Small Change, Big Questions: Here Are Five Things to Do With Your Pennies Now
Pennies, the humble one-cent coins, face an uncertain future amid U.S. Mint debates on their discontinuation due to production costs exceeding face value. A proposed 2025 bill urges stockpiling or repurposing them before potential phase-out, sparking "small change, big questions" on what to do now.
Roll and Bank Them
Deposit pennies into bank rolls (50 coins per paper tube) for free teller counting at major banks like Chase or Wells Fargo, converting to dollars without fees. Home jar audits reveal thousands overlooked; one family's 5-gallon jug yielded $800 after rolling.
Charity Donations
Drop pennies into countertop jars for causes like Ronald McDonald House or Salvation Army red kettles, where bulk coins fund meals despite low per-coin impact. Apps like RoundUp aggregate digital pennies from purchases, amplifying micro-donations effortlessly.
Crafty Repurposing
Melt-proof crafts include penny mosaics for tabletops (glue to plywood with grout), floor art borders, or weighted zipper pulls. Kids' projects like penny boat races in sinks teach physics; vintage 1982 copper pennies fetch 2-3 cents each from collectors.
Investment Plays
Hunt "error" pennies—doubled dies or off-center strikes—worth $50+ via Coinstar scans or eBay. Bulk buy pre-1982 coppers (95% copper) at 1.1 cents each for melt value hedging against inflation, though illegal to melt domestically.
Everyday Hacks
Use pennies as vase weights for flowers, guitar string winders, or emergency tire pressure gauges (Lincoln's head depth marks psi). Stockpile for laundromats (25¢ loads) or car washes; one tip: pennies prevent toilet tank leaks by weighting flappers.
Penny Production Costs
The U.S. Mint produces pennies at about 3.07 cents each in FY2024, up from 2.72 cents prior, due to zinc and copper price hikes. With 7.4 billion minted annually, taxpayers lose $145 million yearly; a 2025 "Penny Phase-Out Act" proposes halting new production post-2026 stockpiles.
Collector Strategies
Target wheat pennies (1909-1958) or 1969-S doubled dies, valued $10,000+ in fine condition via PCGS grading. Join forums like CoinTalk for bulk lot flips; apps like PCGS CoinFacts scan jars for rarities, turning pocket change into portfolios.
Bulk Redemption Tips
Coinstar kiosks take 11.9% fees but yield gift cards fee-free; grocery store machines often partner with grocers for rebates. For jars over $100, banks waive counting; vacuum-seal rolls for storage to prevent tarnish and vermin.
Historical Precedents
Canada ditched pennies in 2013, rounding cash transactions; Australia followed in 1992. U.S. trials in vending machines already ignore cents; experts predict 2030 full retirement, boosting nickel (11.24¢ cost) debates too.
Fun Global Twists
In Europe, 1- and 2-cent euro coins face similar cuts; repurpose as mosaic tiles or lucky charms. U.K. pre-decimal pennies sell for £5+; swap U.S. coppers for foreign equivalents at numismatic exchanges for arbitrage.
