President Trump ordered the U.S. Treasury to stop producing new pennies, citing the move as a way to reduce wasteful spending since each penny costs more to mint than it can buy.
The U.S. Mint’s 2024 fiscal report revealed that the penny costs at least 3.7 cents to mint, marking the 19th consecutive year its production exceeded face value. The U.S. spent over $179 million to mint over 4.5 billion pennies in fiscal year 2023 alone.
Previous attempts to eliminate the penny haven’t been successful. Supporters argue that the coin helps keep prices lower and enhances charitable donations. Internationally, Canada hasn’t minted a one-cent coin since 2012.
Not all pennies are equal; several editions are worth tens of thousands of dollars, including two pennies from the 1940s estimated to be over $1 million in value. See valuable pennies here.
