President Donald Trump has ordered a stop to the minting of new pennies

A measure that has been circulating for years but never acted upon. As cashless payments continue to make up a greater share of transactions, the need for the 1-cent coin has diminished.

President Donald Trump has ordered a halt to the minting of new pennies, a measure that has been discussed for years but never acted upon.

As cashless payments continue to account for a larger proportion of transactions, the need for the 1-cent coin has decreased. The White House views the move as a cost-cutting measure, as the coin costs more to produce than its exchange value.

The penny costs over 3 cents to make and cost US taxpayers over $179 million in FY2023.

The Mint produced over 4.5 billion pennies in FY2023, roughly 40% of the 11.4 billion coins for circulation produced.

Penny (or 3 cents!) for your thoughts.

It also remains to be seen whether the president has the unilateral authority to eliminate the penny. The US Treasury has not publicly commented on how they will respond to the White House order.

Fewer pennies could bring big returns to collectors

As for the pennies that have already been minted, they will continue to circulate. However, the fact that the coin will no longer be minted means that the value of coins, especially rare pennies, could increase. Without a new batch of pennies, there won’t be any future pennies with a printing error, one mistake that can increase the value of coins. A misprint from 2023 that features an additional “V” in the coin designer’s initials sells for $600.

A post shared by Blake Alma (@coinhubs)

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Other rare pennies have a much higher retail value. A 1992 penny that featuers the A and M in America touching at the base of the letter is worth up to $3,000. So, if you have extra time this month, might not be a bad time to check your coins for any that are worth far more than their exchange value.

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