Money Monday: Pennies could soon be a thing of the past, here's what it means for you

The U.S. Treasury Department has announced it plans to stop minting the penny, a move that could change how you spend and save, even if the change isn’t immediate.

Pennies Will Be Minted Through Mid-2026

“They’re going to continue producing the penny until about mid next year, 2026,” Hood explained.

But the issue isn’t supply, it’s circulation. According to Hood, $14 billion in coins are currently sitting unused in people’s homes and vehicles, including:

1. Jars of change
2. Desk drawers
3. Console compartments in cars

“Sixty percent of the country’s supply of coins is just sitting at home,” Hood said. “It’s not a shortage problem, it’s a circulation problem.”

What Will Happen to Prices? Will They Round Up?

The biggest concern: Will stores raise prices if pennies disappear?

Hood says probably not right away, and likely not the way you think.

1. Retailers are likely to keep prices like $6.99 or $9.99, since those numbers are psychologically appealing.
2. But cash buyers may see some impact if coins become harder to use.

“Politicians are concerned that rounding prices could unfairly impact low-income people who pay with cash,” Hood noted.

Credit and debit card purchases likely won’t see any rounding differences due to digital precision.

What Should You Do With Your Spare Change?

Don’t toss your pennies just yet. Instead, cash them in:

1. Use coin machines at local grocery stores or banks.
2. Deposit them into your bank account.
3. Spend them while you still can.

Bottom Line

While the penny is sticking around until at least mid-2026, now is the time to empty your coin jars and turn those cents into dollars.