President Donald Trump has directed the secretary of the U.S. Treasury to stop producing the penny. In a Truth Social post on Feb. 9, Trump announced the directive, calling the minting of new pennies wasteful. While this topic continues a long-running debate on government spending, it also appears to have had another impact – the plan to eliminate the penny boosts coin collectors’ interest.
No one knows the exact number of coin collectors in the United States. However, some sources place that number between 125 million and 150 million. Coin collecting enthusiasts already say the plan to eliminate the penny boosts coin collectors’ interest in the shiny new 2025 one-cent coin. Here’s a look at the directive to help you understand what’s happening.
Presidential Directive to Cease Penny Production
Trump’s post on Feb. 9 said the U.S. has long minted pennies that cost the government more than two cents to produce. He called the minting of pennies at that cost wasteful and said he had instructed Scott Bessent, U.S. Secretary of the Treasury, to stop minting new pennies.
Ending production of the U.S. penny would break a streak of 233 years of minting the penny. The first U.S. penny was struck in 1793 after the Coinage Act of 1792 created the U.S. Mint.
In 2024, the U.S. Mint spent $0.0369 to create each of the nearly 3.2 billion pennies it produced, a financial loss of about $85.3 million. While this is a significant amount, the shortfall is a drop in the bucket of the $7 trillion federal budget, and the U.S. Mint earned a profit of $98 million in 2024.
However, the cost of minting the one-cent coin has generally increased since 2006. Here’s the cost of producing one cent in the last three years:
- 2022: $0.0272
- 2023: $0.0307
- 2024: $0.0369
The president called for ending penny production a few weeks after Elon Musk, the Tesla and SpaceX CEO who leads the U.S. Department of Government Efficiency, posted on X about the cost to taxpayers of minting pennies.
Historical Context and International Examples
Despite annually turning out a profit – the Federal Reserve pays the U.S. Mint for the coinage the Fed determines it needs each year – the penny isn’t the only coin minting at a deficit and isn’t the most expensive. The mint paid $0.1378 per nickel created in 2024.
The efforts to eliminate the penny have come from both sides of the aisle in Congress over the years. Members have proposed suspending the production of the penny, eliminating the penny from circulation or requiring sales to be rounded to the nearest nickel. All proposals have failed.
If Trump’s effort succeeds, the U.S. will join several other countries, including Canada, which discontinued its penny in 2012. Before ending the minting of pennies, Canada spent CAN$0.016 to produce each penny.
In its place, Canadian cash sales are rounded to the nearest five cents after federal and provincial taxes are added.
The U.S. Department of Defense stopped using pennies at overseas bases in 1980 because shipping the coins was too expensive.
Other governments that cut out their cents include Australia, which pulled its one-cent and two-cent coins from circulation in 1992, and Sweden and New Zealand, which each ended the minting of their one-cent coins from circulation before that.
Canada minted about 500 million pennies in 2013, when it stopped circulating the coins. The value of a penny didn’t rise much, going for about CAN$0.015 now if you take your Canadian pennies to a coin dealer.
Implications for U.S. Coin Collectors
Are you wondering if the plan to eliminate the penny boosts coin collectors’ interest? Here’s a closer look at possible implications for the numismatic market and U.S. coin collectors.
Increased Interest in the 2025 Penny
Numismatists say the potential demise of the U.S. penny has renewed interest among coin collectors in rare pennies and valuable coins. The end of the penny in the United States would be historic after a 233-year run. History, art and culture draw many to coin collecting, and the coin-collecting community is taking notice of Trump’s directive.
Stopping the penny production could spark interest in coin collecting from newcomers, too. It’s also possible the U.S. Mint may issue commemorative coins or a set to mark the end of the penny.
Value Appreciation
Rare coin collectors caution not to expect a meteoric rise in the value of pennies. However, mint condition 2025 pennies can become more desirable if production of the coins is cut short. If minting the penny ended on Mar. 12, the number of pennies released for circulation in 2025 would be a little more than 2.6 billion fewer than the year before.
Still, the value of pennies may not rise as fast as some collectors might hope. That’s because of the hundreds of billions of pennies in circulation or sitting in repurposed jars, between couch cushions or in a seldom-opened drawer.
Coin collectors may see prices shoot up for pennies with errors or significant dates. Today’s pennies are mostly zinc with a plating of copper that accounts for 2.5% of the coin’s metal. However, before 1982, the opposite was true: pennies were 95% copper and 5% zinc. Collectors might witness value appreciation in coins like the 1943 Copper Penny or the 1982-D Small Date Copper Penny.
Market Dynamics and Collector Behavior
With the penny so interwoven in U.S. culture, numismatists, coin collectors and dealers say it’s unlikely the cent will leave the American consciousness anytime soon.
That may be especially true because an estimated 114 billion to 240 billion cents are circulating. However, experienced and beginning collectors are paying attention. The exact number of coin collectors in the U.S. is unknown. However, some in the numismatic market place the number at 125 million, which is expected to grow due to Trump’s announcement.
The heightened interest may increase the value of rare pennies and make some, such as the wheat penny (discontinued in 1958), even rarer, potentially raising their value. As the penny disappears, its scarcity may add to its value.
It Might Be Time to Search Through Your Coin Stash – or Couch
Only time will tell whether the U.S. Mint stops producing the penny. But with the renewed interest in the one-cent coin, it might be time to search through the coins in the jar on your dresser. Whether the value of a shiny 2025 penny in mint condition rises or not, you may come across valuable coins that could propel you into coin collecting or enrich your bank account.
Frequently Asked Questions
Are they making 2025 pennies?
The U.S. mints in Philadelphia and Denver have produced 595 million pennies for circulation through March 12, 2025. Whether the Treasury Department orders the end of minting pennies or Congress acts to stop creating pennies for circulation remains to be seen.
Are U.S. pennies going away?
Whether production of the penny is halted may require Congress and the courts to weigh in before it is settled. However, about 114 billion to 240 billion pennies remain in circulation and are likely to stay as legal tender unless eliminated by Congress.