Penny production will stop in 2023

It literally costs 1.76 cents to make a penny, if the US makes $1,000,000 in pennies each year you are throwing away $760,000 .

We did it in Canada years ago.

Honestly I wish we had been more aggressive, scrap the penny, nickle and quarter, keep the dime and introduce a half dollar. The nickle is also a waste of money and honestly the buying power of a single cent is nothing.

And it has been done before remember some places used to have a halfpenny.

Novice Numismatics blog

Late January 2022

News Report:

I have searched for an article worthy of this tri-monthly blog, and this one is the one I finally decided upon.
This issue is about how the Penny will likely be discontinued for circulation in April 2023. This may come was surprising to you, or you could have expected this. The Penny will be continued for proof sets but will stop being minted on April 1, 2023. No, this is not an April Fool's day joke, this is real. And in my opinion is that it is sad. Here is a brief history of the Cent/Penny.�

In 1787, the Fugio Cent, a very popular coin, was created. The entrance of this coin created the size for the first Large Cents in 1793 and was used for most Cents of that era.

In 1793, the first Cent was ever minted at the US Mint in Philadelphia. This coin was minted in the Cent size of that time, what we now call Large Cents, were very well designed coins. I would say it was a good design for that year.

In 1856, the first Small Cent was created. During this time the Large Cent was still being minted up until 1857. The design was called the Flying Eagle Cent and was designed by James B. Longacre.

In 1859, the Indian Head Cent design, which was used for the next 50 years, was designed by James Longacre as well, became a popular design and was accepted much better than the Flying Eagle Cent.

In 1864, two things happened of major importance. 1. The Mint added the initial L for Longacre halfway through the minting year, creating a rare variety. 2. The Mint created the first coin with the motto "In God We Trust" which is used on coins today. I mention this because the Two Cent piece, a close neighbor to the Cent, was this coin.

In 1877, wait what! You make know there was nothing as much as a design change during this year, but the most valuable Indian Head Cent, the 1877 (P), was minted in this year, and is very popular to collectors because of the suprisingly low mintage.

In 1909, you probably know what happened in this year. Three words: the Lincoln Cent. This coin is the oldest unchanged obverse we use in circulation. The reverse has been changed twice majorly(not including 2009 cents), but Victor David Brenner's depiction of Lincoln has stayed the same.

Now for history on the Lincoln Cent we're going to switch to Old Moke's blog, sort of like a crossover, so I don't make it to long, click the link below to continue.

https://www.money.org/collector/user_15476/blog/

And if you have visited Mokie's blog then you have the history of the Lincoln Cent. Now why is this sad? Think about the history. One of the oldest, most historic, and having lots of rarities, the Cent is an important part of US history that we should try to preserve. But, do to inflation, it has to be removed. Now this is the saddest for collectors who own varieties of Cents, and want to own more, newer, rarities or errors, but if we could stop the inflation which "birthed this sadness" then collecting would continue of later date Cents, so all though this is sad, there is nothing to be done.

Counter Action:
I am hopeful for the removal of a coin that causes an average person to dig through their change to find Pennies to pay with. This may be sad for a few people, but for average Americans it will remove the lowest denomination of coin, making it much easier to pay fo things. The Mint removed the Half-Cent in 1857 due to rising copper prices but also inflation, but I'll bet that it was an even more annoying coin to pay with, picture this: $7.59.5. That is typed, seven dollars and fifty-nine point five cents. Imagine that. Years later, our grandchildren will be glad, like we were about the Half-Cent, that the Penny and even possibly the Nickel was removed from circulation. They will not even know what it was like with the Penny. I think the Mint is being smart with this. Thanks for reading,�

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P.S. sorry this was late in.

Today it costs a little over 2 cents to make the “one cent piece,” so the United States Mint has decided that it will stop production of the penny. In late 2022, pennies will be phased out and the last batch of pennies will be minted in April 2023.

Will there be 2023 pennies?

The US Mint announced they will end production of the US Penny starting in 2023, citing the high cost of production and the penny 's decreasing value. The US Mint announced this morning that they will phase out the production of new pennies beginning in late 2022, and mint the last batch of pennies on April 1, 2023.

Are pennies going extinct?

Answer: Pennies aren't going anywhere anytime soon. “As of this date, the Mint has no plans to cease production of the penny,” a spokesperson for the U.S Mint said. This has been floating around for many years.

Are 2022 pennies out yet?

The 2022 editions were released on March 17th, 2022.

What 2022 coins are worth?

