A penny doesn’t hold much value these days. Most New Yorkers pass by them on the street, and many will even ask cashiers to “keep the change” on small purchases. It’s interesting to think about how these copper coins often end up stuffed at the bottom of wallets or in jars that parents set up to encourage kids to save. Remember those “Take a Penny, Leave a Penny” trays? They’ve mostly lost their charm.
But, while the penny’s monetary worth has plummeted, its true significance hasn’t been fully appreciated over time.
What I found on Newsday
- The U.S. Mint ceases penny production. The final run of the one-cent coin, which has been around for over 230 years, will happen on Wednesday.
- High production costs. Officials claim it costs about 4 cents to produce each penny, leading to an $85.3 million tab for producing around 3.2 billion pennies last year.
- Experts weigh in. A numismatics study suggests nostalgia surrounds the penny, but the era of coins is winding down.
For Long Islanders with a bit of history, the penny brings back memories of when a bag of candy could be had for mere cents, almost like tossing coins into fountains to make wishes.
For others, it’s a family heirloom, a tangible piece of shared stories and gratitude.
On Wednesday, it’s likely that many Americans felt a touch of nostalgia as the U.S. Mint wrapped up its run of the penny. This wasn’t shocking—given that the penny, with its rising production costs, had been a topic of debate for a while. Remember when President Trump instructed the Treasury to halt its minting, calling it wasteful? That was a while ago.
The Mint’s annual report for 2024 noted that the 3.2 billion pennies produced last year came at a cost of $85.3 million to taxpayers.
You can’t earn “cents”
This Thursday, Newsday consulted numismatics experts about the penny’s end and whether it should be seen as a cause for celebration or sorrow. And, well, there might be some puns in there.
Among the responders was Buddy Alleva, who owns Long Island Rare Coin & Currency. He’s been in the coin business for over 50 years and feels a bit sentimental about the penny.
He reminisced, “As a kid, I would collect pennies. With 25 cents, I could grab 25 pieces of bubble gum.” These days, kids don’t even bother picking up a dime.
Interestingly, more people have been reaching out to him lately to ask about the value of a penny. Most of the time, it’s still about that single cent—unless it’s a rare find.
He cautioned against social media scams that overhype the worth of every penny. “There’s a lot of misinformation floating around,” he noted. “But, there are billions of pennies still in circulation.” Federal estimates suggest around 300 million remain out there.
Ut Wartenberg Kagan, of the American Numismatic Association, expressed a bittersweet sadness about losing “the most beautiful coin” from the country’s culture. Yet, from a practical standpoint, Kagan supports ending the penny, pointing out how economically impractical it is—suggesting the nickel may soon follow.
Change is inevitable
So, what does this mean for consumers as smaller denomination bills fade away? Experts think retailers might start rounding prices to the nearest nickel to ease transactions.
This could, potentially, impact lower-income shoppers over time, but the New York Convenience Store Association argues that removing the penny could actually make cash transactions more efficient.
Changes in pricing seem inevitable, just like we’ve seen with the disappearance of penny arcades and penny candy.
John Feigenbaum, from the Guild of Professional Numismatists, mentioned that, honestly, not many coin collectors will be sad about the penny’s exit. He recalled how half-cent coins and others have come and gone without much fuss.
“It feels like we’re at a turning point,” Feigenbaum said, reflecting on the nostalgic days of collecting pennies but also welcoming change.
