Goodbye to the penny: Trump eliminates penny coin to save millions, a golden opportunity for investors and collectors

President Donald Trump has ordered a stop to the minting of new pennies, a measure that has been circulating for years but never acted upon. As cashless payments continue to make up a greater share of transactions, the need for the 1-cent coin has diminished. The White House sees the move as a cost-cutting strategy, as the coin is more costly to produce than the exchange value it represents.

It also remains to be seen whether the president has the authority to unilaterally eliminate the penny. The US Treasury has not made a public statement about how they plan to act on the order from the White House.

Fewer pennies could bring big returns to collectors

As for the pennies that have already been minted, they will stay in circulation. The fact that the coin will no longer be minted means that the value of coins, particularly rare pennies, could see their value tick upward. Without a new set of pennies, there won’t be future pennies with a printing error, one mistake that can increase the value of coins. A misprint from 2023 that features an additional “V” in the coin designer’s initials sells for $600.

Other rare pennies have a much higher retail value. A 1992 penny that featuers the A and M in America touching at the base of the letter is worth up to $3,000. So, if you have extra time this month, might not be a bad time to check your coins for any that are worth far more than their exchange value.

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