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After over 200 years, the United States government plans to stop making new pennies, the Treasury Department told the Wall Street Journal.
Online chatter has lots of folks looking at their caches of coins hoping to find Lincoln wheat pennies that they unrealistically hope are priceless.
In a cost-cutting move, the U.S. Treasury will stop minting new pennies. Originally introduced in 1793, the one-cent coins will still be legal tender. There are more than 100 billion pennies in circulation.
That can lead to coins like the 1943 Lincoln bronze cent, which was made out of bronze in error. It should have been made out of zinc-coated steel, with the Mint having stopped using bronze which was needed for the war effort. Around 20 bronze Lincoln cents have been discovered, with the most expensive being sold for $1.7 million.
Once the penny is officially discontinued, certain rare specimens could see a spike in market value. Currently, some examples are valued between $15,000 and $2.4 million, and may become even more desirable due to limited supply. This trend is likely to affect not just collectors, but also investors in the growing rare coin market.
1don MSN
A penny saved was a penny earned. A penny bought your thoughts. A penny was pretty. A penny was pinched. A penny might even be hiding in your loafer. There won’t be as much of that anymore. The Treasury Department said on Thursday that it was phasing out the penny.