CLEVELAND — While a penny may not buy what it used to, its fans still celebrate April 1 as National One Cent Day.

What You Need To Know

  • Many people are debating if the U.S. should keep the penny 

  • It costs more than a penny to make a penny 

  • Experts say businesses would likely round prices up to the nearest nickel

The United States first issued a one-cent coin in 1787, designed by Benjamin Franklin. This coin was made of 100% and was larger than today’s penny.

Harry Jones has been collecting coins for more than 50 years.

“An S VDB, 1909-S VDB is at least a $500 dollar coin,” said Harry Jones, owner of Harry E Jones Rare Coins.

Finding the rare ones that are worth so much is not easy, though.

Collectors rely on a “Red Book” to establish how much each coin is worth.

“This is the bible for coins is what we call it,” Jones said.

Jones said people can look by date and the mint mark to see what grade the penny is. 

These days, though, most pennies are becoming more insignificant as time goes on, especially with many people not only using credit cards but also bitcoin and Venmo as well.

“I think we’re living in a world in which the needs to use cash or coins in this case are dropping, and I think the future in what our currency needs are changing,” said Michael Goldberg, associate professor at Case Western Reserve University.

Goldberg said it costs more than a penny to make each penny.

“The cost of making a penny at this point costs more than one cent so recent estimates have showed to actually make a penny, get the materials that’s needed for the U.S. Mint to actually make a penny is about two and one-half cents,” Goldberg said.

Goldberg said he could see the U.S. removing the penny completely, changing the way that the country prices items by adjusting to five-cent multiples.

“Other countries have done this,” Goldberg said. “Canada, Finland, the Netherlands, Sweden, Australia and New Zealand, among others, have all removed pennies from circulation, so there are roadmaps to do this.”

But people like Jones think the penny should be kept around.

“I just think we’ve had it so long we don’t have to get rid of it. I don’t think it’s breaking the country to keep ‘em. I don’t think they’re going broke printing pennies for a penny and a half,” Jones said.

Another argument against getting rid of the penny is that it will hurt consumers.

Experts said without them, businesses would likely round prices up to the nearest nickel, meaning consumers would have to pay a little more for anything they buy.