Latest news with #LincolnBicentennialOneCentProgram
Yahoo
3 days ago
- Business
- Yahoo
Forget wheat pennies. How many Indiana pennies are in your couch cushions?
As the U.S. phases out production of pennies, you might be checking your couch cushions or your vacuum for coins that could be worth more than one cent. You also may want to keep an eye out for these redesigned pennies made in 2009 for the bicentennial anniversary of Abraham Lincoln's birth. They may not be worth millions, but they commemorate the time the 16th president spent in Indiana. In 2009, Congress authorized pennies designed to commemorate four locations in Lincoln's geographical history. The four coins also recognized the 100th anniversary of the first year the Lincoln cent was produced. "Abraham Lincoln was born in Kentucky, grew to adulthood in Indiana, achieved fame in Illinois and led the nation in Washington, D.C.," the law reads. Indiana's coin shows a young Lincoln sitting on a log, reading a book. It's meant to depict his time in Indiana from 1816 to 1830. "The design on this coin captures this part of Lincoln's life by showing him reading while he takes a break from his work as a rail splitter," according to the U.S. Mint website. Read about all four coins in the Lincoln Bicentennial One Cent Program at The federal government made its final order of penny blanks in May 2025 — the first step to end the production of the 1-cent coin, a spokesperson for the Treasury Department confirmed to USA TODAY. "The United States Mint will continue to manufacture pennies while an inventory of penny blanks exists," the spokesperson said. The agency did not specify how long the inventory was expected to last, so it's unclear exactly when pennies will no longer be in circulation. Blanks are flat metal discs that eventually become coins, according to the U.S. Mint. In February, Trump instructed the Treasury Department to stop minting the low-value coins. 'For far too long the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful!' Trump wrote in a post on Truth Social. Elon Musk, who has started to scale back his work as head of Trump's Department of Government Efficiency, said in January that penny production in fiscal year 2023 cost taxpayers more than $179 million. In fiscal year 2024, it took 3.7 cents to produce and distribute one penny, according to the 2024 U.S. Mint report. The 2024 cost was up by 20% from the previous year, according to the report. The report said the increase was partly driven by the rising costs of metals like zinc and copper. Similarly, the nickel costs 13.8 cents to produce, according to the U.S. Mint. Penny production: What's next for the penny? The details on US decision to end production 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, 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. Contributing: John Tufts, Minnah Arshad and Fernando Cervantes Jr. This article originally appeared on Indianapolis Star: Yes, the penny is being discontinued. Did you know Indiana has its own?
Indianapolis Star
3 days ago
- Business
- Indianapolis Star
Forget wheat pennies. How many Indiana pennies are in your couch cushions?
As the U.S. phases out production of pennies, you might be checking your couch cushions or your vacuum for coins that could be worth more than one cent. You also may want to keep an eye out for these redesigned pennies made in 2009 for the bicentennial anniversary of Abraham Lincoln's birth. They may not be worth millions, but they commemorate the time the 16th president spent in Indiana. In 2009, Congress authorized pennies designed to commemorate four locations in Lincoln's geographical history. The four coins also recognized the 100th anniversary of the first year the Lincoln cent was produced. "Abraham Lincoln was born in Kentucky, grew to adulthood in Indiana, achieved fame in Illinois and led the nation in Washington, D.C.," the law reads. Indiana's coin shows a young Lincoln sitting on a log, reading a book. It's meant to depict his time in Indiana from 1816 to 1830. "The design on this coin captures this part of Lincoln's life by showing him reading while he takes a break from his work as a rail splitter," according to the U.S. Mint website. Read about all four coins in the Lincoln Bicentennial One Cent Program at The federal government made its final order of penny blanks in May 2025 — the first step to end the production of the 1-cent coin, a spokesperson for the Treasury Department confirmed to USA TODAY. "The United States Mint will continue to manufacture pennies while an inventory of penny blanks exists," the spokesperson said. The agency did not specify how long the inventory was expected to last, so it's unclear exactly when pennies will no longer be in circulation. Blanks are flat metal discs that eventually become coins, according to the U.S. Mint. In February, Trump instructed the Treasury Department to stop minting the low-value coins. 'For far too long the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful!' Trump wrote in a post on Truth Social. Elon Musk, who has started to scale back his work as head of Trump's Department of Government Efficiency, said in January that penny production in fiscal year 2023 cost taxpayers more than $179 million. In fiscal year 2024, it took 3.7 cents to produce and distribute one penny, according to the 2024 U.S. Mint report. The 2024 cost was up by 20% from the previous year, according to the report. The report said the increase was partly driven by the rising costs of metals like zinc and copper. Similarly, the nickel costs 13.8 cents to produce, according to the U.S. Mint. Penny production: What's next for the penny? The details on US decision to end production 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, 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.
