Earlier this year I wrote “Pondering the Penny” about doing away with the penny. The interest then was generated by President Trump’s Department of Government Efficiency. Specifically, the major concern was that the U.S. Mint reported that it cost 3.69 cents to make each penny, Put another way, it cost close to $180 million to make 4.5 billion pennies in FY 2023! But, it wasn’t a new idea as federal legislation to do away with the penny had been introduced as early as 1990. Last January there were no published public plans to do away with the penny, only talk.

Then, in mid-February President Trump ordered the U.S. Treasury to stop minting new pennies with the justification being the rising cost of producing the coin. There were questions if the President had the authority to unilaterally eliminate the penny; but he didn’t eliminate it: only ceased production. Legislation has been introduced to eliminate production and probable use of the penny (with various differences) but nothing has been passed by the Congress and given to the President for his signature.

The next milestone in this saga was on November 12 this year when the United States Mint facility in Philadelphia struck the final circulating one-cent coin. The event marked the end of the 232 year history of the United States penny as a circulating coin. Special ceremonial one cent coins may be produced in the future for collector and/or historical purposes.

The penny, generally considered the “copper coin”, has had several composition changes over the past two centuries. Most notable changes include the steel penny in World War II (1943) and a 1974 attempt to have an aluminum penny which did not stay in circulation long. The U.S. penny was last issued with 100% copper content in 1857 and was last copper dominant in 1982. The transition in 1982 was from a 95% copper to a 95% zinc penny.

Of particular interest is the Lincoln Wheat Penny (1909-1958). This penny was first minted in 1909 to commemorate the 100th year since President Lincoln’s birth. Interesting because Lincoln Wheat Penny values are rising. Admittedly, Lincoln Wheat Pennies from the early 1940s to the end of production that are in good or fine condition may only be worth face value; pennies from the same years in extremely fine or uncirculated condition may be worth 20 to 35 cents or more. On the other hand, pennies in good condition in the pre-World War II years may be worth from 15 cents to over a dollar. A 1931 (S) Lincoln Wheat Penny in good condition may be worth $60 and an uncirculated one could fetch $150! Plain old Lincoln pennies aren’t worth that much but may bring more than face value if the right year and mint and in extremely fine condition! (Good luck!)

AMAC (Association of Mature American Citizens) is currently conducting a public opinion poll on their website about the penny. The question is “The U.S. Mint will no longer make the penny. Which most closely matches your view on this decision?” With well over 18,000 responses, the results were: “Makes sense” 7.7%; “It is the right decision” 62.9%; “Elimination will mean retailers will round up” 26.0%; and “No Opinion” 3.3%. Looking closer, the results of “Makes sense” and “the right thing” are over 70%!

With a looming shortage of pennies either already here or coming soon, what can we do? Kwik Trip was the first business I noticed that had a plan (but I didn’t make good notes). Others may just round down – but I am afraid that will cost the company. Many are continuing to use pennies. Whatever the process becomes, it needs to be standardized from business to business and region to region. I am a firm believer in the 10th Amendment –States Rights—but this is a national concern!

I will repeat my suggestion from last January based on what the U.S. Military uses in Commissaries and Exchanges in Europe (or did when I lived there a few decades ago). Leave prices the same and at the cash register totals ending in 0 and 5 will remain the same. Totals ending in 1, 2, 6, and 7 will be rounded down while totals ending in 3, 4, 8, and 9 will be rounded up. This may take reprogramming of cash registers and will certainly take some training on the humans involved – all of us!

In the meanwhile, the good news is that the penny is still legal tender and must be accepted as such. To add to the story there is already discussion about doing away with the nickel as well.

Be aware of the changing dynamics and ready to react until a new normal gets established. The new normal may not arrive soon. USA TODAY asked the $64 million dollar question: “How soon will the penniless future arrive?”

I thought about asking the 6,400,000,000 penny question, but then I remembered pennies are not being minted anymore, are still legal tender, and are becoming scarce!