What should you do with your old pennies now that production of the coin is ending?

The U.S. Treasury Department announced that it will begin winding down production of the penny, ending more than 230 years of minting the 1-cent coin.

The penny will remain legal tender and will still be accepted at retailers nationwide, but its long-term phaseout marks the end of an era for the copper-colored coin. The decision comes amid growing concerns over the cost of production and declining consumer use.

According to the Treasury, there are an estimated 114 billion pennies currently in circulation, many of which are stored away in coin jars, junk drawers or forgotten containers. Despite the vast supply, the coins are “severely underutilized,” officials said.

President Donald Trump ordered the halt in production, citing the coin's inefficiency. It costs nearly 3 cents to produce each penny—well above its face value. The government also loses nearly 9 cents for every nickel minted, raising concerns that eliminating the penny may inadvertently increase losses by pushing more nickel usage.

The US will officially stop making pennies

Though once a staple of everyday transactions, pennies have become a nuisance to many Americans. A 2023 Federal Reserve study found that just 16% of consumer payments were made in cash, while a 2022 Pew Research Center survey reported that 40% of Americans never use cash at all.

The average household is estimated to be sitting on $60 to $90 in coins, often discarded or left unused. Americans reportedly throw away millions of dollars in change each year.

What should I do with my pennies?

Still, some groups are encouraging Americans to look at their coins more closely. Coin collectors and experts recommend using resources like "The 2026 Red Book: A Guide Book of United States Coins" to assess potential value. Coins can also be authenticated and graded through services such as the Numismatic Guaranty Company and the Professional Coin Grading Service.

Beyond monetary value, pennies may still have practical uses. According to Farmers Bank, older copper pennies can act as natural fungicides to keep flowers fresh or serve as makeshift tools and household fixes—from weighing down curtains to creating cold packs using an old sock filled with frozen coins.

While the humble penny may soon stop rolling off the mint’s machines, its impact—and utility—could endure long after its final press.

This article originally appeared on NorthJersey.com: What should you do with your old pennies now that production of the coin is ending?