The penny has been around for 233 years. But with the cost to manufacture the one-cent coin now nearly four cents, the Treasury will cease minting them in 2026. In addition to saving the government money, the move reflects Americans’ growing preference for cashless purchases. According to the Pew Research Center, two-fifths of consumers never use cash.
Yet, some still like using cash. Among them: those over age 55; those who prefer to shop in person rather than online; and those who do not want their purchases tracked by marketers and algorithms. If you fit into one of these groups, read on to see how the penny’s farewell may impact on you. We have gathered this information from a variety of sites across the web.
What’s In Your Jar?
The Treasury reports that 114 billion pennies are currently in circulation. However, many are “circulating” while sitting in jars in people’s homes. With the phase-out of the penny approaching, some people are wondering if the value of those jarred pennies has increased. The disappointing answer is, probably not. Even pennies worth more than face value are not expected to appreciate, and the chances of finding a rare gem in your jar are slim. But of course, you could get lucky, and looking through the coins might be fun.
One very valuable penny that enthusiasts point to is the “wheat penny.” Minted from 1909 to 1958, it has two stalks of wheat on the back surrounding the words “one cent.” Some of these are highly valuable. If you find such a coin or anything else you think has value, check it out at one of these websites:
Note: Because of the recent increased interest in pennies, fake “rare pennies” are being sold on the internet, including on ebay. Beware!
Can You Still Use Pennies? For How Long?
Yes, you can still use your pennies. They remain legal tender. Billions are in circulation and 3.2 billion more were minted in 2024. The National Retail Federation, representing most U.S. store chains and small retailers, says its members will use pennies even after they are no longer produced.
However, at some point in the future, stores will not be able to get rolls of pennies from banks. At that time, they will begin to round transactions up or down to the nearest nickel. In fact, that could happen sooner if recently introduced legislation is enacted. In April 2025 Congress introduced a bipartisan bill, The Common Cents Act, that would require sellers to round up or down to the nearest nickel. The direction it gets rounded in would depend on the final digit of the price. You can read the bill here.
The irony to relying on nickels in order to phase out pennies? As of 2024, the U.S. Mint spends nearly 14 cents to produce the nickel. In other words, the Treasury loses roughly nine cents for every nickel it produces, whereas it loses only three cents on every penny it produces.
A Penny For Your Thoughts!
The New York Times invites you to share your views on the penny and the phaseout. In the May 30, 2025 Readers Corner section, the paper writes: Do you have any big plans for your pennies? Do you have other ideas on how the elimination of pennies may affect you, prices and finances more broadly?
Submissions will be used in a future Your Money newsletter. Your ideas should be submitted to: yourmoney_newsletter@nytimes.com
