CONTINUED production of the penny could cease if new legislation is approved.

The CONTINUES production of the penny could be halted if new legislation is approved.

It was on April 30 that Lisa McClain (R-Michigan) and Robert Garcia (D-California) unveiled the Common Cents Act.

The bill seeks to phase out the minting of the penny in full and transition to rounding cash transactions to the nearest five cents.

For debit cards, credit cards, checks and mobile payments using a phone, there wouldn't be an impact.

Should it be approved by Congress, the Common Cents Act would go into effect a year after being signed into law.

As part of the move, the two representatives noted that the United States would be following fellow countries that have already eliminated the cent from their currency, including Canada and Australia.

COSTLY CATCH

They also pointed out that the production of pennies ultimately wastes taxpayers' money.

A report by the Treasury Department confirmed that its production costs about four times more than its value at 3.96 cents per penny.

Not only that, but about 54% of the largest coin shipments last year were pennies, with quarters at 27%, dimes at 14%, and nickels at 3.5%.

The US Mint also cited a loss of about $83.5 million in 2024 on the 3.2 billion pennies produced.

It's the 19th consecutive year that's happened.

Should the penny be discontinued, it certainly wouldn't be the first time that's happened in US history.

The half-cent was notably removed by Congress in 1857.

TRUMP'S PLEDGE

President Donald Trump had also announced earlier this year that he'd told the Treasury Department to stop minting new pennies.

Rare coins

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Trump did not have the executive power to act on that himself, however, as all currency specifications are determined by Congress.

Nickels could also be on their way out soon.

The same Treasury Department report also confirmed that it costs nearly 14 cents to mint and distribute the coin.

RARE FINDS

Some older pennies are still worth some serious money.

They often have special minting errors or unique histories that can make them worth hundreds of thousands or even millions at auction.

At least three are still floating around in circulation and could go for up to $138,000.

There's even a unique penny from 1943 worth $840,000.

A highly "sought-after" Lincoln penny from another year is worth $336,000.

At least four other coins in your spare change could also be worth at least $3.7 million.