If you’re like most people, you’ve probably got a jar of pennies sitting somewhere in your house. Maybe you’ve been collecting them for years, or you just toss your spare change in there whenever you empty your pockets.
Now that the U.S. has stopped making pennies, you might be wondering if all that loose change could eventually be worth something. After all, if they’re no longer being produced, wouldn’t that make them more valuable?
Not necessarily. According to one coin expert, most of those pennies will probably never be worth much more than a cent.
Why Your Pennies Probably Won’t Be Worth More
In a PennLive report, Ken Ferguson, owner of Ferguson Emporium Precious Metals in Pennsylvania, explained why ending penny production likely won’t make the pennies worth much more than they are today.
He pointed to Canada, which stopped making pennies in 2012. Even though Canada no longer produces pennies, that hasn’t made common ones particularly valuable to collectors.
The same could happen in the United States. So many pennies are already in circulation that stopping production doesn’t suddenly make them rare.
Some Older Pennies Are Actually Worth Money
Certain pennies, particularly older wheat pennies and Indian Head cents, can be worth more than their original value. But just because a penny is old doesn’t mean it’s worth much.
Ferguson explained that common wheat pennies may be worth only about two cents each. That’s double their face value, but it’s probably not the kind of money most people are hoping to find.
The pennies that tend to bring in more money are usually harder-to-find dates, coins with minting errors, or those in especially good condition.
So if you come across an older penny, check the year and any mint mark before assuming it’s valuable. Looking at what similar coins have actually sold for can give you a better idea of what yours might be worth.
Should You Hold Onto Your Pennies?
If you’ve been saving pennies for years, you don’t need to get rid of them right away. But there’s also no guarantee they’ll become more valuable just because the U.S. isn’t making new ones.
Most pennies will remain worth one cent, and you can still spend or deposit them.
If you have the time, though, it doesn’t hurt to look through your collection before cashing it in. Look for older designs, unusual dates, and possible minting errors. Those are the coins worth researching further.
If you find something that looks particularly unusual, check with a reputable coin dealer.
