Back in March, rumors swirled online about something that shook coin collectors and casual savers alike—the idea that the penny might be disappearing! While it didn’t exactly make front-page news everywhere, it definitely sparked curiosity. And for some (okay, maybe a lot of us), it raised an important question: Are pennies still worth anything at all?
The short answer is yes—pennies are still legal tender, and you can still spend them. But should you?
Why the U.S. Considered Getting Rid of the Penny
This isn’t the first time the penny has been under the spotlight. Over the years, many experts and officials have questioned its usefulness. The biggest issue? It costs more to make a penny than the penny is worth.
At one point, President Donald Trump reportedly asked the U.S. Treasury to stop producing pennies because of this exact problem. As of recent estimates, it costs nearly 2 cents to make a single penny—a money-losing process that seems pointless in today’s economy.
Despite the buzz, the penny has not been officially discontinued, but conversations about phasing it out are still ongoing.
So… What Should You Do With Your Pennies?
We’ve all got them. In jars, drawers, car cup holders, under couch cushions… Those little copper coins are everywhere. But before you rush to dump your stash into a Coinstar machine, here’s something you should know:
Some old pennies are actually worth more than one cent.
There are pennies in circulation that collectors will pay top dollar for. Rare mint errors, old Lincoln wheat pennies, or coins with unique designs or years (like 1943 steel pennies) could fetch anywhere from a few bucks to thousands.
Hidden Treasure in Your Coin Jar?
Most people don’t realize just how much loose change they’ve gathered over time. According to Coinstar, the average American coin jar holds around $58. That’s enough for a decent grocery run, a tank of gas, or even a night out.
It’s easy to forget about spare change when we use cards or digital payments for everything—but coins can still add up. And who knows? That lucky penny you picked up from the sidewalk could be one of the valuable ones.
Quick Tips Before You Cash in Your Pennies
Check the year and condition
Anything pre-1982 is made mostly of copper and might be worth more than face value, especially if it’s in good shape.
Look for unusual markings
Minting errors like double dies or off-center strikes are rare but valuable.
Avoid dumping rare coins in a Coinstar machine
Once they’re mixed in, they’re hard to recover. Take a few minutes to look them over first.
Research online or visit a coin dealer
Sites like the U.S. Mint, PCGS, or coin forums can help identify coins worth keeping.