The U.S. penny will no longer be minted, leaving many people wonder if it’s time to get rid of extra coins or boost their collection before fewer are found in circulation.
President Donald Trump has ordered the U.S. Treasury to stop minting pennies because their production cost exceeds their face value. While scrapping pennies is illegal, you can check in with your bank or other institutions to cash in pennies, although they will remain legal to spend.
Here’s what to know.
Can I still spend old pennies?
Generally speaking, it’s U.S. government policy that all designs of Federal Reserve notes remain legal tender, or legally valid for payments, regardless of when they were issued. This policy includes all denominations of Federal Reserve notes, from 1914 to present.
The same applies to old coins. Old coins can be spent just like any other currency. In the U.S. for example, coins and banknotes issued by the U.S. Mint and the Bureau of Engraving and Printing retain their face value regardless of age. While some older coins may hold additional appeal to collectors due to their rarity or condition, they technically can still be used for their original intended purpose of transactions.
Where can I cash in my pennies?
Here are some places to cash in your pennies in Michigan:
How did the coin come to be called ‘penny?’
The American 1-cent coin iscommonly known as a penny, and was first issued in 1793, the U.S. Mint said. The name penny traces back to England, from the Old English word pennige, Time Magazine says.
Do you own an old penny worth up to $1 million?
Experts say it’s highly unlikely.
In rare cases, some 1943 pennies have sold for $1 million, while one went for more than $200,000 at an auction in 2019. Depending on their condition, those 1943 Lincoln wheat pennies would be worth at most between $100,000 and $250,000, John Feigenbaum, publisher of rare coin price guide Greysheet, told USA TODAY.
To conserve copper for the war effort in 1943, the United States Mint struck cents in zinc-coated steel. A small number were mistakenly made in bronze, and a few known examples that still retain some original mint condition red color have sold for $1 million or more.
But the likelihood of having a near-priceless penny is similar to “saying your lottery ticket might be worth $100,000. Of course, anything is possible, right? But not likely,” said Feigenbaum, who is also the executive director of the Professional Numismatists Guild, a nonprofit organization composed of many of the nation’s rare coin experts
What Michigan coin dealers can tell me if I have a $1 million penny?
The American Numismatic Association, a congressionally chartered nonprofit dedicated to the study, collection, and appreciation of coins, paper currency, and other forms of numismatic items, operates the Money Museum, located in Colorado Springs, Colorado, which houses an extensive collection of rare and historically significant coins, paper currency, and related artifacts, providing visitors with an immersive experience into the fascinating world of money.The group maintains a list of coin dealers in Michigan that are members. There are 36 member shops in Michigan, among them:
What are pennies made of?
Pennies are made of copper-plated zinc, according to the U.S. Mint, a bureau of the Department of the Treasury. Modern pennies contain only 2.5% copper.
In 1856 when the “Flying Eagle” scent started production with of 88% copper, the American Plating Company says. In 1864, after the Civil War, the design changed again with a 95% copper 5% zinc makeup.
In 1982, the coin switched to 5% copper and 95% zinc. The modern penny has the least amount of copper with a small 2.5% copper plating and a 97.5% zinc base.
Is it legal to scrap copper pennies for metal value?
No, under federal law, in the U.S. it is illegal to export, melt or treat pennies, according to the U.S. Mint.
Did the US mint any pennies in honor of Michigan?
No, the U.S. Mint has not issued special pennies for Michigan, although there are pennies that include variations honoring Abraham Lincoln.
USA TODAY contributed.
Contact Jenna Prestininzi: jprestininzi@freepress.com.
This article originally appeared on Detroit Free Press: What Michiganders should know as US plans to stop making new pennies