The Discontinued Penny!

·25 min·2 clips

It costs 2.1 cents to make a penny, so why is the government still producing them?

Sean Yesner, owner of Yesner Law, and financial coach George Garbello host this episode exploring the implications of discontinuing new penny production. They discuss the cultural and practical shifts this policy change might trigger for consumers and businesses. The hosts frame the penny's phase-out as a nostalgic yet inevitable step in modern finance. President Trump has instructed the Treasury Secretary to stop minting new pennies, a move projected to save $56 million annually in material costs. It currently costs about 2.1 cents to manufacture a single one-cent coin. Approximately 3.2 billion pennies were produced in 2024 alone. A 2022 Federal Reserve report found about 60% of actively circulating coins, worth roughly $14 billion, are stored in jars and piggy banks. Canada discontinued its penny in 2012, and Australia and New Zealand eliminated their lowest-denomination coins decades earlier. The hosts mention a client who superstitiously threw pennies in a parking lot, believing it would bring financial return. Sean shares a story about his son using a souvenir penny press at Universal Studios, leading to a discussion on the legality of defacing currency. They note that while creating souvenir pennies isn't inherently illegal, using altered coins as legal tender could be problematic. A significant insight is that the penny's discontinuation will primarily impact cash transactions, potentially leading to rounding at the point of sale. They speculate that as pennies become rarer, some could appreciate in value as collectibles, similar to old $2 bills or silver dollars. The conversation highlights how digital payments largely insulate users from any practical effects of the change. They humorously consider whether a "black market" for pennies could emerge and joke about paying fines with jars of pennies to create administrative hassle. The tone is conversational and lighthearted, blending personal anecdotes with a casual review of news articles and data. The style is educational but informal, featuring banter and jokes about "girl math" and the cost of fast food over time. Listeners interested in personal finance, everyday economics, and light cultural commentary would enjoy this episode. Those seeking deep financial analysis or urgent debt-crushing strategies might find the topic too niche or leisurely.

As heard by us

A small coin opens onto cash habits, scarcity, and nostalgia.

This episode treats the discontinued penny as more than pocket change, showing how a tiny coin can carry practical and sentimental weight. It moves through cashless payments, tipping jars, charity buckets, and the broader shift in what money means once it is no longer physical.

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Why you'd press play

A quick, funny sendoff for the penny and what its disappearance changes.

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