You probably have a jar of them. Everyone does. They sit in cupholders, gather dust under couch cushions, and occasionally get flattened on train tracks by bored kids. The US one cent coin, better known as the penny, is a strange survivor of a bygone era. Honestly, it’s a bit of a mathematical nightmare when you think about it. The United States Mint spent about 3.07 cents to produce a single penny in 2023. That’s right. We are literally paying double the face value just to keep this little copper-plated zinc disc in circulation. It feels like a bad business move, doesn't it?
Money is weird.
Why the US one cent coin is still in your pocket
People love to hate the penny. They say it’s useless, dirty, and a waste of time at the checkout counter. But here’s the kicker: we still made nearly 4.5 billion of them last year. Why? It isn't just inertia. There are actual lobbyists—like the group "Americans for Common Cents"—who argue that the penny prevents "rounding tax." The fear is that if we kill the US one cent coin, businesses will round every $0.99 price tag up to a dollar. That adds up. Over time, for a family on a tight budget, those extra cents matter.
Then there is the zinc lobby. Since 1982, the penny hasn't been mostly copper. It’s 97.5% zinc with a thin copper skin. Companies like Jarden Zinc Products make a killing selling these blanks to the Mint. If the penny dies, their biggest customer vanishes.
A quick history lesson you actually need
The penny wasn't always this pathetic. When the first US one cent coin was struck in 1793, it was a massive hunk of pure copper. It was almost the size of a modern half-dollar. Back then, a cent actually bought things. You could get a newspaper or a decent meal for a handful of them. Today? You can't even buy a single piece of "penny candy" for a penny. Inflation has turned this once-mighty unit of currency into a rounding error.
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We changed the composition because copper got too expensive. During World War II, in 1943, the Mint even made "Steelies"—pennies made of zinc-coated steel because the military needed copper for shell casings and wiring. If you find one of those in your change, don't throw it away. They are magnetic and look like dimes at first glance.
The collectors' goldmine hidden in plain sight
Most pennies are boring. They are just bulk metal. But some versions of the US one cent coin are worth more than a used car. You’ve probably heard of the 1943 Copper Penny. Only a few were accidentally struck using leftover copper planchets from 1942. If you find a 1943 penny that isn't magnetic, you just hit the jackpot. We are talking six figures at auction.
Then there are the "Double Die" coins.
In 1955, a minting error caused the date and lettering to appear blurred or doubled. It looks like you're seeing double after a few drinks. Collectors obsess over these. Even a 1969-S Doubled Die Obverse can fetch $30,000 or more. It’s the thrill of the hunt. It makes people look at their change before dumping it into a Coinstar machine.
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The 1909-S VDB: The Holy Grail
Before the Lincoln penny we know today, there was the Indian Head cent. In 1909, the Mint switched to the Victor David Brenner design to celebrate Lincoln’s 100th birthday. Brenner put his initials "V.D.B." on the bottom of the reverse side. People lost their minds. They thought it was "illegal advertising." The Mint pulled the initials quickly, but not before the San Francisco mint ("S") struck a tiny batch. The 1909-S VDB is the one every kid with a blue coin folder dreams of finding.
The environmental and economic cost
We need to talk about the carbon footprint. Digging zinc out of the ground, smelting it, trucking it to the Mint, stamping it, and then armored-trucking it to banks takes a massive amount of energy. All for a coin that most people won't even bend over to pick up if it's tails-up on the sidewalk.
Canada killed their penny in 2013. Australia and New Zealand did it years ago. They just round the final bill to the nearest five cents for cash transactions. Digital payments stay exact. The world didn't end. Inflation didn't skyrocket. People just stopped having heavy pockets.
The psychological tether
So why does America cling to it? It’s sentimental. Abraham Lincoln is on the front. He’s a hero. Removing the US one cent coin feels, to some people, like demoting a legend. Plus, there is the "charity factor." Think about the Ronald McDonald House or those "Pennies for Patients" drives in schools. Small change adds up to millions for non-profits because people are willing to give away something they perceive as worthless.
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How to handle your coins right now
If you’re sitting on a mountain of pennies, don't just let them sit there. Zinc rots. If the copper plating gets scratched, the zinc core reacts with the air and turns into a white, crusty mess.
- Check the dates. Anything before 1982 is 95% copper. These are actually worth about 2.5 cents just in metal content. While it is currently illegal to melt them down for profit, many "preppers" hoard them as a hedge against currency collapse.
- Look for the 'S'. Coins minted in San Francisco are generally rarer in general circulation.
- Look for errors. Keep an eye out for coins where the strike looks "off-center" or where the letters seem to have a shadow. These "error coins" are where the real money is.
- Use the self-checkout. If you're embarrassed to hand a cashier 40 pennies, use the self-checkout machines. Most of them have a coin hopper. Dump them in and let the machine do the counting. It’s better than paying a 12% fee at a grocery store kiosk.
The US one cent coin is a relic. It is a tiny, copper-colored ghost of an economy that used to value the small things. Whether we keep it for another fifty years or finally retire it to the history books, it remains the most handled piece of Americana in existence.
Actionable steps for your penny jar
Don't just leave that jar on the dresser. First, separate anything dated 1982 or earlier. These are your "copper" stash. Check the 1982 ones specifically—that was the transition year, so some are copper and some are zinc. You can tell by the weight. A copper penny weighs 3.11 grams, while the zinc ones are only 2.5 grams. If you have a digital kitchen scale, use it.
Second, look for the "Close AM" or "Wide AM" varieties on pennies from the 1990s. On some years, the 'A' and 'M' in AMERICA on the back are almost touching, and on others, there’s a clear gap. Depending on the year, the "wrong" spacing can make the coin worth hundreds.
Finally, if you just want the cash, go to your local credit union. Many have coin-counting machines that are free for members. Avoid the big-box kiosks that take a massive cut of your money. Your "worthless" change might actually be enough for a nice dinner—or, if you’re lucky, a down payment on a house.