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So Long, Pennies

The U.S. spends millions of dollars each year producing a one-cent coin that hardly anyone uses. It has decided it’s time to say goodbye to pennies.

September 22, 2025

By Jennifer Barone

AS YOU READ, THINK ABOUT how long it’s been since you last used pennies to buy something.

In 2024, the U.S. spent about 3.7 cents on every penny it made—almost four times the coin’s face value! For years, many people have wondered if it makes sense to keep making cents.

Today’s pennies are made of zinc (Zn) with a thin coating of copper (Cu). Each coin contains about half a cent’s worth of these elements—substances made of only one type of atom. Producing and distributing the coins bumps their cost much higher. Yet we keep making more.

In 2024, the U.S. spent about 3.7 cents on every penny it made. That’s almost four times the coin’s face value! Does it make sense to keep making cents? Many people have wondered that for years.

Today’s pennies are made of zinc (Zn) with a thin copper (Cu) coating. Both are elements, or substances with only one type of atom. Each coin contains about half a cent’s worth of these elements. The cost of making and delivering the coins is much higher. But we keep making more.

There are currently about 240 billion pennies in circulation in the U.S. That’s about 700 per person!

Pennies have become an expensive problem because “people don’t take them to stores and spend them,” says Robert Whaples. He’s an economist at Wake Forest University in North Carolina. The U.S. Mint—the nation’s coin producer—supplies banks with new pennies. Stores take out pennies from banks to make change for customers. The pennies end up collecting in jars in people’s homes instead of circulating back to stores and banks, says Whaples. So banks need more pennies from the Mint, and the cycle starts again.

Canada stopped making pennies in 2012. Canadian cash purchases are now rounded to the nearest nickel. People can trade in old pennies for other forms of cash at banks. Metal from the coins is recycled into new products. For decades, U.S. policymakers have discussed getting rid of pennies. In May, the U.S. Treasury Department announced that it would stop making new pennies by 2026, and Congress introduced bills to end their production. Penny for your thoughts?

Pennies have become an expensive problem. That’s because “people don’t take them to stores and spend them,” says Robert Whaples. He’s an economist at Wake Forest University in North Carolina. The U.S. Mint is the nation’s coin producer. It supplies banks with new pennies. Stores get pennies from banks to make change for customers. Then the pennies sit in jars in people’s homes. The coins don’t make it back to stores and banks, says Whaples. So banks need more pennies from the Mint, and the cycle starts again.

Canada stopped making pennies in 2012. Now Canadian stores round cash purchases to the nearest nickel. People can trade old pennies for other forms of cash at banks. Metal from the coins is recycled into new products. For decades, U.S. policymakers discussed getting rid of pennies. In May, the U.S. Treasury Department made an announcement. It will stop making new pennies by 2026. Congress also introduced bills to end penny production. Penny for your thoughts?

Keep It or Ditch It?

A 2022 survey asked 1,271 Americans whether they thought the U.S. government should keep producing pennies. Here’s how they responded.

DIG INTO THE DATA: What do you think—should the U.S. stop producing pennies?

Keep It or Ditch It?

A 2022 survey asked 1,271 Americans whether they thought the U.S. government should keep producing pennies. Here’s how they responded.

DIG INTO THE DATA: What do you think—should the U.S. stop producing pennies?

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THE COST OF MONEY

This graph shows the cost of producing and distributing common coins in the U.S. over time.

DIG INTO THE DATA: Which of these coins cost more to produce than their face value in 2024?

THE COST OF MONEY

This graph shows the cost of producing and distributing common coins in the U.S. over time.

DIG INTO THE DATA: Which of these coins cost more to produce than their face value in 2024?

What Pennies Are Made Of

Prior to 1982, pennies were made from an alloy—or metal mixture—of 95 percent copper (Cu) and 5 percent zinc (Zn). But copper became too expensive, and the U.S. Mint changed pennies’ composition. This graph shows what pennies are made of today.

DIG INTO THE DATA: Which coin contains a higher percentage of a single element: a penny minted in 1980 or one produced in 2024?

What Pennies Are Made Of

DIG INTO THE DATA: Which coin contains a higher percentage of a single element: a penny minted in 1980 or one produced in 2024?

PENNIES THROUGH THE YEARS

The penny has a long history. Check out some highlights from its past.

PD VIA WIKIMEDIA

1787

The first U.S. penny, the Fugio cent, is introduced. This 100% copper coin, larger than a modern quarter, is thought to have been designed by Benjamin Franklin. It reads, “Mind your business.”

1787

The first U.S. penny, the Fugio cent, is introduced. This 100% copper coin, larger than a modern quarter, is thought to have been designed by Benjamin Franklin. It reads, “Mind your business.”

PD VIA WIKIMEDIA (PENNY); ALEXANDER GARDNER/LIBRARY OF CONGRESS (LINCOLN)

1909

Abraham Lincoln first appears on the penny, in honor of the 100th anniversary of his birth.

1909

Abraham Lincoln first appears on the penny, in honor of the 100th anniversary of his birth.

1943

During World War II, pennies are made of steel coated in zinc to conserve copper for military use. A small number are accidentally minted with copper. In 2021, one of these rare coins sold for $840,000!

1943

UNITED STATES MINT (BACK OF PENNY); SHUTTERSTOCK.COM (LINCOLN MEMORIAL)

1959

The Lincoln Memorial replaces wheat bundles on the back of the penny. In 2010, the back changes to a shield representing the original 13 colonies.

1959

The Lincoln Memorial replaces wheat bundles on the back of the penny. In 2010, the back changes to a shield representing the original 13 colonies.

2024

The U.S. produces 3.2 billion pennies, worth $32 million, at a cost of $117 million!

2024

The U.S. produces 3.2 billion pennies, worth $32 million, at a cost of $117 million!

DIG INTO THE DATA: For how many years have pennies been produced in the U.S.?

PENNIES THROUGH THE YEARS

The penny has a long history. Check out some highlights from its past.

PD VIA WIKIMEDIA

1787

The first U.S. penny, the Fugio cent, is introduced. This 100% copper coin, larger than a modern quarter, is thought to have been designed by Benjamin Franklin. It reads, “Mind your business.”

1787

The first U.S. penny, the Fugio cent, is introduced. This 100% copper coin, larger than a modern quarter, is thought to have been designed by Benjamin Franklin. It reads, “Mind your business.”