According to recent reports, Donald Trump is prepared to eliminate the penny coin in order to save millions of dollars in the United States. Nonetheless, this decision presents an excellent opportunity for investors and collectors.
The White House sees the decision as a cost-cutting measure because the 1-cent coin is more expensive to produce than the exchange value it represents. President Donald Trump has ordered a halt to the minting of new pennies, a proposal that has been floated for years but never implemented.
Donald Trump will eliminate this penny in the US for this reason
As cashless payments become a larger part of transactions, the need for coins has diminished. Furthermore, it is unclear whether the president has the authority to eliminate pennies on his own.
The US Treasury has not publicly stated how it will respond to the White House directive. Keep in mind that previously struck pennies will continue to be used. Coins, particularly rare pennies, may appreciate slightly as they will no longer be produced.
Future pennies with a printing error—one flaw that can increase the value of coins—will not exist unless a new batch is produced. A 2023 mistake involving an extra “V” in the coin designer’s initials costs $600. For example, a 1992 penny with the A and M of America touching at the bottom of the letter is worth up to $3,000.
If you have some free time this month, consider going through your coins to see if any are worth significantly more than their exchange value. Other rare pennies have significantly higher retail values.
The US penny coins that could be worth up to $1 million
You could be sitting on a million dollars, so it’s time to dust off those old coin jars and check the couch cushions. According to the Mirror US, the rare Lincoln Wheat Penny could be worth up to $1.7 million.
These highly sought-after coins, which were first produced over a century ago, have become collectibles. According to the news item, the value of these pennies ranges from $870,000 to $1.7 million.
Let us examine the appearance of these coins. The Lincoln Wheat coin, issued between 1909 and 1958 to commemorate Abraham Lincoln’s 100th birthday, was the first United States coin to feature a president’s likeness.
Even if the value of the penny coin changes, you should still look. You may be Georgia’s next millionaire. Other Lincoln penny coins to consider include:
- 1943-D Lincoln Wheat Cent, Bronze/Copper worth $2.4 million.
- 1944-S Lincoln Wheat Cent worth $1.2 million.
- 1943-S Lincoln Wheat Cent worth $621,691.
- 1943 Lincoln Wheat Cent: Bronze/Copper worth $428,634
- 1958 Lincoln Wheat Cent: Doubled-Die Obverse worth $235,450
- 1888 Indian Head Cent: Last 8 Over 7 worth $77,706
- 1944-D Lincoln Wheat Cent: Steel Cent worth $64,930
- 1944 Lincoln Wheat Cent: Steel Cent worth $61,254
- 1856 Flying Eagle Cent worth $29,948
- 1922-D Lincoln Wheat Cent: No D Mint Mark worth $18,882
- 1955 Lincoln Wheat Cent: Doubled-Die Obverse worth $18,295
- 1970-S Lincoln Memorial Cent: Double Die Obverse worth $14,920
What will be the next steps after Trump’s move to eliminate pennies?
Because Congress has traditionally had a say in coinage issues, some Americans have pointed out potential roadblocks to Trump’s plan to end the production of pennies. However, such an action would not be unprecedented.
Due to low demand, the Mint Act of 1873 ended the eight-year minting of the two-cent piece, while the Coinage Act of 1857 ended the production of the half-cent.
