CONTINUED production of the penny could cease if new legislation is approved.
The iconic coin is starting to cost more to make at the United States Mints nationwide than it’s worth.
At least, that’s what was pointed out by some US representatives in the proposed Common Cents Act on April 30, per Fox News.
Press releases on the government websites for Lisa McClain (R-Michigan) and Robert Garcia (D-California) noted that the bill seeks to end the minting of the penny entirely.
Instead, under the Common Cents Act, cash transactions would be rounded to the nearest five cents.
For debit cards, credit cards, checks, and mobile payments using a phone, there wouldn’t be an impact.
Should it be approved by Congress, the Common Cents Act would go into effect a year after being signed into law.
Garcia and McClain noted that the United States would be following fellow countries that have already eliminated the cent from their currency, including Canada and Australia.
COSTLY CATCH
They also emphasized that the production of pennies ultimately wastes taxpayers’ money.
A report from the Treasury Department confirmed that its production costs about four times more than its value at 3.96 cents per penny.
Not only that, but about 54% of the largest coin shipments last year were pennies, with quarters at 27%, dimes at 14%, and nickels at 3.5%.
The US Mint also cited a loss of about $83.5 million in 2024 on the 3.2 billion pennies produced.
It’s the 19th consecutive year that’s happened.
Should the penny be discontinued, it certainly wouldn’t be the first time that’s happened in US history.
The half-cent was notably removed by Congress in 1857.
TRUMP’S PLEDGE
President Donald Trump had also announced earlier this year that he’d told the Treasury Department to stop minting new pennies.
Trump did not have the executive power to act on that himself, however, as all currency specifications are determined by Congress.
Nickels could also be on their way out soon.
The same Treasury Department report also confirmed that it costs nearly 14 cents to mint and distribute the coin.
RARE FINDS
Some older pennies are still worth some serious money.
They often have special minting errors or unique histories that can make them worth hundreds of thousands or even millions at auction.
At least three are still floating around in circulation and could go for up to $138,000.
There’s even a unique penny from 1943 worth $840,000.
A highly “sought-after” Lincoln penny from another year is worth $336,000.
At least four other coins in your spare change could also be worth at least $3.7 million.
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