Imagine emptying your piggy bank and finding a handful of pennies—some shiny, some worn. Now, think about what would happen if the United States decided to stop making these little copper coins. With over 114 billion pennies in circulation, it’s not as simple as just stopping production.
Let’s take a closer look at what might happen to all those pennies if the U.S. ever stops making them.
Why the Penny Is a Big Deal
The penny is the smallest coin in American money. It has Abraham Lincoln’s face on it and is often overlooked. But did you know it actually costs more than one cent to make a penny? This has led to debates about whether the penny should even exist. Some people think it just slows down transactions and clutters our change jars.
What Happens If We Stop Making Pennies?
If the government ever decides to stop minting pennies, a few interesting things might happen.
1. A Slow Goodbye
Pennies wouldn’t just disappear overnight. People would still use them for a while. Stores might stop giving them back as change, rounding prices to the nearest nickel instead. Some coins would get lost, damaged, or forgotten in drawers and jars, just like they do now. Over time, fewer and fewer pennies would show up in our daily lives.
2. Collectors and Hoarders
While some people might toss their pennies in the trash, others would start saving them.
- For Collectors: Coin collectors would see pennies as a treasure. Special pennies—like the ones from the last year they were made or with unique mint marks—might become valuable.
- As Keepsakes: Regular folks might hold onto pennies as souvenirs, like in Canada when they got rid of their penny.
- Emergency Stashes: Some people might keep a few pennies around just in case they need them for something specific, like charity donations.
3. Changing How We Pay
Stopping penny production would also change how we pay with cash. Many countries, like Canada and Australia, already do this. They use a system called “rounding,” where cash prices are rounded to the nearest nickel. For example, $1.02 would round down to $1.00, and $1.03 would round up to $1.05. This might confuse some people at first, but most would get used to it pretty quickly.
4. More Than Just Money
Pennies aren’t just coins. They’re part of American culture.
- Sayings: Think about the phrase, “A penny saved is a penny earned.”
- Charity: Many charities collect pennies for donations. They’d need to find new ways to raise funds.
- Exact Change: Some people like paying the exact amount, and they’d miss that option.
5. The Huge Number of Pennies
There are around 114 billion pennies in the U.S. That’s a lot of coins! The government wouldn’t try to get them all back. Instead, they’d let them fade away naturally. Over time, banks would send pennies to the Federal Reserve, where they’d be melted down. But most pennies would stay hidden in jars, drawers, and collections, slowly disappearing over the years.
Even though the U.S. hasn’t decided to stop making pennies yet, it’s interesting to think about what would happen if they did. We’d see fewer pennies in stores, collectors would hunt for rare ones, and we’d all adjust to rounded prices.
But most importantly, it shows how even the smallest coins can have a big impact on our wallets—and our culture. Whether you’d miss the penny or not, its story is about more than just money. It’s about how we adapt to change and hold on to the things that matter.