Trump Announces Plan to Eliminate the Penny – What It Means for You

WASHINGTON, D.C. (KPEL News) - Your change jar may become a bit lighter soon, and a lot brighter, if President Donald Trump follows through with his plan to ditch the one cent piece. “For far too long the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful," Trump said on his Truth Social account.“ I have instructed my Secretary of the US Treasury to stop producing new pennies," he added.

The Cost of Minting Pennies

According to the U.S. Mint, the penny was one of the first coins made by the U.S. Mint after its establishment by the Coinage Act of 1792. The penny was first minted in 1793. The design on the first penny was of a woman with flowing hair symbolizing liberty. The coin was larger and made of pure copper. Today, the US penny is made of 97.5% zinc and 2.5% copper. The copper is plated on the outside of the zinc 

Read More: Louisiana Searching for 1982 Penny Worth More Than $15,000 |

Read More: Louisiana Residents Check Your Change Jar for Penny Worth $200K |

The U.S. Mint reported losing $85.3 million in the 2024 fiscal year that ended in September on the nearly 3.2 billion pennies it produced. According to a 2023-dated report from the United States Mint, producing a single penny costs about 3.07 cents, while a nickel costs around 11.54 cents. Could the nickel face the same fate as the penny?

The penny's time may be short, so start going through those change drawers to find some of the unique pennies that could be worth a lot more than one cent!

Unusual Pennies:

• In 1943, pennies were made of zinc-coated steel because copper was needed during World War II.
• At the beginning of 1943, a limited number of copper pennies were struck by mistake.
• In honor of the Mint’s 225th anniversary in 2017, pennies made in Philadelphia had a “P” mint mark for the first time.
• In 2019, the West Point Mint made special collectible pennies with a “W” mint mark.

There are several other pennies, including a 1982 misprint that are worth tens of thousands of dollars. So continue counting those pennies, they will always be worth a little something!