Are your old pennies worth millions? Experts say you shouldn't bank on it. However, some wheat pennies could be worth hundreds; here's how to find out.

Treasury Secretary Scott Bessent claimed Friday that the United States can ‘retool’ the nickel following an announcement that the Treasury Department will cease all penny production by early 2026. “I think we can retool the nickel and change the composition of the alloys so that a nickel is worth a nickel,

The Treasury Department said it plans to stop manufacturing the penny, calling time on one of the first coins minted by the U.S. government. "CBS Evening News" co-anchor Maurice DuBois takes a look at the wisdom inspired by the centuries-old coin.

“For far too long the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful!” Trump posted on social media. “I have instructed my Secretary of the US Treasury to stop producing new pennies. Let's rip the waste out of our great nations budget, even if it's a penny at a time.”

The cost of producing a penny has skyrocketed in recent years, reaching 3.69 cents, according to the Treasury Department.

Eliminating the penny is expected to save $56 million a year, according to the Treasury spokesperson. “There are about 114 billion pennies currently in circulation in the U.S., but they are severely underutilized,” the spokesperson said.

The Treasury Department will begin phasing out the penny early next year, ending a run for a mainstay piece of American currency first produced by the federal government in the 1790s. This month Treasury has made its final order of penny blanks — the ...