The U.S. could soon stop producing the penny if a new bill becomes law.

That’s because the coin now costs more to make than it’s actually worth at U.S. Mints across the country. At least, that’s the point raised by some U.S. representatives in the Common Cents Act, introduced on April 30, according to Fox News.

Press releases from lawmakers Lisa McClain (R-Michigan) and Robert Garcia (D-California) revealed that the bill proposes ending penny production altogether.

Instead, the Common Cents Act would round cash transactions to the nearest five cents.

There would be no change for debit cards, credit cards, checks, or mobile payments made through phones.

If Congress approves it, the Common Cents Act would take effect one year after it’s signed into law.

Garcia and McClain highlighted that other countries, including Canada and Australia, have already phased out their smallest coin denominations.

Costly Catch

The lawmakers also pointed out that producing pennies wastes taxpayer dollars.

A Treasury Department report confirmed that it takes around 3.96 cents to mint each penny—nearly four times its face value.

In 2024, pennies made up 54% of the largest coin shipments, followed by quarters at 27%, dimes at 14%, and nickels at 3.5%.

The U.S. Mint also reported an $83.5 million loss last year from producing 3.2 billion pennies—marking the 19th year in a row of losses.

If the penny gets retired, it wouldn’t be a first. Congress eliminated the half-cent back in 1857.

Trump’s Pledge

Earlier this year, President Donald Trump said he directed the Treasury Department to stop minting new pennies.

But since only Congress can decide on currency specifications, Trump didn’t have the power to act on it alone.

Nickels could also be on the chopping block.

That same Treasury report stated it costs almost 14 cents to mint and distribute a nickel.

Rare Finds

Despite all this, some old pennies can still fetch a fortune.

Coins with minting errors or unique histories can sell for hundreds of thousands—or even millions—at auction.

At least three rare pennies still in circulation could be worth up to $138,000.

A one-of-a-kind 1943 penny is valued at $840,000.

Another highly sought-after Lincoln penny has gone for $336,000.

And if you’re lucky, you might even find one of at least four other coins in your change worth a combined total of $3.7 million.

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