Pennies Are Going Away. Here’s What To Do With Yours.

President Donald Trump has Ordered a Halt on Penny Production. Former President Donald Trump directed the U.S. Treasury to stop producing pennies due to their manufacturing cost exceeding their monetary value. This decision has prompted many Americans to question the worth and purpose of the coins they currently hold.

John Feigenbaum, editor of the Greysheet coin price guide, pointed out that while most high-value coins are already in collectors’ hands and have circulated in the market, some people may unexpectedly come across valuable coins—possibly inherited or purchased at estate sales. Many of these could be pennies, and people are unsure what to do with them. Let’s explore what these coins might be worth and how they can still be used.

Can I Still Spend Old Pennies, Other Currency?

Yes. The U.S. government’s policy states that all designs of Federal Reserve notes and coins remain legal tender, no matter when they were issued. This applies to all denominations—both coins and paper currency—dating back over a century.

That means you can use old coins, including outdated pennies, in everyday transactions. Even if some of these coins hold extra value to collectors due to rarity or condition, they’re still valid at face value for purchases and exchanges.

If You Have Old Pennies, Look Them Up Before Spending

If you suspect some of your pennies might be worth more than one cent, here are a few smart steps to take:

• Do your research: While coin-checking apps exist, they aren’t always accurate. A trusted resource is The 2026 Red Book: A Guide Book of United States Coins, available online or in bookstores. “It answers questions like, ‘How much should I expect to pay for a Lincoln cent?’” said Feigenbaum, one of its editors. However, he notes the book doesn’t list any million-dollar cents.
• Get them appraised: Just like jewelry, coins can be professionally evaluated. Trusted grading services include CAC, the Numismatic Guaranty Company (NGC), and the Professional Coin Grading Service (PCGS).

Do Many People Even Use Pennies?

Cash use is on the decline. According to Federal Reserve data, only 16% of consumer payments in 2023 were made in cash. A 2022 survey by Pew Research revealed that about 40% of Americans rarely, if ever, use cash.

Still, the Federal Reserve estimates that most households have between $60 and $90 worth of loose change—enough to fill one or two pint-sized jars. Coinstar CEO Kevin McColly encourages people to rethink their coins. He says coins should be seen as real money, not forgotten clutter. Coinstar processes around $3 billion in coins into spendable money each year, with an average jar containing $58.

“People often misjudge the value of their coins by nearly half,” McColly said. “It feels like discovering free money.”

Cash is still widely used by older Americans, lower-income groups, and people who prefer in-person shopping, according to the Federal Reserve.

Coins Aren’t Clutter, They’re Currency

McColly advocates for a shift in mindset: coins are not junk—they’re reusable currency.

“They’re made of metal,” he emphasized. “And they can circulate for years.”

The U.S. Mint still produces more than 5 billion coins annually, although production has been decreasing, according to CoinNews. These coins are made from materials like copper-plated zinc for pennies and copper-nickel alloys for larger denominations.

His argument: if Americans collected and reused their idle coins, the government wouldn’t need to produce as many new ones. Websites like Bankrate and NerdWallet provide advice on how to exchange coins. Many banks still accept coins for deposits, though some require them to be rolled first.

Retiring Coins: Where Does it End?

Trump’s order only applies to the penny, but some lawmakers and financial experts think it’s time to retire the coin altogether.

The Common Cents Act, introduced by a bipartisan group in Congress on April 30, proposes rounding all cash purchases to the nearest five cents.

Senator Kirsten Gillibrand (D-NY) said, “The penny is no longer effective and doesn’t serve the economy’s needs.”

But this raises a broader question: If the penny goes, should the nickel be next? The New York Times recently explored this in an article titled, “So, You Want to Get Rid of the Penny. Do You Have a Plan for the Nickel?”

Eliminating pennies may result in an overflow of nickels, which cost nearly 9 cents to produce. Both coins cost more to mint than they’re worth, creating a dilemma for the Treasury.

Still, eliminating both coins could complicate how people pay for things like a 15-cent purchase. So while the penny debate continues, there’s no simple fix.

Do You Own an Old Penny Worth as Much as a Million Dollars?

While stories circulate about rare and valuable pennies, experts say these cases are extremely rare.

Online headlines such as “Lincoln Wheat Penny Worth $124M You Could Have at Home” are misleading. Donn Pearlman, spokesperson for the Professional Numismatists Guild (PNG), stated, “Million-dollar pennies exist, but $100 million ones don’t.”

The most valuable U.S. coin ever sold was a 1933 Double Eagle $20 gold piece, which went for $18.9 million at auction in 2021. When it comes to pennies, the most valuable ones tend to be 1943 Lincoln wheat cents mistakenly minted in copper instead of zinc-coated steel.

Some of these rare 1943 copper pennies have sold for over $1 million. One example sold for more than $200,000 in 2019. However, according to Feigenbaum, most examples—depending on their condition—fetch between $100,000 and $250,000.

Still, the odds of finding such a coin are slim. Feigenbaum likened it to lottery odds: “Sure, anything’s possible—but not probable.”

What Are Wheat Pennies Worth?

Wheat pennies get their name from the stalks of wheat on the back side of coins minted between 1909 and 1958. After that, the Lincoln Memorial design replaced the wheat imagery.

Most wheat pennies aren’t highly valuable, typically worth just slightly more than face value. However, rare dates, minting errors, or coins in excellent condition can fetch hundreds—or even thousands—of dollars. To check a coin’s value, refer to tools like the NGC price guide.

Despite viral claims online, Feigenbaum cautions that many of these exaggerated headlines about ultra-valuable wheat pennies are likely generated by AI to attract clicks.

“These coins are unlikely to be found in everyday change,” he said.

Nonetheless, the buzz has driven many hopefuls to coin shops, only to be told that their coins are ordinary. “Shops are flooded with people thinking they’ve hit the jackpot—but usually, they haven’t,” Feigenbaum said.

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