The United States just announced it’s saying goodbye to the penny. That tiny, coppery one-cent coin is getting ready to retire after more than 100 years in pockets, piggy banks, and couch cushions.

Why now? Because it costs nearly four cents to make just one penny. That’s like spending $4 to make a $1 coin, which isn’t exactly a great deal. To save money, the U.S. Treasury has decided that starting in 2026, they’ll stop making new pennies.

If this sounds familiar, it’s because Canada already made the same move. In 2012, Canada stopped producing pennies, and everything kept running smoothly.

Here’s how it works:

If you’re paying with cash, stores round your total to the nearest 5 cents.

If your total is $4.92, it’s rounded down to $4.90
If it’s $4.93, it’s rounded up to $4.95

If you pay with a card, nothing changes. You still pay the exact amount.

So what happens to all the pennies already out there? They’ll stick around for a while. People will still use them, save them, and of course, toss them into fountains. In fact, the penny is the most commonly thrown coin into fountains when people make wishes. It may not be worth much, but it’s full of hope.

Here are some penny-sized fun facts:

In the U.S., the penny has had Abraham Lincoln’s face since 1909
Canada’s last penny was made in Winnipeg in 2012, and it’s now a collector’s item
Some rare pennies are worth hundreds or even thousands of dollars
Pennies don’t contain much copper anymore—they’re mostly zinc
There are more than 100 billion pennies still in circulation
Most businesses will round cash totals as pennies go away, while card payments stay exact
And yes, most of those shiny coins at the bottom of fountains? Pennies

And get this: the penny isn’t the only coin that costs more to make than it’s worth. The nickel costs over 13 cents to produce, even though it’s only worth five. That’s why some people think the nickel might be next on the chopping block. Other coins, like dimes and quarters, are still cheaper to make than their value, so they’re here to stay.

So while the penny may be the smallest coin, it’s leaving behind a big legacy and maybe one last wish. Getting rid of the penny might feel strange at first, but it’s a smart money move based on real-world math and how people actually spend today. And if you find a lucky penny on the ground, you know what to do. Give it one last toss and make it count.