In a rather unceremonious post on Truth Social last Sunday, President Trump announced his intent to cease the production of the penny, catalyzing a flurry of speculation and excitement within the coin-collecting community. According to CBS News, Trump declared, "For far too long the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful!" Highlighting the financial impracticalities, every penny minted last year cost the U.S. Treasury 3.7 cents, resulting in a loss of $85.3 million.

While it’s uncertain if Trump has the authority to eliminate the penny due to currency specifications set by Congress, the announcement has nonetheless spurred increased interest among collectors. In a statement obtained by CBS News, collector Scott Evans expressed the sentiment of many, saying, "As an avid collector of coins, the coin collecting community is excited as the discontinuation of the penny is a historic event and it brings a renewed interest in rare and valuable editions."

Despite the announcement, Ken Moon from C&C Coin and Stamp reminds customers that ceasing penny production doesn’t spell its immediate disappearance from circulation. “All the individuals who have the coins in their sock drawers are going to have to start using them," Moon told ABC15. He added that similar cost issues apply to the nickel, which requires 13 cents to make.

The sense of an era ending is palpable for those like Ken Moon, who consider the penny more than just currency, but a piece of Americana. He lamented to ABC15, “It’s a sad day because I’ve grown up with it. I’ve been doing it for 40 years, and it’s been an integral part of our business.”