poorer," Maurer told USA TODAY. Other countries that have eliminated low-denomination coins – Australia, Canada and New Zealand, among them – have resulted in differing outcomes, with some prices rounding up and some down, according to As the move to eliminate coin and paper currency continues, a publicly-accessible digital payment system will be needed so that consumers of all income levels can participate, Maurer said. But the loss of physical currency removes a redundancy in the monetary system that's invaluable during disasters and emergencies, according to Maurer. "The more dependent on cashless methods of payment we become, the more risk we place ourselves when there are emergencies or disasters, because you need a well-functioning cash system," he continued. Contributing: Fernando Cervantes, Daniel de Visé and Melina Khan. 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@
USA Today
08-06-2025
- Business
- USA Today
What does the end of the penny mean? Here's what experts are saying
What does the end of the penny mean? Here's what experts are saying Show Caption Hide Caption Penny production in US to end, Treasury Department says After 233 years, the U.S. this month will officially end penny production, according to statements from the Treasury Department. Penny for your thoughts? Or maybe they are worth a nickel now that the Treasury Department is following President Donald Trump's suggestion to stop making pennies. Last month, the Treasury Department placed its last order of blanks – flat metal discs to make pennies – in a move set into motion by President Donald Trump in February. He argues that the coin costs more than 3 cents to produce (actually 3.69 cents, according to the U.S. Mint). Now that we know it's curtains for the coin, many questions arise. What does the demise of the penny mean for consumers and collectors? Could the last pennies be valuable? Here's what we know. MIA Money: $1.7 trillion sits in lost and forgotten 401(k) accounts. Is one of them yours? Will pennies be more valuable if the US stops making them? Doubtful. The U.S. Mint made about 3.2 billion pennies in 2024, according to its annual report, so there will be billions of 2025 pennies available. "There's nothing, statistically, that says they should become valuable," John Feigenbaum, publisher of rare coin price guide Greysheet and executive director of the Professional Numismatists Guild (PNG), a nonprofit organization composed of many of the nation's rare coin experts, told USA TODAY. The coin's legacy could be akin to the 1976 bicentennial quarter, Feigenbaum said. "Everybody, at the time, was hoarding them (and) you couldn't find bicentennial quarters in change. Now people have plastic bags full of them and they're still worth 25 cents," he added. However, the 2025 pennies could have an alternative value as an entry point to collectors. "This would surely spike demand … in other Lincoln pennies, like the ones that go all the way back to 1909," Feigenbaum said, adding that the Lincoln penny, which first featured the 16th president in that year, has had "quite a run." Parents could get a Lincoln penny coin collecting book – options include those from Whitman Publishing, which also publishes Greysheet – and talk to their children about "American history, and who this Lincoln guy is and what would the different designs be all about," Feigenbaum said. Should I horde 2025 pennies? Not if you are hoping for them to be valuable. Just as there has been misleading hype about the value of some Lincoln wheat pennies, there may be misinformation about the increased value of 2025 pennies. That's nonsense, Feigenbaum said. They are "not going to be" more valuable, according to Feigenbaum, who said he favored getting rid of the penny. Maybe it's a good time to take all those coins gathering dust in a cup or piggy bank to the bank or a Coinstar machine. The average home has $60-$90 in coins at home, according to the Federal Reserve. Are your old pennies worth millions?: Experts say you shouldn't bank on it Getting rid of pennies. Will it save the US money? Maybe. Not making pennies will nix out the more than $179 million it costs taxpayers to make them, based on figures from the Department of Government Efficiency (DOGE), the department formerly connected to Tesla and SpaceX CEO Elon Musk. The U.S. Mint estimates that not making pennies will save $56 million in material costs, with additional savings from better and more efficient production, CNBC reported. 'For every penny that the United States government prints, we're actually losing money. So, it's a net cost to the federal government,' said Raymond Robertson, director of the Mosbacher Institute for Trade, Economics and Public Policy at the Bush School of Government and Public Service at Texas A&M University, in a news release. But the lack of pennies likely means more reliance on nickels, which cost even more to produce – 13.78 cents, the U.S. Mint says. If the U.S. Mint makes more nickels, "It actually is going to increase costs for the government,' Robertson said. 'So, it's really not clear how much cost savings the government will realize by eliminating the penny," he added. One of the bills (H.R. 1270) introduced in the House of Representatives (technically, Congress holds the power to eliminate a currency) also proposes getting rid of the nickel, too. What will the demise of the penny mean to prices? There is no time frame for prices to be set in five-cent increments – a move to change all those prices ending in 49 or 99 cents to the nearest five cents due to lack of pennies – but they will likely eventually, said Bill Maurer, dean of the School of Social Sciences at the University of California, Irvine, and director of UCI's Institute for Money, Technology and Financial Inclusion. When there are not enough pennies for stores and other retailers to make change, businesses will need to round up or down, the Treasury Department said, according to The Wall Street Journal. For the time being, merchants can keep prices as they are, but the 18% to 20% of Americans who rely on cash could eventually pay a rounded-up price, based on 5-cent increments. "If someone comes to you with cash, you round up, right? So if you're kind of doubly screwed if you're poorer," Maurer told USA TODAY. Other countries that have eliminated low-denomination coins – Australia, Canada and New Zealand, among them – have resulted in differing outcomes, with some prices rounding up and some down, according to As the move to eliminate coin and paper currency continues, a publicly-accessible digital payment system will be needed so that consumers of all income levels can participate, Maurer said. But the loss of physical currency removes a redundancy in the monetary system that's invaluable during disasters and emergencies, according to Maurer. "The more dependent on cashless methods of payment we become, the more risk we place ourselves when there are emergencies or disasters, because you need a well-functioning cash system," he continued. Contributing: Fernando Cervantes, Daniel de Visé and Melina Khan. 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@ What's everyone talking about? 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Yahoo
04-06-2025
- Business
- Yahoo
Pennies are going away: Are yours worth money?
