For years, most of us haven’t given much thought to pennies. They end up in change jars, tucked away in drawers, or sitting in the bottom of a purse until we eventually forget about them.
Now that the U.S. has stopped producing new pennies, many people are wondering whether they should hold onto the ones they have or finally cash them in. While pennies are still worth one cent and remain legal tender, it’s worth taking a few minutes to sort through your collection before getting rid of it.
Spend Them
The simplest option is to use your pennies. They can still be spent just like any other coin, and businesses will continue accepting them.
If you’ve accumulated a large amount of change over the years, using some of those pennies for everyday purchases can help reduce the clutter while putting your spare change to good use.
Related: The Most Valuable Pennies Still Hiding in Circulation Today
Check for Valuable Coins
Before you spend or cash in a large collection, it’s worth taking a closer look at what you have. Some pennies are more desirable to collectors because of their age, low mintage numbers, or minting errors.
You don’t need to be a coin expert to do a basic check. A quick online search of key dates and valuable penny varieties could help you identify coins that may be worth setting aside.
Deposit Them at Your Bank
If you’re tired of looking at jars full of pennies, depositing them at your bank is often one of the easiest options. Many banks still accept rolled coins and will credit the money directly to your account.
It takes a little time to sort and roll them, but you can avoid the fees that some coin-counting machines charge.
Related: 9 Paper Documents You Can Finally Shred (And 5 You Should Never Throw Away)
Use a Coin-Counting Machine
For people who don’t want to spend time rolling coins, a coin-counting machine can be a convenient alternative. Simply pour in your pennies and receive cash or a voucher.
Some machines charge a service fee, so it’s a good idea to compare your options before deciding which route makes the most sense.
Set Aside Pre-1982 Pennies
Many collectors pay special attention to pennies made before 1982. These coins contain more copper than modern pennies, which makes them interesting to some hobbyists and collectors.
While that doesn’t mean every older penny is valuable, many people choose to separate them from the rest of their change before cashing everything in.
Donate Them
Pennies may not seem like much individually, but they can add up surprisingly fast. If you have a large collection and don’t want to keep it, donating the coins can be a simple way to put them to good use.
Schools, local charities, food banks, and community organizations often accept coin donations and appreciate every contribution.
Save a Few for Sentimental Reasons
The end of penny production marks a change that many Americans never expected to see. For some people, that alone is reason enough to keep a few pennies as a reminder of a coin that has been part of everyday life for generations.
You don’t need to save an entire jar. Holding onto a handful of coins from recent years can be a simple way to remember this shift in U.S. currency.
