President Donald Trump has ordered the U.S. Treasury in May to stop minting pennies because their production cost exceeds their face value, but that doesn’t mean you can’t still use the U.S. currency.
Since then, Congress is considering a bill to formalize the end of the penny and require transactions to be rounded to the nearest nickel.
The House Financial Services Committee, which oversees banking and other related matters, advanced the “Common Cents Act” by a vote of 35-13 on July 23.
The House Rules Committee, which sets terms for how a bill will be debated on, must take up the bill next, according to reporting from USA Today. If passed, the bill is then sent to the House floor to be voted on.
At the same time, U.S. retailers have said they are running out of pennies, according to media reports.
According to the American Bankers Association, existing pennies remain legal tender, and banks will continue to accept and process them.
As availability declines however, some banks and merchants may run low or out of pennies, potentially affecting cash transactions that rely on exact change.
Whether it’s pennies, or cents, and you’re unsure what to do with them, here’s a look at their usefulness, and value.
Can I still spend old pennies, other currency?
Generally speaking, it’s U.S. government policy that all designs of Federal Reserve notes remain legal tender, or legally valid for payments, regardless of when they were issued. This policy includes all denominations of Federal Reserve notes, from 1914 to present.
The same applies to old coins. Old coins can be spent just like any other currency. In the U.S. for example, coins and banknotes issued by the U.S. Mint and the Bureau of Engraving and Printing retain their face value regardless of age. While some older coins may hold additional appeal to collectors due to their rarity or condition, they technically can still be used for their original intended purpose of transactions.
If you have old pennies, look them up before spending
People who have pennies that they think are valuable should:
Do many people even use pennies?
American consumers made only 16% of their payments in cash in 2023, according to the Federal Reserve. A 2022 Pew survey found that two-fifths of consumers never use cash at all.
The typical household is sitting on $60 to $90 in neglected coins, enough to fill one or two pint-size beer mugs, according to the Federal Reserve.
Kevin McColly, CEO of Coinstar, the company behind the coin-cashing machines you see in supermarkets, thinks we should change the way we think about coins; to state the obvious, coins are worth money, she said. Coinstar converts $3 billion in coins into spendable cash every year, one coin jar at a time. The average jar yields $58.
“People underestimate the value of their jar by about half,” McColly said. “It’s a wonderfully pleasurable experience. People have this sensation of found money.”
Certain groups of Americans — lower-income households, and those over 55 — still use plenty of cash, the Fed found, along with people who prefer to shop in person.
Can I still get pennies at the bank?
You can still get pennies at banks in the U.S. although some locations are running out.
Can I still turn in pennies at the bank?
Yes, you can still turn pennies in at the bank, although the federal government made its final order of penny blanks earlier this year, reporting from USA Today says.
How many pennies are in circulation?
There are an estimated 250 billion pennies in circulation, according to the American Bankers Association.
This article originally appeared on Detroit Free Press: Pennies are going away in 2026. Here’s what to do with yours.
Reporting by Mike Snider, Daniel de Visé and Jalen Williams, USA TODAY NETWORK / Detroit Free Press
USA TODAY Network via Reuters Connect
