On The Drew Mariani Show, Drew explores the fate of America’s most annoying-yet-sentimental coin: the penny. He brings in Dr. Michael Fuljenz, a coin expert and president of Universal Coin and Bullion, to break down the numbers, history, and inevitable demise of this little copper (well, mostly zinc) circle cluttering up your couch cushions.

🚨 Breaking News: The Penny is Bleeding Money!

Did you know it costs nearly four cents to make a single penny? Yup, that’s right. The U.S. Mint is losing millions every year just to keep these coins in circulation. Elon Musk chimed in calling it absurd. And President Trump recently announced he wants the U.S. Treasury to stop producing them altogether.

Countries like Canada, Australia, Sweden, and New Zealand have already ditched their lowest-value coins, and guess what? The world didn’t end. Instead, they just round cash transactions to the nearest nickel. Simple.

💰 Why Are We Still Holding On?

Americans have a weird emotional attachment to pennies. Maybe it’s Lincoln’s face, maybe it’s the nostalgia of childhood piggy banks. But in reality:

Businesses hate handling them (rolling them, counting them, etc.).

Consumers waste time fishing them out at registers.

The government loses over $120 million a year making them.

Even former U.S. Mint directors from both Republican and Democratic administrations say it’s time to move on. Yet, because Congress controls the purse strings, President Trump’s announcement is more of a suggestion than an immediate action.

What About Nickels? 🤔

If we say goodbye to the penny, what’s next? The nickel! Turns out, nickels cost even more to make (over 11 cents per coin!). But Dr. Fuljenz says the government will likely take a stair-step approach: first the penny, then the nickel, and maybe even physical cash down the road. (Seriously, when was the last time you paid with actual money?)

Dr. Fuljenz shares that only 18% of transactions in the U.S. today are done with cash. Everything else is digital. So… are we inching toward a cashless society? Maybe.

Are Old Pennies Worth Anything? 🧐

(While we can’t offer expert financial advice, it may be worth taking this into consideration!):

Before you toss all your pennies into the Coinstar machine, check for rare ones! Some old pennies, like the 1909-S VDB Lincoln cent, can be worth serious cash. While you probably won’t get rich off your jar of pennies, silver coins (pre-1965 dimes, quarters, and halves) are where the real money is.

Gold and silver look very promising as we forge ahead!

Bottom Line: The penny is on life support. 🪦 Congress might just need to pull the plug. In the meantime, you may want to dump those coins at the bank while they’re still worth something. 😆

 

 

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