Is the penny going away? Not yet (2024)

FAQs

Is it true that pennies are going away? ›

The short answer is no—or at least, not yet. The U.S. Mint has no plans to discontinue the penny, and such a move would require congressional approval. However, the “Penny Debate” continues in the United States, with pro- and anti-penny advocates both making some pretty solid points in their arguments.

In effect, eliminating the penny means all retail prices would end in zero or five. Some prices would rise a few pennies; some would be rounded down. Prices that end in 99 cents are common, and penny proponents have argued that eliminating pennies would amount to a one-cent sales tax.

That was until the federal government decided to take the penny out of circulation in the 2012 federal budget, following a finance committee study that deemed the coin too expensive to produce and no longer necessary.

Do banks still take pennies in Canada in 2022? The banks have not said anything about discontinuing the acceptance of pennies as of yet. However, it is possible that they will stop taking them in the future since the government is trying to phase them out.

They combine to 5,241,420,000 coins, which is 15.5% more than the 4,538,040,000 coins minted in the first four months of last year. If the current production pace stretched through to December, the annual mintage for 2022 would top 15.7 billion coins.

Yes. A bank can set its own internal policy as to whether it will accept or exchange unrolled coins for currency.

2022 Uncirculated Coin Set

This year's set includes a whopping total of twenty stunning examples of circulating United States coinage struck at the Denver and Philadelphia Mints.

A penny from 1909 was the star of the show. It is, in fact, considered one of the rarest and most highly valued pennies in existence, made to celebrate the centennial of Abraham Lincoln's birth and inscribed with the initials of its designer, Victor D. Brenner. It sold for $365,000.

America's first one-cent piece, called the "large cent," was first struck in 1793, one year after the Mint opened. It was so big that it was hard to use, but it wasn't replaced by a smaller penny until 1857, more than 50 years later.

Do banks still take pennies in Canada 2022? ›

Yes, pennies continue to be legal tender in Canada and banks accept them for cash payments.

Banks not only distribute new coins they receive from the Federal Reserve Banks, but also old coins. Banks can return excess coins to Reserve Banks, which re-distribute the coins to other banks and take worn coins out of circulation.

$0.0251932 is the melt value for the 1909-1982 copper cent on December 07, 2022.

Conversation. Yes, Canadian pennies are still accepted at our Coinstar Machines.