by Charles Morgan for CoinWeek…..
Thinking of starting a new hobby? Here are four great reasons to start collecting pennies!
The Penny’s Days Have Ended
The United States Mint has placed its final order for penny blanks, signaling the end of one-cent coin production. Despite pennies accounting for roughly 40% of the Mint’s annual output, their production costs exceed their value. Over 100 billion pennies remain in circulation, though consumers typically hoard them instead of using them in commerce.
Since the penny production has stoped, the Treasury will continue to supply banks and businesses with the remaining stock on hand, drastically reducing penny availability as time moves on.
Our understanding that cents will continue to be made for Mint and Proof Sets, but at this point it is unclear what will actually happen.
Stacks Bowers had a sale on Dec 11th to sell 232 Three Coin Sets of the “Omega Cents” which was sort of a final goodby to the cent as a coin produced for general circulation.
Existing coins in the “wild” will remain for the time being and nobody really knows what will happen to them as they get removed from circulation.
Collecting Pennies Is Affordable (For Now)
You can visit a bank and buy rolls or boxes of pennies at face value. The bank’s supply of cents won’t last forever. Before scarcity drives demand, know that penny collecting is a low-cost hobby for most unless you chase certified, high-grade coins, which are highly speculative.
Coins with the best potential for appreciation are Mint State examples with vibrant color, strong eye appeal, and no signs of handling. Circulated pennies quickly show wear, damage, or discoloration.
For a basic collection, circulation finds are ideal. For Mint State coins, consider the Mint’s annual Uncirculated Coin Sets.
Some Pennies Are Worth More
The Lincoln Cent, a 116-year-old series, is America’s most collected coin due to its rare dates, varieties, and mint errors. Some valuable coins, like the 1969-S Doubled Die, 1983 off-metal strikes, or 1992-D Close AM, continue to circulate. Others, like the 1909-S VDB, 1914-D, or 1955 Doubled Die, require purchase from dealers or auctions. As pennies disappear from circulation, interest in the series will likely grow, intensifying competition and increasing prices for scarce issues.
Nostalgia Fuels Penny Collecting
For Americans who grew up with memories of spending pennies on gumballs and baseball cards or saving them up in jars, seeing the cent go may trigger an emotional reaction. One might not feel it right away, but nostalgia is a powerful force that drives collectible markets. This emotional connection prompts people to seek items tied to their past, which is why analog media like vinyl and videogame cartridges have seen a resurgence in interest in recent years. The penny will likely trigger a similar nostalgia, just as in 1857 when the Mint discontinued production of the large cent in favor of a smaller version similar to the type we use today. Holding old money is like holding history in your hands, say some in the coin-collecting industry. In this way, coins serve as totems for our past selves and our memories. It might not be obvious now, but there will come a point when seeing a penny is an unusual circumstance. When that happens, those memories will come racing back!
This is a strong motivator for collecting pennies.
Great heads-up, thanks! I’ll make sure to hit up the bank every now & again to buy a few rolls. I’ll also make sure to not be too eager to cash out my change jar for Xmas!
As a kid in the 1970s, I liked finding pennies with the reverse that had wheat on either side of the words ONE CENT. If I would start collecting pennies, I’d focus on these, for the nostalgia.
Great article , learned a lot about the penney and its history .
I love my pennies. I believe I have a 1909 VDB
I’ve been collecting for a while, but buying more mint sets is a great idea!
I’ve been collecting pennies for many years, especially the ones from before the metal change in 1982. Thanks for this article!
With the Treasury moving on from the penny, I’m just hoping that the Common Cents Act (or a similar bill) makes it through Congress. If that happens, the US Mint will at least continue to produce pennies for collectors, similar to what has (in theory at least) been done with the Kennedy Half. Sure, we’ll pay more than face value for the coins, but seeing as how many of us use Mint sets to fill our albums, anyway, we already do. Honestly, were the Mint smart about it, they could probably even use copper planchets like they did with the ’09 sets, charge a premium for them, and collectors (myself included) would buy them (it’d be a pretty nice way to turn a profit on what has been a money-losing denomination for years).
You gave me an idea
When you mentioned the copper versions of the 2009 set, I thought how cool it would be if in 2043 they did a set made like the 43 steel cent.
I’ve always valued pennies and will continue to. I’ll never forget a coworker who I saw emptying his pockets of pennies into his trashcan one day. I asked what are you doing? He replied that he was getting rid of the pennies because they weren’t worth carrying around in his pockets. I was stunned.
Time to start collecting pennies.
Pennies have always been a large part of my collecting; I love sorting through them looking for “wheaties” as we called them when we were kids.
I collected as a kid but let it lapse as an adukt. Time to fill in those missing dates.
So sad. I will sadly miss the lincoln cent/penny
Thanks for the penny insights!
Pennies are a great coin to collect!
I’ll miss the penny. Never gave them much thought until they announced they were going away.
I have definitely started collecting rolls of pennies and pocketing them from cash sales. I have fond memories of rolling them as a child and turning them into the bank for dollar bills. So much nostalgia for me, it’s hard to think that it’s going away. This article was very useful.