US President Donald Trump has instructed the US Treasury Department to stop producing new pennies, citing waste. The move could lead to a surge in interest among collectors due to potential scarcity of 2025 pennies and rare coins currently in circulation.
Every penny costs 3.7 cents to manufacture and resulted in $85.3 million loss for the US Treasury in 2024. Although Congress sets currency specifications, Trump’s plan might restrict the Treasury from minting new pennies.
Coin collectors are optimistic about the move, citing Canada’s experience with discontinuing its penny production in 2012. The Royal Canadian Mint removed over 6 billion pennies in the first three years after stopping production, increasing their value due to reduced supply.
Collectors hope that discontinued US pennies from rare years or with errors will increase in value. Some highly sought-after coins include those made of precious metals, such as the 1943 Copper Penny and 1982-D Small Date Copper Penny.
However, expert Jonathan Aminov doubts a significant price surge for pennies, citing an abundance of existing coins in circulation. He suggests that collectors might show interest in the 2025 penny due to its discontinued production but emphasizes that rarity is crucial for high prices.
The end of US penny production could attract new collectors into the hobby, with enthusiasts spending considerable sums on coins and admiring their beauty and history.
Source: https://www.cbsnews.com/news/trump-penny-interest-coin-collections