For over a century, the penny has been a familiar companion in our pockets, purses, and coin jars. But its days may finally be numbered. With inflation rendering the humble one-cent coin nearly obsolete, and rising production costs making it more expensive to mint than it’s worth, many countries—including the United States—are reconsidering the necessity of the penny. As it faces its twilight years, the question becomes: What should you do with your old pennies? Whether you're a collector, investor, or just someone with a jar full of coins gathering dust, this article will guide you through your options.
The Fall of the Penny: Why It's Being Phased Out
1. High Production Costs
Did you know that it costs more than one cent to make a single penny? According to the U.S. Mint, the cost to produce a penny in recent years has hovered around 2 cents. This means the government loses millions of dollars annually just by minting pennies.
2. Declining Purchasing Power
The penny’s purchasing power has plummeted. In 1915, one cent could buy a piece of candy or even a postage stamp. Today, it's nearly useless in daily transactions. Most people ignore them, and stores often leave them out in “take a penny, leave a penny” dishes.
3. Time and Efficiency
Handling pennies slows down cash transactions. Counting out change that includes one-cent coins wastes time for customers and cashiers alike. Many businesses are adopting rounding systems or encouraging digital payments to eliminate the hassle.
4. Global Trends
Countries like Canada, Australia, and New Zealand have already eliminated their lowest denomination coins without economic disaster. Their success has further motivated other nations to consider removing the penny from circulation.
What to Do with Old Pennies: 10 Smart Ideas
As the penny fades into history, it might be tempting to toss them out or forget about them. But wait! Your old pennies could still hold value—financial, historical, or sentimental. Here’s what you can do:
1. Check for Valuable Pennies
Not all pennies are created equal. Some rare or misprinted coins can be worth hundreds—or even thousands—of dollars. Here are a few valuable ones to look out for:
- 1909-S VDB Lincoln Cent – This rare coin can fetch over $1,000.
- 1943 Copper Penny – A mistake coin made during WWII; one sold for over $100,000.
- 1955 Doubled Die Penny – Known for its visible double-printing; worth up to $1,500.
- 1983 Double Die Reverse – Look for doubled lettering on the back.
If you suspect you have a valuable penny, consult a professional coin appraiser or visit a numismatic show.
2. Start or Expand a Coin Collection
Pennies are an excellent gateway into coin collecting (numismatics). Begin with the Lincoln cent series, one of the most collected coins in the U.S. Collecting pennies by year and mint mark is fun, educational, and potentially lucrative. Use coin folders or albums to organize your collection.
3. Sell or Trade Them
Once you've identified which pennies are rare or desirable, consider selling them to collectors, pawn shops, or online marketplaces like eBay, Etsy, or Facebook Marketplace. Even common pennies can be sold in bulk to hobbyists or artists.
4. Turn Them Into Art or Craft Projects
Pennies can be repurposed into stunning decorative pieces. Some creative ideas include:
- Coin jewelry (necklaces, bracelets, rings)
- Tabletop or bar countertops made with epoxy-resin-sealed pennies
- Penny mosaic wall art
- DIY coasters and keychains
These upcycled projects give old coins new life while adding rustic charm to your home.
5. Donate Them
Many charities and nonprofits accept coin donations. Gather your loose change and drop it off at donation boxes in stores, schools, or churches. While one penny might not go far, thousands of them can make a real difference for someone in need.
6. Use Them in Coin Machines
If you have large quantities of pennies, consider taking them to a Coinstar machine (available at many supermarkets). These machines count your coins and issue a receipt for the amount, which you can redeem for cash or gift cards.
Note: Some machines charge a fee, but you can avoid it by selecting the gift card option instead of cash.
7. Keep a Few as Souvenirs
Hold onto a few pennies as keepsakes or conversation pieces. Choose ones from important years in your life—birth years, anniversaries, or historical events. Over time, they become small time capsules of personal history.
8. Use in Education
Teachers and parents can use pennies to teach children about math, history, and money management. They’re perfect for hands-on activities that make learning engaging and practical.
9. Make a "Penny Floor" or "Penny Path"
In home improvement circles, penny floors have become a DIY trend. These floors are created by gluing thousands of pennies side-by-side and sealing them with clear epoxy resin. The result is a shiny, copper-toned floor that's surprisingly durable and uniquely beautiful.
10. Exchange at the Bank (While You Still Can)
Banks will still accept and exchange pennies for paper money—at least for now. However, some banks require coins to be rolled before deposit. Contact your bank to learn their specific policy.
Future Outlook: Will the Penny Ever Return?
While the penny hasn’t been officially discontinued in some countries yet, its use continues to decline. Digital payments are growing, and cashless transactions are becoming the norm. Even vending machines, parking meters, and public transportation systems are phasing out coin use altogether.
Still, governments are cautious about completely retiring the penny. There are sentimental attachments, concerns about rounding prices, and political factors at play. But most signs suggest the penny won’t be with us much longer.
Final Thoughts: Don’t Let Your Pennies Go to Waste
While the penny may soon be a relic of the past, that doesn’t mean it's worthless. Whether you choose to collect, sell, donate, or repurpose them, your old pennies still hold value—sometimes far beyond just one cent.
As governments and economies evolve, it’s up to everyday individuals to decide how they want to preserve and interact with history. And in many ways, your old pennies are tiny, copper-colored artifacts of our collective story.
So before you dump your coin jar or forget about those scattered cents in drawers and glove compartments, take a second look. You might be sitting on a hidden treasure—or at least a few creative possibilities.
Got a rare penny you want help identifying? Share a photo with us at Zarcoinshop, or email us at mtshepiso16@gmail.com for a free evaluation!