The “Big Four” U.S. Rare Coins At 2022 CSNS Convention

• Sultan of Muscat 1804 dollar. ...
• Eliasberg 1894 San Francisco dime. ...
• Eliasberg 1913 Liberty Head nickel. ...
• Simpson 1943 bronze cent.

WILL 2023 BE THE END OF THE PENNY AS WE KNOW IT? #theendofpennies #endofthepenny #coincollecting

Is it illegal to melt a penny?

Many online debates have popped up over the legality of melting down U.S. coins. It is not illegal to melt, destroy, or modify any U.S. coins in the United States.

How much does it cost to make a penny 2021?

Penny Costs 2.1 Cents to Make in 2021, Nickel Costs 8.52 Cents; US Mint Realizes $381.2M in Seigniorage. Last year, the U.S. Mint spent 2.1 cents to make and distribute each Lincoln cent. The Mint's cost for each Jefferson nickel was 8.52 cents.

How many 2021 pennies have been made?

1.85 billion in 2018, 1.6516 billion in 2019, 2.768 billion in 2020, and. 464.4 million in 2021.

What is a 1953 2020 penny worth?

Specific 1953 Lincoln Pennies

Double date 1953 Lincoln penny – This coin price varies from $3 to $10, depending on its grade.

How much does it cost to mint a penny?

Penny Costs 1.76 Cents to Make in 2020, Nickel Costs 7.42 Cents; US Mint Realizes $549.9M in Seigniorage. The cost for manufacturing U.S. coins for circulation decreased last year, excluding the dime which remained unchanged, the United States Mint disclosed in its 2020 Annual Report.

Is a penny worth more than 1 cent?

Even the penny. Like most coins, the United States penny has seen multiple designs and compositions over the years, and some pennies, especially when carefully stored, are worth far more than the face value of one cent. These are the 20 most valuable pennies, and they're worth a combined $5.5 million.

Is a 2021 penny rare?

Most 2021 Lincoln pennies aren't valuable. However these pennies can sell for a premium in uncirculated condition. Keep reading to learn more about these one cent coins.

How many 2022 pennies are there?

If the current production pace stretched through to December, the annual mintage for 2022 would near 15 billion coins. The U.S. Mint manufactured nearly 14.5 billion coins for circulation in 2021.

Should I save pennies?

So, your best option is to keep those copper pennies until they get rid of the penny, and sell them then. It will be a nice way to make so money! It might seem not worth it now, but in 2026 you will smile upon the day you started to save copper pennies! Thank you for reading, and good luck coin roll hunting!

How much does it cost to print $1?

Printing a one-dollar bill costs 5.4 cents while printing a $100 bill costs 15.4 cents.

What are 2021 nickels worth?

The mint has been studying a change in the penny's composition to copper-coated steel from copper-coated zinc. During the 2021 fiscal year, nickel prices averaged about $17,500 per metric ton, about half the current price. Copper averaged $8,700 a metric ton, against a current price of about $10,500 per metric ton.

Is a nickel worth 8 cents?

With Thursday's precious metals prices, a nickel is actually worth just over $0.08. That's three cents more for every nickel or $1.20 for a roll of 40 nickels, usually $2.

Is it illegal to rip money?

According to Title 18, Chapter 17 of the U.S. Code, which sets out crimes related to coins and currency, anyone who “alters, defaces, mutilates, impairs, diminishes, falsifies, scales, or lightens” coins can face fines or prison time.

Are pennies 100% copper?

Most of our coins are metal sandwiches. The outside layers are three-quarters copper and one-quarter nickel, and the "filling" is solid copper. Pennies are made of zinc coated with copper. Only nickels are one solid material—that same 75% copper/25% nickel alloy.

Is it legal to destroy money?

Burning money is illegal in the United States and is punishable by up to 10 years in prison, not to mention fines. It's also illegal to tear a dollar bill and even flatten a penny under the weight of a locomotive on the railroad tracks.

What year pennies should I keep?

Watch for low mintage years like 1955-S, 1939-D, 1933-D, and 1931-S. Depending on condition, rarer pennies are worth more. Look for all-copper pennies. Old pennies made before 1982 are 95% copper, which gives them an inherent metal value.

How much is a 1943 penny worth in 2021?

They are worth about 10 to 13 cents each in circulated condition and as much as 50 cents or more if uncirculated.

What is a 2013 penny worth?

Most 2013 pennies in circulated condition are only worth their face value of $0.01. These coins can only sell for a premium in uncirculated condition. The 2013 penny with no mint mark and the 2013 D penny are each worth around $0.30 in uncirculated condition with an MS 65 grade.

Are they stop making pennies in 2023?

Will the penny be discontinued?

Is 2022 the last year of the penny?