Is a Saved Penny Truly Worthwhile?

Collectors are pondering this question this week following President Trump’s directive to the U.S. Treasury Department to halt penny minting.

President Trump has directed the U.S. Treasury Department to halt penny minting.

The move comes amid rising production costs, with each penny reportedly costing 3.7 cents to make.

According to the U.S. Mint, penny production resulted in a loss of $85.3 million in 2024.

While Congress ultimately controls currency specifications, the president may have the authority to prevent the Treasury from minting new pennies.

The decision could lead to an increase in the value of 2025 pennies and rare coins currently in circulation.

Coin collectors are expressing excitement over the potential impact on the hobby.

"As a passionate coin collector, I and many in the coin collecting community are thrilled; the end of the penny is a landmark event that ignites renewed enthusiasm for rare and valuable editions," collector Scott Evans told CBS News.

Evans pointed to Canada's experience after discontinuing the penny in 2012.

Following the decision, the Royal Canadian Mint retrieved at least 6 billion pennies in the first three years, moving them to financial institutions for the recovery of valuable copper and zinc, according to a government analysis of the penny's removal.

In the first year alone, over 3.5 billion Canadian pennies were returned.

As fewer pennies circulated, the remaining coins gained more value. Some notable examples include coins from the 1920s, which the Canadian Mint notes are generally harder to find, and particular coins from 1936, of which only a few "dot" cents are known to exist, making them exceptionally rare.

This scenario is what optimistic collectors are hoping to see replicated in the U.S.

Evans noted that coins with errors or those minted significantly could see substantial increases in value.

Before 1982, pennies comprised 95% copper and 5% zinc, which could potentially enhance the value of those made from the precious metal.

He highlighted specific pennies, like the 1943 Copper Penny or the 1982-D Small Date Copper Penny, that might experience a price surge.

However, rare coin and precious metal collector Jonathan Aminov told CBS News that he does not personally anticipate a drastic increase in penny prices.

"I get asked about pennies every single day," said Aminov, owner of Big Apple Coins in Manhattan.

He noted that the U.S. is unlikely to face a shortage of pennies anytime soon due to the vast number of coins already in circulation.

Aminov mentioned that the 2025 penny might become more sought-after as it marks the year production ceased.

"If they ordered 500 million pennies and they only made 50 million pennies, those pennies are going to be desirable," he explained.

However, he cautioned that fetching high prices for pennies is challenging, emphasizing that a coin must be exceptionally rare for this to happen.

"Pennies are kind of a longshot," Aminov said.

Despite the challenges, the cessation of penny production could spark renewed interest and attract new collectors to the hobby, which Aminov believes could be beneficial.

"Once people get into coin collecting, it's very hard to get out of it," he said.

"Those who cherish it truly, truly do. They invest significant amounts of money to acquire their coins and then admire them for hours, captivated by their beauty and history."