Getting rid of the penny: Collectible coin dealer weighs in
Federal government halts penny production
The Trump administration is halting production on the penny, begging the question – what’s a penny worth exactly? FOX 9’s Maury Glover explains what the decision could mean to the historic currency.
PLYMOUTH, Minn. (FOX 9) - They're the mainstays of change jars and car cup holders across the country, but soon the penny could be no more.
Pinching pennies
By the numbers:
President Donald Trump says he's ordered the U.S. Treasury Department to stop minting pennies, arguing the cost to mint the coin exceeds its value.
The U.S. reported an estimated $85.3 million loss in the 2024 fiscal year, which ended in December, due to the production of nearly 3.2 billion pennies. Each penny costs an estimated 3.7 cents to produce, up from 3.1 cents the previous year.
The Mint is also losing money on nickels, costing nearly 14 cents to manufacture the 5 cent coin.
Does making cents make sense?
Local perspective:
As a dealer of collectible coins, Mike Carter is familiar with the evolution of the penny, and he believes the possible changes coming to the lowest denomination of U.S. currency could make sense.
"It's kind of I don't want to say, an irrelevant coin, but in a sense it kind of is," said Carter.
Carter says pennies would most likely still be accepted as legal tender and there are so many of the one cent coins in circulation, it doesn't look like they'll be going away anytime soon.
"I think there's enough pennies out there to kind of last multiple lifetimes. So I don't think it would make too much of a difference if they do stop minting them," said Carter.
Carter says the U.S. has stopped making half cent, 2 cent and 3 cent coins before and Canada ceased production of their penny more than a decade ago. He doesn't believe the move would make recent pennies more valuable in the collectible coin market because they're so common.
"I don't really think it's going to make anything more rare, for instance, at least not in our lifetime. I don't see that happening," said Carter.
Carter says he can't remember the last time he used a penny, and he believes the country could move on without looking back.
"No, I wouldn't be sad to see it go because we'll still see them all over the place," he added.