Latest news with #LincolnBronzeWheatPenny
Yahoo
02-06-2025
- Business
- Yahoo
Pennies will be going away soon. Here's why and what to do with yours
It will soon be time to say goodbye — at least in part — to the penny. The U.S. Treasury Department announced it will phase out production of the 1-cent coin beginning in early 2026 to comply with a February order from President Donald Trump. While coins currently in circulation will remain legal tender throughout the country, retailers may eventually start rounding prices to the nearest nickel to compensate. But what does that mean for the billions of pennies in banks, change jars and couch cushions across the nation? Here's a breakdown of why penny production is being phased out, what to do with yours and how to determine if your little copper-coated coin is worth a lot more than you think: On Feb. 9, President Trump called on U.S. Treasury Secretary Scott Bessent to end production of new pennies, citing costs. "For far too long, the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful," he wrote in a post on Truth Social. The Treasury Department announced in May it had placed its final order of penny blanks and would stop making them when the current stock is exhausted, which is expected to occur in 2026. It is believed there are roughly 240 billion pennies currently in circulation in the U.S., according to a report from the New York Times. According to Money Digest, it costs nearly 4 cents to produce a single penny. When they were originally introduced in 1793, pennies were made of pure copper, but their composition has changed over time to adapt to the economic climate. Today, pennies are comprised of a mostly zinc core with a copper coating. Because of the cost of raw materials, labor, minting and shipping, it is estimated that the U.S. loses about $68 million annually by producing the coins. No. Existing pennies will continue to be worth their face value and be considered legal tender, even after production ends, Treasury Department officials said. Only Congress holds the power to completely remove a form of currency from circulation. A handful of lawmakers, including the late Sen. John McCain, have introduced bills over the years to eliminate or temporarily remove the penny from everyday use, but none has ever been enacted into law. If you're hoping a penny in the bottom of your wallet might make you a millionaire, chances are you won't be heading to the bank any time soon. While there are rare pennies that are still in circulation around the country, only one type has ever fetched more than $1 million at auction and their potential value dips significantly if they aren't in mint condition. According to GOBankingRates, the most valuable pennies are those produced during low-minting years, including but not limited to 1931, 1933, 1939 and 1955. Misprint pennies are also highly sought after, though they are often even harder to find. Here are five of the most valuable pennies and what they could fetch: 1943-D Lincoln Bronze Wheat Penny - $2.3 million, in mint condition (One penny sold for $1.7 million at auction in 2010.) 1944 S-Steel Wheat Penny - $1.1 million, in mint condition (Currently circulating coins could fetch roughly $400,000.) 1793 Strawberry Leaf Cent - $862,500 1943-S Lincoln Cent on Steel - $282,000 1909 VDB Matte Proof Lincoln Penny - $258,000 This article originally appeared on Louisville Courier Journal: Pennies going away: Reason, cost, most valuable penny list
Newsweek
27-05-2025
- Business
- Newsweek
Some Pennies Are Worth Hundreds of Dollars: How to Check Value by Year
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Americans may have pennies worth hundreds of dollars hiding in their piggy banks. Depending on the year, mint and condition, a Lincoln Wheat penny can be valued anywhere from several hundred to even millions of dollars. Why It Matters The U.S. Treasury Department announced this month that it plans to stop manufacturing the penny. However, some of the remaining pennies in your wallet or piggy bank can be worth a significant amount of money if you know what to look for. What To Know Pennies produced from 1905 to 1958 are highly collectible and feature an image of former President Abraham Lincoln on the front, with the reverse side displaying two sheaves of wheat. Depending on their year and mint, they could be worth a fortune. For instance, the 1943-D Lincoln Bronze Wheat Penny is valued at a whopping $2.3 million in uncirculated mint condition. This is because some were produced mistakenly with copper in 1943, making them highly rare. If in less-than-ideal mint condition, the penny could still be worth $100,000 or more. Pennies are displayed at Glenview Coin & Collectibles in Glenview, Illinois, on July 6, 2006. Pennies are displayed at Glenview Coin & Collectibles in Glenview, Illinois, on July 6, find this rare type of penny, look for the 1943 mint year. If you indeed have that year, you may want to consult a coin expert to determine the value of the penny. Other valuable coins include the 1944-S Steel Wheat Penny, estimated to be worth $1.1 million. Only two copies of the San Francisco-minted version of the penny are known to exist. The 1793 Strawberry Leaf Cent, meanwhile, is worth $862,500. There are many free online tools to help you determine the value of your coin. On you can look up the value of a penny based on its year, mint mark, and condition. What People Are Saying Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek: "The good news is you may have some stray pennies in your home that are worth more than a cent. The bad news is the likelihood of them being worth significantly more than a cent are low. Outside of a few variations that are in low will be worth just a tad more than their original value. Michael Ryan, a finance expert and the founder of told Newsweek: "While most wheat pennies are pocket change, the rare ones can buy you a house. A 1943 copper penny recently sold for $840,000. That's a heckuva ROI (return on investment) for something that started as one cent." What Happens Next Beene said it may be worth your time to check spare change and look online for values of the variants you find. "These pennies are normally a [gateway] into collecting, given they aren't too pricey for new buyers, so finding one may create some more change in your piggy bank," he said. Error coins are generally considered jackpots in the coin-collecting world, and low mintage will likely result in higher prices. "Condition is everything," Ryan said. "The difference between a worn coin and mint condition can be $5 versus $50,000."
