Trump's plan to scrap the penny spikes interest for coin collectors

Trump’s plan to scrap the penny spikes interest for coin collectors: Is the value of a penny actually proven now by saving it? This question has, to say the least, become a recent controversial issue among collectors of coins, as the former president, Donald Trump, has started a policy of the Treasury Department of not making a small change like the penny but rather the nickel and dime only.

Why did penny production stop?

Donald Trump wrote on the social media platform Truth Social, >

“For many years, the US has been producing pennies, which cost more than their actual value. It is a completely wasteful process!” >

He further said that he has instructed the Treasury Department to stop making new pennies. >

Believe it or not, one penny costs about 3.7 cents to produce, whereas the US Treasury Department suffered an $85.3 million loss from the minting of pennies in 2024. The US congress is the institution in charge of money production, so it is unknown if Trump ever has the right to stop it. But he for sure can tell the US Treasury Department to stop it if they are doing it.

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This is a historic opportunity for collectors!

Coin collectors believe that if the production of pennies in the US stops, the price of the 2025 penny and older rare pennies may increase. >

According to coin collector Scott Evans, the discontinuation of the production of pennies will increase the demand for its historical and rare coins. He gave the example of the Canadian penny, which was discontinued in 2012. According to the Canadian government, more than 6 billion pennies were removed from the banking system in the first three years, increasing the price of some rare pennies.

According to Evans, coins such as the 1943 copper penny and the 1982-D small date copper penny may increase in price, as they are extremely rare.

Will the price of the penny really increase?

However, some experts do not agree that the price of the penny will jump drastically. Jonathan Aminov, owner of New York-based Big Apple Coins, believes that the discontinuation of the production of the penny will not have much effect on its price.

Aminov said, “Every day I get calls from people inquiring about pennies, but there are so many pennies already in the US that it does not seem possible for them to increase in price much.”

He also said that if only a limited number of pennies are made in 2025, their price may definitely increase. For example, if 500 million pennies were ordered that year, but only 50 million were made, the demand for those coins may increase.

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Will collecting be profitable?

Aminov said that while the price of some rare pennies may increase, the common ones might also be hard to sell even at a high price. He emphasized, “Selling coins at very high prices is a very hard time because only those coins that are regarded as extremely rare can fetch such a price.”

On the other hand, there is no certainty that the final decision of whether or not to make pennies will bring new excitement to the coin collecting hobby. Aminov indications that “once the person gets involved in coin collection it will be difficult to stop. “

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Conclusion

The elimination of penny production could be a game-changer for the coin collecting community. The price of some rare coins may surge in the meanwhile the price of common pennies will not be significantly changed. Yet the initiative could be the very gemstones in the gathering of like-minded individuals of the possible world of coin enthusiasts.

FAQs On Trump’s plan to scrap the penny spikes interest for coin collectors

Q. Why was the production of pennies discontinued in the US?

A. The cost of making a penny in the US was more than its actual value, causing the government to lose millions of dollars. That is why it was decided to stop it.

Q. Will the price of pennies increase?

A. The price of some rare and old pennies may increase, but the price of common pennies will not change much.

Q. Which pennies can be the most valuable?

A. Some rare currencies like the 1943 Copper Penny, the 1982-D Small Date Copper Penny, and the rare Canadian Penny of 1920-1936 can be more valuable.