Latest news with #Greysheet
Yahoo
3 days ago
- 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
3 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
Yahoo
6 days ago
- Business
- Yahoo
It's time for change. Pennies will soon be going away. Here's what Tennesseans should do with theirs
Change is coming, but it won't be in the form of a penny anymore. After 233 years of production, the U.S. Treasury Department announced that the production of the penny will come to an end, and soon, the only ones available will be pennies currently in circulation. The announcement comes after President Donald Trump stated in February that production was going to stop in 2025. As pennies are phased out, prices will start to change, with items being rounded up to a nickel. Here's a look at when the penny will be phased out and what type of pennies Tennesseans should be checking their piggy banks for that might be worth a bit more than 1 cent. Trump's February announcement about the halting of the production of the penny stated it is being done as a cost-saving measure for the budget. As the penny is phased out, prices will soon reflect a nickel as the smallest denomination. Nickels are more expensive than pennies to produce, which could cause other losses in the budget. More than it is worth. The currency that is only worth 1 cent costs about 3.7 cents to produce in fiscal year 2024, according to the U.S. Mint's annual report. A nickel costs about 13.8 cents to make. The price to make both coins has been on the rise for almost the last decade. 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. In the 2024 fiscal year, around 3.2 billion pennies were manufactured 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 if the coin you have is rare or 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. Tennessee has multiple coin appraisers across the state who can take a look at any coins that you may have come across and tell you their potential worth. You can find a list of recommended coin appraisers from the American Numismatic Association at Think you may have something of value? Check out some more tips on what to do at USA TODAY contributed to this report. This article originally appeared on Nashville Tennessean: The penny is going away. Here's why and what to do with yours
Yahoo
6 days ago
- Business
- Yahoo
Pennies are going away. Here's what to do with yours.
President Donald Trump has ordered the U.S. Treasury to stop minting pennies because their production cost exceeds their face value, which may leave Americans wondering what to do with coins they currently have. Even though the most valuable coins are usually in collections and have very publicly been "sold and resold," said John Feigenbaum, publisher of rare coin price guide Greysheet, sometimes people may inherit a cache of well-preserved coins or purchase some at an estate sale. Some of those coins may be pennies, or cents, and they may be unsure what to do with them. Here's a look at their usefulness, and value. 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. People who have pennies that they think are valuable should: Read up on your coins. While there are apps you can use to check on your coins, they aren't always accurate. But you can check the value of coins in "The 2026 Red Book: A Guide Book of United States Coins," available in book stores and online on and Barnes and Noble. "It answers all kinds of questions, like, 'Oh, if I'm thinking about collecting Lincoln cents, what can I expect to pay?" said Feigenbaum, one of the book's editors. "You'll see in that book there's no million-dollar cents." Go get your coins graded. You can have your coins authenticated at their value, just as jewelry is, from several services, including CAC, Numismatic Guaranty Company, and Professional Coin Grading Service. American consumers made only 16% of their payments in cash in 2023, according to the Federal Reserve. A 2022 Pew survey found that two-fifths of consumers never use cash at all. The typical household is sitting on $60 to $90 in neglected coins, enough to fill one or two pint-size beer mugs, according to the Federal Reserve. Kevin McColly, CEO of Coinstar, the company behind the coin-cashing machines you see in supermarkets, thinks we should change the way we think about coins; to state the obvious, coins are worth money, she said. Coinstar converts $3 billion in coins into spendable cash every year, one coin jar at a time. The average jar yields $58. 'People underestimate the value of their jar by about half,' McColly said. 'It's a wonderfully pleasurable experience. People have this sensation of found money.' Certain groups of Americans — lower-income households, and those over 55 — still use plenty of cash, the Fed found, along with people who prefer to shop in person. McColly thinks it is time for a paradigm shift. Don't think of your coins as clutter. Think of them as recyclables. 'They're metal,' he said, in case we needed a reminder. 'And they have a long and useful life.' The Treasury still mints more than 5 billion coins a year, although the figure is dropping, according to the journal CoinNews. 'Those are just natural resources coming out of the Earth,' McColly said: Copper-plated zinc for pennies, copper-nickel alloys for nickels, dimes and quarters. His point: If Americans got serious about gathering up their idle coins and 'recycling' them into the monetary system, the Mint wouldn't have to make so many new ones. Both NerdWallet and Bankrate offer tip sheets on exchanging coins for cash. Most banks will take an account holder's coins for free, Bankrate reports, but not all, and you may need to roll the coins yourself. While Trump has only instructed the Mint to stop making pennies, some voices have urged America to stop using them. The Common Cents Act, introduced on April 30 by a bipartisan group of lawmakers, would round cash transactions to the nearest 5 cents. 'The penny is outdated and inefficient and no longer serves the needs of our economy,' said Sen. Kirsten Gillibrand, the New York Democrat. But the bill could push the nation down a slippery slope. 'So, You Want to Get Rid of the Penny,' the New York Times mused in a recent headline. 'Do You Have a Plan for the Nickel?' As it turns out, nixing the penny creates new problems. If America rids itself of pennies, the Times reported, the nation will soon find itself flooded with nickels. The government loses nearly 3 cents on every penny it mints. On a nickel, it loses nearly 9 cents. More nickels would mean steeper losses. America could kill both the penny and the nickel, the two money-losers on its roster of coins. But without pennies or nickels, how would a consumer pay a 15-cent tab? 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 1958 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 Feigenbaum. 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, 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. After that, 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 1 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. This article originally appeared on Detroit Free Press: Pennies are going away. Here's what to do with yours.
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@