The U.S. penny will no longer be minted, leaving many people wondering if it's time to get rid of extra coins or boost their collection before fewer are found in circulation. 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 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@ This article originally appeared on Detroit Free Press: Pennies are being discontinued: Are yours worth money as they go away?
Yahoo
30-05-2025
- Business
- Yahoo
Are old pennies worth money? Here's how to check if you have a rare penny
Penny production in the U.S. is grinding to a stop. More than 3 billion pennies were minted in the U.S. last year, but according to the U.S. Mint's annual report from 2024, they're now more expensive to make than the one cent that they're worth. In February, President Donald Trump said he would order the Treasury Department to stop minting pennies to save money. And as of May 2025, the Mint placed its final order of penny blanks. Once those blanks run out some time in 2026, no more new pennies will be made. The old pennies you have will still be acceptable to use as payment, but any rare pennies you might have lying around could be worth more than the one cent that they represent. Here's a quick explainer on rare pennies and how to tell if you have a rare penny worth more than a cent. The Mint hasn't stopped making pennies yet. Pennies will still be produced, until the Mint runs out of blanks for them, which is expected to be sometime in 2026. What's next for the penny? The details on US decision to end penny production According to American Bullion, an investment service that specializes in precious metal IRAs, most pennies are only worth one cent, but there are certain minting years that can dramatically increase their value. 'Penny collectors, also known as numismatists, value pennies based on their minting year, rarity, condition, and production errors,' American Bullion says. 'Some rare pennies can be worth far more than their face value, reaching the thousands.' Are your old pennies worth millions? Experts say you shouldn't bank on it A 'wheat penny,' sometimes also called a 'Lincoln wheat cent' or a 'Lincoln penny,' is a penny that has Abraham Lincoln's portrait on one side and two ears of wheat on the other. These pennies were minted from the years 1909 through 1958 and can be worth thousands of dollars, depending on the year they were made. 'Most Lincoln wheat pennies are generally valued at a few cents. If they are found in good condition, they can be worth up to $20 or $30 on average,' according to Bullion Exchanges. 'However, Lincoln Pennies with certain dates, low mintages, or errors can be worth a significant amount of money.' John Feigenbaum, publisher of rare coin price guide Greysheet, told USA TODAY that while the odds of having an incredibly rare wheat penny worth thousands are similar to the odds of winning the lottery, there are some that could be worth hundreds of thousands of dollars. 'Depending on their condition, those 1943 Lincoln wheat pennies would be worth at most between $100,000 and $250,000,' Feigenbaum told USA TODAY. Here's a list of rare pennies worth more than one cent, from American Bullion's website: 1943 Copper Penny: Almost all 1943 pennies were made of zinc-coated steel, but a few copper versions were mistakenly minted. These pennies are scarce and can be worth up to $85,000. 1955 Doubled-Die Penny: Because of the doubled text, these pennies are worth more than one cent. While their value can vary depending on their condition, some have sold for over $1,000. 1969-S Doubled-Die Penny: These pennies can also fetch a significant sum. In pristine condition, they can be worth up to $70,000. 1943: During World War II, copper was crucial for the war effort, leading the U.S. Mint to produce pennies from zinc-coated steel. However, a few copper pennies from 1943 were mistakenly minted, making them rare and highly valued. 1955: Known as the '1955 doubled-die cent,' these pennies were minted with an error that makes the 'Liberty' and 'In God, We Trust' inscriptions appear doubled. The coin's date also appears twice. 1969-S: A handful of pennies were mistakenly minted with a doubled die, making the image and text appear slightly doubled. These pennies are rare and highly sought after by collectors. 1972: This year also saw a batch of doubled-die pennies, which, although not as rare as the 1955 or 1969-S, are still worth significantly more than face value. 1909-S VDB: One of the most coveted pennies among collectors, only 484,000 were minted. The initials VDB come from the designer Victor David Brenner. 1914-D: The Denver Mint produced fewer pennies this year, which increased their value significantly. 1922 No D: The Denver Mint was the only one to produce pennies this year, but some were mistakenly minted without the 'D' mint mark. Collectors highly seek after these. 1931 S: With just 866,000 produced, these pennies are worth quite a bit. However, many were hoarded, so they're not as rare in uncirculated conditions. 1970-S Small Date: This variation has a smaller and higher date than regular 1970 pennies, making it rare and valuable. Here's how to tell if your penny is rare and worth more than one cent, according to American Bullion: Check the Year: The minting year can tell much about a penny's value. Look for the years mentioned above. Inspect for Errors: Errors, like double dies or wrong metal use, can significantly increase a penny's value. Examine the coin closely for any inconsistencies. Look at the Mint Mark: The Mint Mark shows where a coin was minted. Some mints produced fewer pennies in specific years, increasing their rarity and value. As a result, the mint mark is usually located below the date. Assess the Condition: The better a coin's condition, the more valuable it is. A penny in 'mint' or 'near-mint' condition will fetch a higher price than one worn or damaged. Contributing: Mike Snider, George Petras, USA TODAY This article originally appeared on Florida Times-Union: Pennies going away. What a rare penny might be worth
Yahoo
30-05-2025
- 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
