LAS VEGAS (FOX5) — The U.S. government has stopped producing pennies after 238 years, with President Donald Trump ordering the halt as each coin costs four cents to create.
More than 300 billion pennies remain in circulation, according to government estimates. The decision to end production is expected to save American taxpayers approximately $56 million a year in production costs alone.
Coin collectors see historic change
Christopher Shands, who operates Archangel Coins near Charleston and Decatur, said the end of penny production marks a significant moment for collectors.
“I would like for everyone to think it is a tragic thing, a loss to history, something that would make the founding fathers roll over in their graves,” Shands said.
Shands has collected coins since childhood and said pennies serve as a gateway for many coin collectors.
“I always loved history almost to the point of annoyance,” Shands said. “Literally being able to hold history in my hands, wondering, hey, you know, some of these coins, George Washington could have held, John Adams, Andrew Jackson, all these famous people, all these people that are very, very important Americans.”
2025 pennies may gain value
With no new pennies being produced, Shands said the 2025 penny could become more valuable.
“Yes, there are a lot of people asking for them. The banks are very, very annoyed about the whole process,” he said. “Extremely high-grade examples will probably have some significant value.”
Shands said the change in pocket change will affect future collectors.
“In short order, whether it be 5 years from now, 10 years from now, the idea of looking through pennies, pulling out the dates that you need for your album will have come and gone,” he said.
Impact on merchants and consumers
The removal of pennies is creating problems for some merchants who must now round up or down at registers when they don’t have pennies for exact change. Grocery stores are posting signs asking customers for pennies and exact change.
Dropping the penny will create greater demand for nickels, which are more expensive to mint than pennies.
Shands said the change could signal broader shifts in currency.
“We may look back at this day as the beginning of the end for physical coins and currency. I hope that is not the case because let’s face it looking through your coins is fun,” he said.
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