Penny set to become valuable collectors item after being discontinued
According to the government, it cost almost four cents to make each penny, and the move was done to save money.
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The last penny ever was made by the United States Mint this week, making the remaining ones in circulation collectors items.
According to the government, it cost almost four cents to make each penny, and the move was done to save money.
At Bronx Pawn Shop on White Plains Road in Williamsbridge, owner Nick Isakov says that old coins have "a huge market," and the penny will fit right in.
"Like all things discontinued, eventually they become collectors items," Isakov said, explaining that the main appeal will be the nostalgia factor.
As for how much a penny will eventually go for, Isakov showed off a three-cent coin from 1870 he had in stock, which would go for between $20 and $30, although he said it could be worth more once it was evaluated.
"Maybe with time, (a penny will) be worth $1, maybe a little bit more, I mean if you think about it, it's not much, but turning a penny into $1, that's...." Isakov smiled and shrugged.
Still, he also says like any investment, it will not happen overnight.
"People have jars of pennies at home, so it'll take time before you can cash them in," he explained.
Beyond that, the value of the penny may also depend on when it was made. Pennies from before 1982 were made mostly with copper, while ones after were made mostly with zinc.
"Copper is worth about $4 a pound, zinc is nowhere near that," Isakov said.
The United States Treasury Department has said pennies will still be legal tender, meaning stores will continue to accept them, and people have the option to just keep spending them.
However, Isakov says personally, he plans to hold on to a few.
"You're going to see them pop up on eBay fairly quickly," he predicted. "It's going to be cheap at first, and then get a little more expensive gradually."
