Nov. 18, 2025
The Pending Phase-Out Of The U.S. Penny
Today, we’re diving into a headline that’s been circulating more and more lately: the phase-out of the United States penny.
It’s a small coin with a big history—but also a growing cost. So today, we’ll break down why the penny may be on its way out, what that means for you as a consumer, and the simple things you can start thinking about now to prepare.
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Welcome afternoon, Michiganders, and welcome back to Tuesday with Tom
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Michigan's Only podcast, where we talk about estate planning, a
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state settlement, and everything in between. As always, I'm your tope,
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I'm your host, Tom Doyle, estate planning attorney, lifelong Michigander,
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and your guide to planning for your future.
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Well, just a.
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Brief recap last episode. Don't rely on services like Trust
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and Will or Legal Zoom for your estate plan. If
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you're thinking about using one of those services or similar
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service online where you can order your state plan, please
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please listen to this important episode where I explain how
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those services actually work and why we do not recommend
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that you use one. Today's show, well, we're kind of
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cut topic that you probably wouldn't expect me to be
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talking about today, but it's in the news. So today
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I'm going to spend a little time talking about depending
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phase out of the US penny. But please remember what
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I'm about to discuss is meant to be educational and informative.
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It is not legal advice.
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Every person's situation is different, so be sure to talk
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to your own attorney in this case, perhaps your banker
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financial advisor to figure out what makes the most sense
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for you and your estate plan. The pending phase out
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of the US penny. Well, if you've been listening to
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the news recently, you would know that, in fact, the
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US Mint has stopped.
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Making the United States penny.
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Well, it's a small coin, but it's got a big
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history and it's got a growing cost. So today we're
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going to break down why the penny is on its
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way out, what that means to you as a consumer,
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in the simple things that you can and do starting
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now in thinking and preparing for that to happen. So first,
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why is the penny being phased out? Well, for years,
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economists and policymakers have pointed out that the penny actually
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cost more to make than it's worth. According to the
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US Mint, currently it is now costing three point six
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y nine cents to mint a single penny, which means
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obviously the US loses millions of dollars annually simply keeping
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the penny in circulation. On top of that, quite frankly,
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pennies are rarely used in everyday transaction. Ask yourself, how
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frequently do you actually use a penny or do you
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simply take them home and p apps in your money
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jar or maybe they're going to end up in the
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bottom of your car's cup holder. So they're rarely used
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in everyday transactions, and they can create inefficiencies at tax
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at cash interested it takes obviously time for someone to
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count out those penalties pennies during the daytime to make
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change and at.
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The end of the day and other countries.
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Think about other countries, Canada, Australia, and New Zealand all
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phased out their lowest denomination coins years ago without any
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major disruption. So the US is headed towards the same conversion.
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So what will the phase out actually look at. Well,
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the key thing to understand is that eliminating the penny
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does not mean prices will suddenly jump. A lot of
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people are concerned about, well, if there's not a penny,
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prices are going to have to jump. Well, here's how
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it typically works based upon other countries and what is
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expected to happen in the US model. So first, as
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already noted, pennedies, pennies have stopped being produced now, retailers, banks,
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the public can still use them, but they will gradually disappear. Second,
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cash transactions are going to be rounded. That doesn't mean
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prices don't change, but only the final total after tax
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is going to be rounded to the nearest nickel. So
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when you're spending cash for your transaction, after the final
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total is calculated, that total is going to be rounded
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to the nearest nickel. However, electronic payments, cards, phones, online
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purchases are going to remain.
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Exact to a cent.
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So if you're going to be spending cash, your final
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number will be rounded to the nearest nickel, But if
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you're going to be paying with some electronic payment, it
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is going to be still at the exact penny. Now
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rounding is neutral, what will happen is that totals ending
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in one to two cents will be rounded down, while
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totals ending in three to four cents will be rounded
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up again, basically going down or up to the nearest nickel. Actually,
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when this occurred in Canada, studies show that the overall
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impact on consumers was almost zero. But what does this
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mean for you as a consumer. Well, again, for most people,
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the impact is going to be minimal. But here's what
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you can expect. One there's going to be less loose
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change clutting your life without the penny. Change becomes simpler
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and quicker. You're also going to find a push towards
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digital payments. Many people already prefer to pay and will
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continue to prefer to pay electronically to avoid rounding all together.
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You will also likely see changes that cash registers.
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Cashiers will be rounding your final total up or down,
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and some of those businesses might even publish a rounding chart.
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But again, just remember what I already stated is at
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a total ending in one to two that would be
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rounded down, a total ending in three to four.
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Would be rounded up.
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You might also find that charities may adjust donation campaigns,
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maybe penny drives, which, as some charities have done in
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the past, will shift now towards nickel or dollar based models. Well,
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what should you do to prepare now? It's already happening,
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So here are some simple practical steps that you could
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consider taking now. One, either start using or rolling your pennies.
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If you have jars full of them, good chance to
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roll them, take them to your bank or your credit
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union and convert them into usable funds.
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Well.
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Another, obviously, don't panic because they will still be accepted
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at banks even after the phase out begins. It's expected
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that banks will accept them for years, So it's not
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like you have to rush out right now today, roll
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all of your pennies, run to the bank and change
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them in or catch them in because they've stopped producing
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the pennies.
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But there will be a period of.
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Time that banks will continue to accept them before they
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stop accepting pennies at all. You might consider donating your pennies.
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Many charities out there are going to gladly accept your
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rolled or loose coins. And don't assume you'll be cheated
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by rounding. It doesn't necessarily you're going to be cheated.
