Aug 12, 2026
Follow us on Google for more Moneywise news
Add us on GoogleWhile the U.S. Mint printed the last standard penny last year, the coin hasn’t yet been taken out of circulation officially. But a bill recently passed by the Senate moves the end of the Abe Lincoln-faced currency a step closer to being final. And it could result in some dramatic changes to the nickel as well.
The “Common Cents Act” passed the Senate with unanimous consent — and a version of the bill has already passed the House. The legislation, once finalized, will formally end penny production, though the coin will remain legal tender (a good thing, since there are an estimated 300 million still floating around in couch cushions, coin jars, and nooks and crannies across the world).
Advertisement
While the penny is the focus on the bill, it also will result in some changes for the new lowest-value currency in the U.S. — the nickel.
Thanks for subscribing!
The money news that actually matters.
By signing up, you accept Moneywise Terms of Use, Subscription Agreement, and Privacy Policy.
Copper capers
Part of the problem with the penny was the cost of producing it. The coin was 2.5% copper, a precious metal whose futures price has gone up 71% in the past 14 years. That meant the price to produce a one-cent penny was 3.69 cents.
The nickel is even more expensive. That coin is 75% copper and producing one cost 13.31 cents in the 2025 fiscal year. The nickel has cost more to produce than it’s worth for 20 years now.
Despite that, the Congressional bill does not call for an end to the nickel. Instead, the Common Cents Act gives the Treasury Department the authority to test a cheaper way of making the coin, using zinc and nickel rather than copper. It also calls for retail cash transactions to be rounded up or down to the nearest nickel.
That’s not to say there aren’t people on Capital Hill that are coming for the nickel. A bill to eliminate the coin is currently in front of the House Committee on Financial Services. The proposal to halt production for 10 years was brought up by Rep. David Schweikert (R-Arizona) in February of this year.
Must Read
- The ultra-rich use these 5 real estate strategies to build wealth while they sleep — you can start with just $100
- Here’s the average income of Americans by age in 2026. Are you keeping up or falling behind?
- Insurance companies profit most from drivers who auto-renew without shopping around. Comparing 100+ quotes takes 2 minutes and costs nothing
Join 250,000+ readers and get Moneywise’s best stories and exclusive interviews first — clear insights curated and delivered weekly. Subscribe now.
Collectible coins?
While the penny may not have a lot of value in today’s society, coin collectors still have an interest in the currency. Seven years ago, for instance, a rare 1943 copper penny sold for just over $200,000. While that’s quite an escalation from the base price, it’s still well short of the $2 million it was expected to fetch. And far below the $1.7 million a similar coin was sold for in 2010.
Even the mint realizes the value of the penny when it comes to collectors. While the coin, technically, is no longer made, the U.S. Mint put a limited number of commemorative pennies into circulation this year to honor America’s semiquincentennial.
You May Also Like
- JP Morgan sees gold hitting $6,000/oz before 2027 — and a Gold IRA lets you hold the physical metal while deferring the tax bill. Get your free guide from Priority Gold
- Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake — here’s what it is and the simple steps to fix it ASAP
- Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how
- Millionaires under 43 are reshaping investing — just 25% of their portfolios are in stocks. Here’s where their money is going
Chris Morris is a veteran journalist with more than 35 years of experience at many of the internet's biggest news outlets. In addition to his activities as a writer, reporter and editor, Chris is also a frequent panel moderator and speaker at major conferences, including CES and South by Southwest.
