Are pennies on the way out? What the end of the one-cent coin could mean for you
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Pennies have been a part of American life for more than two centuries.
You’ve likely found them in coat pockets, jars, car cup holders—or maybe even bent over to pick one up for good luck.
But now, a new bill in Congress is aiming to phase out the one-cent coin for good, and it could impact more than just your spare change.
Making pennies costs more than they’re worth.
According to the US Treasury, each penny costs nearly four cents to produce.
In 2024 alone, that added up to more than $83 million in losses—money that could be better spent elsewhere.
And this isn’t new.
The government has been losing money on pennies for 19 years.
Despite their cost, pennies still make up more than half of all coins produced.
Most end up forgotten in jars or at the bottom of bags, rather than being used.
The Common Cents Act was recently introduced by lawmakers from both parties.
Rep. Lisa McClain of Michigan and Rep. Robert Garcia of California are aiming to put a stop to the minting of new pennies altogether.
According to statements from both their offices, the bill’s goal is to phase out the penny for good and encourage smarter spending of government resources.
If the Common Cents Act becomes law, here’s what could happen:
The penny wouldn’t be the first coin to go.
The half-cent coin was retired in 1857 after it no longer made sense to use.
The penny, though, has lasted for over 230 years and has seen the country through enormous change—from horse-drawn carriages to smartphones.
Before cashing in your coin jar, you might want to take a closer look.
Some pennies have become collector’s items, and a few are surprisingly valuable:
Have a stash of coins at home? It might be time to give them a once-over. You never know what you’ll find!
For many, the penny represents more than just money.
It carries history—Abraham Lincoln has been on the coin since 1909—and memories.
Some folks worry that rounding could hurt consumers or charities that rely on penny donations.
Others just feel sentimental.
The United States wouldn’t be the first to let go of its smallest coin.
Canada stopped producing pennies in 2012.
Australia and New Zealand did the same even earlier.
In those countries, cash payments are simply rounded, and most people barely noticed.
Whether you're ready to let go of the penny or feel it still has a place in your pocket, it's clear the conversation is gaining traction.
One thing's for sure—this tiny coin is stirring up some big questions about tradition, value, and change.
Read next: You could be sitting on a fortune! This dime in your pocket might bring you $45,600!
Should the penny stick around? Have you ever come across a rare or unusual coin? Do you have any fond memories of saving up for something one cent at a time? Share your thoughts in the comments. Every voice matters—even if the penny may not for much longer!
You’ve likely found them in coat pockets, jars, car cup holders—or maybe even bent over to pick one up for good luck.
But now, a new bill in Congress is aiming to phase out the one-cent coin for good, and it could impact more than just your spare change.
Making pennies costs more than they’re worth.
According to the US Treasury, each penny costs nearly four cents to produce.
In 2024 alone, that added up to more than $83 million in losses—money that could be better spent elsewhere.
And this isn’t new.
Though often overlooked, the penny has been part of American currency since 1793 and remains a symbol of thrift and tradition. Image Source: Pexels / Umar Beta.
The government has been losing money on pennies for 19 years.
Despite their cost, pennies still make up more than half of all coins produced.
Most end up forgotten in jars or at the bottom of bags, rather than being used.
The Common Cents Act was recently introduced by lawmakers from both parties.
Rep. Lisa McClain of Michigan and Rep. Robert Garcia of California are aiming to put a stop to the minting of new pennies altogether.
According to statements from both their offices, the bill’s goal is to phase out the penny for good and encourage smarter spending of government resources.
Also read: This penny in your drawer could be worth more than you think!
What changes if the penny goes away?
If the Common Cents Act becomes law, here’s what could happen:
- No more new pennies: Production would stop within a year.
- Rounding at the register: Cash totals would round to the nearest five cents—down if it ends in one or two, up if it ends in three or four.
- Card payments stay the same: Credit, debit, and mobile payments would still charge exact amounts.
- Nickels could be next: It costs almost 14 cents to make one, so they might be phased out eventually too.
Also read: No more pennies? How Trump’s decision could change everyday purchases
The US has done this before
The penny wouldn’t be the first coin to go.
The half-cent coin was retired in 1857 after it no longer made sense to use.
The penny, though, has lasted for over 230 years and has seen the country through enormous change—from horse-drawn carriages to smartphones.
Could your penny be worth more than a cent?
Before cashing in your coin jar, you might want to take a closer look.
Some pennies have become collector’s items, and a few are surprisingly valuable:
- 1943 Bronze Lincoln Penny: Sold for $840,000.
- Lincoln Double Die Obverse Penny: Can fetch up to $2,000.
- 1992 Close AM Penny: Worth up to $25,000.
- Other rare finds: Some with minting errors have gone for more than $300,000.
Have a stash of coins at home? It might be time to give them a once-over. You never know what you’ll find!
Also read: A penny for your burger? Burger King’s wildest deal yet starts now
Why some Americans want to keep the penny
For many, the penny represents more than just money.
It carries history—Abraham Lincoln has been on the coin since 1909—and memories.
Some folks worry that rounding could hurt consumers or charities that rely on penny donations.
Others just feel sentimental.
Other countries have already made the switch
The United States wouldn’t be the first to let go of its smallest coin.
Canada stopped producing pennies in 2012.
Australia and New Zealand did the same even earlier.
In those countries, cash payments are simply rounded, and most people barely noticed.
Also read: 9 coins that could be worth a fortune – check your pockets and purses immediately!
What to do now
- Look through your coins: Some might be worth far more than you think.
- No rush: Even if new pennies stop being made, the ones you already have will still be accepted.
- Speak up: If you have strong feelings about keeping or retiring the penny, you can reach out to your elected officials.
Whether you're ready to let go of the penny or feel it still has a place in your pocket, it's clear the conversation is gaining traction.
One thing's for sure—this tiny coin is stirring up some big questions about tradition, value, and change.
Read next: You could be sitting on a fortune! This dime in your pocket might bring you $45,600!
Should the penny stick around? Have you ever come across a rare or unusual coin? Do you have any fond memories of saving up for something one cent at a time? Share your thoughts in the comments. Every voice matters—even if the penny may not for much longer!
