Farewell to the Penny: (No) Impact on Numismatics?

But what does this development mean for American numismatics? CoinsWeekly spoke with Charmy Harker, a U.S. coin dealer known across the country as The Penny Lady®. She specializes in U.S. small cents, particularly Indian Head Cents, Lincoln Cents, Flying Eagle Cents, as well as early copper coins like Large Cents and Half Cents. Harker’s journey into numismatics began in the late 1990s when she inherited a coin collection from her aunt. Instantly drawn to the artistry of the Indian Head Cents, she immersed herself in the series and gradually transitioned from passionate collector to professional dealer.

Harker went on to found her business, The Penny Lady®, and became widely recognized as an expert in high-quality U.S. copper coinage. She regularly appears at major coin shows across the country, including the Long Beach Expo and the Whitman Expo in Baltimore. Her inventory features rare and high-grade pieces, such as the 1873 Doubled Liberty Indian Head Cent in MS64BN and the 1916 Lincoln Cent in PR66RB.

Beyond her work as a dealer, Harker is a dedicated contributor to the numismatic community. From 2013 to 2022, she served as President of Women in Numismatics (WIN), advocating for greater inclusion and support of women in the field. She is also an active member of the American Numismatic Association (ANA) and various other professional organizations.

Question: Charmy, you’re known as “The Penny Lady” – how did you react to the news that the U.S. cent might be discontinued?

Charmy Harker: I was not surprised, as it’s been coming for quite some time. Almost every year, some politicians bring up the idea of doing away with the penny due to its cost to produce, but the penny has always been so popular that it has stayed with us.

Why does the penny mean so much to you personally? What makes it worth collecting in your eyes?

The penny is usually the first coin, due to its low denomination, that kids start with when putting a collection together. Many of my customers now are upgrading the penny collections they started 20, 30, 40, even 50 years ago. For me personally, if you read my story, I fell in love with the beauty and design of the Indian cent, and that’s what drew me to specialize in pennies. As far as a penny being “worth” collecting, each series has at least one or two dates where the mintage is very low, which makes that particular coin/year more rare and thus more valuable – worth putting away as an investment in their collection.

Many people consider the penny “worthless pocket change.” How do you respond to that perception as a dealer and collector?

I guess “value” can be seen as a relative term, since a penny may not be valuable in and of itself, but to someone who needs it to help complete their collection, that penny is valuable to them.

How large is the collecting community around the U.S. cent? Are there specific dates or varieties that are especially sought after? How has interest in collecting specific denominations developed over the years in the U.S.?

Collecting pennies is very popular, as the penny is usually the first coin a budding numismatist begins collecting. And most denominations have one or two dates that are more collectible or valuable than other dates in that series due to their low mintage:

For Indian cents, the 1877 and 1909-S both have very low mintages compared to most of the other dates in that series.

And the Lincoln cent also has the 1909-S VDB and the 1914-D, which have very low mintages comparatively speaking – and these dates are always sought after to complete a penny collection. They are usually the last dates needed, since they are more expensive in any condition.

As far as collecting specific denominations, I can only speak to the penny, and as I said, it has always been a popular denomination, especially for beginner collectors. Whenever there are “kids’ tables” at coin shows, you’ll almost always see a pile of pennies on a table for kids to sift through and hunt for dates to fill holes in a coin album.

What would the elimination of the cent mean for your work – economically, but also emotionally?

I don’t think the elimination of the cent will have any impact on the collecting world. I have noticed there are a lot of penny collectors trying to buy 2025 penny rolls since they feel the 2025 penny will become more valuable, but the value of the 2025 penny will depend on how many the Mint makes, rather than the fact that it’s the last year of the penny. I do think and hope the Mint will continue producing the penny just for distribution in their mint and proof sets, which are created specifically for collectors.

Are there historical examples of certain denominations or coins being retired in the U.S., and how did that impact the coin market?

There are numerous examples of the Mint ceasing production of some denominations and specific designs, like the half cent, the two cent, the three cent, the large cent, the Flying Eagle cent, the Indian cent, the Wheat cent, etc.

There usually was a specific practical reason for ceasing a denomination or changing the design on coins, and there was often a collecting frenzy whenever that event was announced – like there sort of is now with people trying to buy rolls of the 2025 cent.

Do you have a personal favourite in your own collection? And why is it so special?

I have a few different coins in my collection that I really love for different reasons. My 1856 Flying Eagle cent is one of my favourites because it is so rare, and my specific piece has beautiful toning, which is what really catches my eye when hunting for coins for my personal collection.

I also love my 1955/55 Doubled Die Lincoln cent because it too has beautiful toning and is my favourite Lincoln cent overall due to its very bold doubling and the story of how it was discovered in vending machine cigarette packs.

I also have a beautifully toned 1894/94 Indian cent that has gorgeous but unusual yellow/blue/greenish toning and a very bold repunched date.

And then there are my crazy, dramatic Indian cent errors that I absolutely love! I could go on and on…!

You can check out all the coins in my personal collection on my website here.

What are your customers saying about the idea of retiring the penny – are they worried, indifferent, or maybe even excited?

I think most of my customers have the same feelings as I do – more indifference. If you take Canada as an example, when they ceased production of their cent, hardly anyone noticed or really cared. It didn’t have much impact on collectors or commerce.

Has the current discussion had any impact on the collector market? Have you noticed price movements in certain penny issues?

The cessation of the cent hasn’t – nor do I think will – have any impact on pricing of any other dates of pennies. Values of coins are based on the rarity and condition of that particular date, and I don’t think ceasing the production of a particular series will have much impact on the previous dates.

Finally, what would you say to a young collector or beginner who’s thinking about starting a U.S. penny collection now – what is a good way to start, and what can be future steps?

I hear this question a lot, and my advice is:

1. Try to buy the rarest (usually more expensive) pieces first, as these lower-mintage pieces will increase in value more than the higher-mintage pieces. This means they will increase in value while in your collection, instead of being more expensive later when you try to buy them last.
2. Buy the best quality, unmolested, undamaged, highest-condition coin you can afford when starting any type of coin collection. Do not buy cleaned or damaged coins just because they are a “good deal.”
3. Try to match the condition and toning of each piece as much as possible. This creates a very aesthetically pleasing and more desirable collection.