Arizona is known as the “Copper State” due to its rich mining history. However, with President Trump’s plan to end penny production, local coin shops are preparing for a change. The cost of making a penny exceeds its value, leading some business owners to see discontinuing production as a financially savvy decision.
“We’ll need people to start using their pennies,” said Ken Moon, owner of C&C Coin and Stamp. “The nickel is already overpriced at 13 cents per coin.”
The end of penny production could lead to an increased demand for nickels, resulting in higher costs for fabrication. Meanwhile, some collectors are eagerly seeking rare coins, particularly the 1943 copper penny.
“I’ve been hearing people ask if I can get my hands on one,” said Michael Beram, owner of Cactus Coin and Metals. “If you can find them, they’re worth hundreds of thousands or millions.”
Rare pennies like the 1943 copper penny are highly sought after by collectors, marking a historic piece of American history that will soon be lost if production stops. Local coin shops may not agree with the decision but acknowledge its impact on their business and the nation’s economy.
Source: https://www.abc15.com/news/local-news/valley-coin-shops-prepare-for-the-end-of-the-penny