As the Trump administration halts production of dimes, the latest set of US pennies minted this week could be worth a fortune, with experts estimating they could sell for as much as $5 million, according to USA Today.
On November 12, the United States Mint officially discontinued the one-cent coin, commonly known as the penny, marking the end of a 232-year-old chapter in American currency. US Treasurer Brandon Beach struck the last coin at the Philadelphia Mint. The US government first began minting pennies in 1793, when Philadelphia was the nation’s capital.
The final five pennies were marked with a unique omega mark and will not be circulated, according to the Treasury Department. The government intends to auction these pennies later. All proceeds from the auction will fund the Mint’s operations, with any surplus going to the US Treasury.
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Why are pennies expected to be worth $5 million?
The last pennies are expected to be highly valued as collectors will be very interested in the modern rarity of cents.
“Collectors would go crazy for the modern rarity of Lincoln cents that are being struck,” John Feigenbaum, publisher of the rare coin price guide Greysheet, told USA Today.
“The demand would be incredible because the item would be a sought-after element of a truly ‘complete set,'” Feigenbaum said.
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Is the last penny really worth $5 million?
Some experts and critics say the final batch may not be worth as much as $5 million. Mike Fuljenz, president of Universal Coin & Bullion in Beaumont, Texas, told USA Today that he thinks the last minted penny could fetch as much as $1 million.
The second and third last coins could fetch $10,000 and $20,000, USA Today said.
Meanwhile, Philadelphia numismatist Richard Weaver told phillymag.com that when U.S. Treasurer Brandon Beach posed for a photo with one of the last pennies, he may have accidentally damaged it.
“If you look at that photo, he’s holding the penny with his fingers on the coin,” Weaver said. “You just can’t do that. Copper is very reactive to sweat and sebum and any serious collector will take this photo into consideration,” he added.
In February of this year, US President Donald Trump announced plans to end the production of one-cent coins.
“For too long, the United States has minted pennies that have literally cost us more than 2 cents,” Trump wrote in a Truth Social post. “This is such a waste! I have instructed my US Treasury Secretary to stop producing new pennies.”
What happens to pennies currently in circulation?
Although production has stopped, billions of pennies are still in circulation. They continue to retain their value of 1 cent and remain legal tender. Even if they are not withdrawn or demonetized, their use is likely to slow down over time.
