TEXAS — According to the U.S. Department of the Treasury, we’ll soon see the end of an era for the penny. A Texas coin dealer and financial expert shared their two cents on whether to save or cash in that big penny stash.
The Dallas Coin Store, which was formerly known as Alamo Coins, has been open at its Richardson location for more than 31 years. The small store is big on buying and selling coins of all kinds and other collectibles. Among their worldwide collections are uncirculated pennies.
“A lot of times, I wind up just giving those away,” said Charles E. Jackson, the general manager of the Dallas Coin Store. “If a kid comes in, oh we get excited, so we give them something to get them interested and excited about coin collecting,” he said.
The Treasury Department announced in May that it will stop producing the penny by early 2026, saying it will save the government $56 million annually. The halt in production is part of President Donald Trump’s plan to cut back on government waste. According to the U.S. Mint, the government spent about 3.7 cents to produce the one-cent coin in 2024.
“It costs a lot to make the pennies, and it’s such a tiny part of our transactions, and we’re seeing more and more transactions go online. It’s probably time to do that,” said Southern Methodist University finance professor of practice Don Shelly, who agreed the cuts don’t make “cents.”
The American penny dates back to the 1790s as one of the first copper coins minted in the country. Shelly explained that the coin was later produced mostly with zinc after 1982. He says you shouldn’t expect a big payday if you cash in the zinc or the old copper ones.
“You can do that, but it’s not legal to melt down any currency. You can’t melt these pennies down, so you would basically have the government call them back and maybe pay you a premium for the copper pennies,” Shelly said.
However, dealers like Jackson say there’s two sides to every coin and recommend holding on to your pennies.
“If you have an opportunity to go to the bank and get the 2025 roll: Jackpot!” joked Jackson. “Well, maybe I shouldn’t say ‘jackpot,’ but it will be for your children or grandchildren. If they’re uncirculated in the original rolls, hold on to those.”
If the coins are already in circulation, he recommends putting them in a jar in hopes that “someday, somebody will want some of them.”
