5 days ago
No more pennies: Midland collector shares what the coin's end means for your wallet
MIDLAND, Texas (KMID/KPEJ)- The penny, long the most neglected coin in our change jars and couch cushions, is about to clock out for good.
The U.S. Department of the Treasury recently confirmed it will end production of the penny in 2026, citing high costs and dwindling use. According to the U.S. Mint's own reports, it costs about 2.7 cents to produce a single penny, meaning taxpayers lose millions each year just keeping the coin alive.
For most Americans, the change might go unnoticed. But for William Welsh, owner of Preacher Bill's Coins in Midland and a collector himself, the announcement is bittersweet.
'It really needed to be done. I thought it would be done much earlier. It's sad, I say. It's sad because pennies are just such an important part of our economy,' Welsh said.
Welsh has been collecting coins since childhood and now operates a small shop in Midland where he buys, sells, and appraises everything from 19th-century nickels to rare Lincoln cents. To him, pennies aren't just metal, they're miniature time capsules.
Since the news broke, Welsh said he's seen a steady rise in people coming in to buy pennies, so many, in fact, that he's starting to run out.
'Just the fact that they're going to be stopped production has caused a lot of people in the last few months to collect more pennies, and we've seen the values really start to soar,' he said.
With the 2026 cutoff looming, some collectors are already treating modern pennies, especially from 2024 and 2025, as future collectors' items.
'2024 pennies are a short supply, so those are good, especially if you can find them in uncirculated,' Welsh said. 'And then the 25s probably will be… the one that people want to collect right away.'
The value isn't just speculative. According to Welsh, pennies minted before 1982, which were primarily made of copper, have already doubled in value based on metal content alone.
'I've told people for a lot of years to collect your copper pennies, that's 1982 and back, and to just put them up,' he said. 'They've been over two cents each in value. So you immediately double, but copper will continue to go up in value.'
And while most pocket change won't fetch more than face value, certain rare pennies have already crossed into four-digit territory. Welsh points to the 1909-S VDB Lincoln cent, the first of its kind with designer Victor D. Brenner's initials, as a classic example.
'They've started about $600, and you can get up into the hundreds of thousands if the grade is amazing,' he said.
Another one to look out for? The 1955 doubled die penny, a misprint that collectors adore.
'Those start at about $500 and go up,' Welsh said.
The first U.S. cent was minted in 1793, a massive copper coin by today's standards. Since then, the penny has undergone dozens of design and composition changes, from Flying Eagle cents in the 1850s to steel cents issued during World War II when copper was diverted to the war effort.
The familiar Lincoln penny debuted in 1909 to honor the 100th anniversary of Abraham Lincoln's birth. It was also the first U.S. coin to feature a real person, a controversial move at the time.
'The Lincoln penny, the Indian Head penny, they were trying to honor the Indians, our Indians. And then with the Lincoln penny, the importance of Abraham Lincoln,' Welsh said.
But the economic reality has changed. Canada stopped producing its penny in 2012, joining countries like Australia, New Zealand, and Brazil in retiring their lowest-denomination coins.
'It costs about two and a half cents to make a penny, so it doesn't make any sense, I know the play on words to make something you're losing money on,' Welsh added.
The change comes amid a national shift away from cash. In 2023, only 16% of American payments were made in cash, according to the Federal Reserve, and nearly 40% of consumers report never using cash at all. In response, President Donald Trump ordered the Treasury to stop minting pennies, citing their unsustainable cost.
Although the U.S. Mint will stop making new pennies, ones already in circulation will still be accepted as regular money. You won't have to turn them in or stop using them. However, some stores may start rounding prices up or down to the nearest five cents when people pay with cash, a practice already common in other countries.
'If it's 57 cents, they'll do it as 55. If it's 58 cents, they'll do it as 60. That makes sense. A lot of places already do that, even with the pennies.'
Still, Welsh believes the penny's legacy will outlast its circulation.
'You know, I would keep every penny. I mean, for now… Someday, you know, I'll tell your grandkids and say, This is what we used to have pennies. We don't have them anymore.'
As for how he'd write the penny's obituary?
'Mine would probably be pretty funny, something about sense of sense of sense,' he said with a laugh. 'But just sad to see you go.'
William Welsh offers free appraisals at his Midland shop, no matter how small the pile. He encourages everyone to check their change jars, especially for copper coins dated 1982 and earlier or unusual errors like off-center strikes or doubled dates.
Because even if the penny's time is running out, you might still have a few that, quite literally, make sense to hold onto.
To see if your coins are valuable, visit Preacherbill's Coins in Midland, located at 1004 W Front St, Midland, TX 79701, open Monday to Saturday from 10 AM to 6 PM. You can also call (432) 222-0160 for more information.
William Welsh, aka Bill Welsh or Preacherbill, operates Preacher Bill's Coins in Midland, a shop that's been serving collectors nationwide for over 40 years. From silver and gold bullion to rare coins and autographs, the store welcomes beginners and longtime collectors alike, whether you're hoping to expand a collection, verify the value of an old coin, or sell something from your stash.
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