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Countries that eliminated their lowest coin really saw almost no
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consumer disadvantage. Also, pay attention to how you pay. If
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rounding bothers, you then use a card, or use an
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Apple pay, or use an electronic payment, and your totals
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are going to remain exactly the same because they are
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not going to be rounded. Ultimately, though, the debate over
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the penny is about whether or not sentiment and tradition
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outweigh cost and practicality. While the penny has been part
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of the US currency since seventeen ninety three, the realities
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of today's economy make its retirement inevitable for consumers. Thoh,
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the impact should be minimal, even smooth, especially if you
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start doing things now with the pennies that you have
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already accumulated. Well, before we wrap up, though, I thought
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it might be fun to take a quick detour and
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look at some of the interesting trivia about pennies. Some
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things you might not know, but we'll definitely enjoy hearing,
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and it might one day help you on some trivia
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question if you're ever being in a trivia game and
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the question about pennies come up. So let's jump into
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today's fun fact segment. Well, fun fact one, A penny
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used to go a long way. Well, when the first
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US penny was minted way back in seventeen ninety three,
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it actually had the same buying power as about thirty
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cents today, a single penny could buy basic goods, which
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is a far cry from its value today, where most
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of us won't even pick one up off the sidewalk.
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I know I do.
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If I see it on the sidewalk or I see
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it through a parking lot, I will pick that penny up.
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I normally take it home, put it in my money jar.
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Now when I pick those up, I'll obviously be cashing
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them in, hopefully sooner rather than later at a bank.
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Fun Fact two, the penny has actually had more makeovers
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than any other US coin over the years. The penny
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has actually undergone eleven different design changes, which are more
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than any other coin in US history. That would be
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from Liberty themed designs to the Lincoln Memorial. It has
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had quite the facelift over time. Fun Fact number three.
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Pennies aren't really copper anymore. I know we think about
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them as being copper, but despite their classic color, today's
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penny is actually ninety seven point five percent zinc coated
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with a thin layer of copy and copper. And that
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switch happened in nineteen eighty two when copper got too
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expensive for the mint to use, so they switched made
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the penny mostly of zinc with a coding of copper
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as a way of saving cost in producing the penny.
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Fun Fact four.
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This probably won't surprise you to learn, though, that a
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mayor Perkins hoard pennies buy the billions.
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That's with a B. It's estimated that.
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Over seven billion dollars worth of pennies are simply sitting
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in jars, drawers, glove compartments all across America. Most pennies,
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in fact, never get recirculated. They just vanish into our
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household change black holes. Fun Fact five the penny, and
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I mentioned this earlier, though the penny actually cost more
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than it's worth. It costs more to produce one penny
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now than the one penny is worth.
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And if you.
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Multiply that that three point six number that it's costing
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to produce penny today, and you multiply that times the
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number of pennies, that three point sixty nine number, and
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you multiply that times the number of pennies, billions of coins,
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billions of coins, and taxpayers end up footing the bill
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for currency that we seldom use. Fun Fact number six.
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Other countries ditched their pennies long ago. Canada eliminated its
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penny in twenty thirteen, Australia stopped minting theirs in nineteen
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ninety two. New Zealand did the same in nineteen eighty nine,
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all of them transitioning smoothly with simple rounding rules, and
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their consumers adjusted almost immediately. Fun Fact number seven nineteen
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teen forty three steel penny well during World War Two
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copper because it was needed for ammunition. The mint because
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of that issued pennies made from zinc coated steel. You
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might have seen some of those from back at that time.
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They looked silver, felt lightweight, and quite frankly, today they's
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simply a popular collector's item. Fun Fact number eight. Lincoln
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made history on the penny. When Abraham Lincoln's image was
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added to the penny in nineteen oh nine, he became
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the first real historical figure to appear on US currency.
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Fun Fact number nine.
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You might ask yourself, is it legal to melt pennies
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and to use the copper if you will in that
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from that process. Well, even though the metals can be
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worth more than a cent, US law in fact prohibits
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melting pennies and nickels for scrap value. So no, you
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can't start a black market copper operation from your coin jars.
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So forget about that. If that was something that you
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had been thinking about. Fun Fact number ten. Pennies are
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actually heavier than you might think. A single penny weighs
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two point five grams. Well, if you have a jar
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of one thousand pennies, that's over five point five pounds
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of metal. And again multiply that by the millions of
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household and you start seeing why billions of pennies disappear
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from circulation. Well, that that's going to wrap up this
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week's fun facts insert. The penny may be small, but its.
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History is anything but.
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So I guess let's just get back to the rest
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of the show. Well, today's program, Well, we've talked about pennies. Obviously,
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the show is really about estate playing a state settlement.
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So remember amand and I would be honored to help
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you protect the people you love, whether that means creating
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a new estate plan, updating existing one, or guiding you
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through the estate settlement process during a difficult time. And
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we try and make it easy and convenient to get started.
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We have in person appointments those are available both in
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Grand Rapids and in Lancing. We also have virtual consultations
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that can be by zoom or phone, so we can
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work with you wherever you happen to be in Michigan.
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And we have our Legal Store. Maybe you just need
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one document, maybe you're looking for a new certificate of trust. Well,
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our Legal Store enables you to order individual legal documents
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twenty four to seven that can be prepared and delivered
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to your email inbox. All of that and more is
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available through our website, DOYLELOWPC dot com. So I encourage
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you to learn more, schedule your consultation today head on
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over to doylelowpc dot com and we look forward to
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working with you.
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Well.
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I think that's going to be a raptor today's show
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though as all. If you have a comment, a question
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that you'd like to have answer, a topic that you'd
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like me to cover in future episode, head over to
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