Folsom numismatist says penny's discontinuation won't spike coin values
The U.S. has officially struck its final circulating penny, ending a 232-year run for America's smallest denomination.
With the penny now out of production, many people are wondering whether those copper coins sitting in jars and drawers could soon be worth more than face value.
Logan Sutton, a professional numismatist with Folsom Coins & Currency, says most pennies aren't suddenly turning into treasure.
"Most pennies are going to stay right around where they are, not worth a whole heck of a lot," Sutton said. "But there will be collectors who come out for this. They'll realize these aren't going to be around and they'll get some interest."
Part of the reason the penny production is ending comes down to cost.
According to the U.S. Mint, it costs 3.69 cents to produce a single penny. A nickel? 13.78 cents. A dime costs 5.76 cents, and a quarter costs 14.68 cents to make.
For many people, the value of a penny isn't about money, it's sentimental.
"I'm keeping mine at home," said Bryce Folrek. "I have a change drawer by my door and by my bedroom."
Others are cashing in while they can.
"I had a lot of pennies I've saved for years and I wanted to see how much they're worth," said Diane Newman.
Collectors say the next coin on the chopping block could be the nickel.
"If we're going to get rid of anything, it'll be the nickel next," Sutton added.
For now, pennies will still be accepted as currency. But with production halted, each one you hold onto is officially a tiny piece of American history.