Coin expert agrees with Trump's wish for US to stop making pennies due to cost

FARMINGTON HILLS, Mich. (FOX 2) - President Donald Trump said he wants the United States to stop producing pennies, saying it costs more than .2 cents to mint them.

Gary Stewart owns US Coin Gallery and has been in business for decades. He thinks it's a good idea.

What they're saying:

"Why are we still making them in the first place?" he said. "I actually came from a financial background. It’s not worth what we’re paying to make them."

Trump believes it’s time to stop producing pennies, calling it wasteful government spending. In fact, the president directed the Treasury Department to stop minting new pennies.

"Canada already discontinued making pennies a long time ago," Stewart said.

This is not the United States’ first attempt to stop producing the penny, he added.

"They tried to stop making them almost 20 years ago, and the ones that fought it were the states because of sales tax," Stewart said.

But not all pennies are worthless - including those with the date of 1909.

"The one that has the initials on it is the key date in the entire series," he said. "This is worth about $1,300."

Andre Williams says he’s also found pennies to be valuable - when he's playing the penny slot machines.

"I won some good money, some nice money and as soon as I win I get out of there," he said.

Believe it or not there are some who will mourn the passing of the penny. In fact Apri 1st is not just April Fools Day it’s also National One Cent Day - although pennies may soon become a relic of the past.

"Probably the fate of most pennies these days, they’ll be made into art work," Stewart said.

Gary Stewart, U.S. Coin Gallery. Inset: Pennies, credit: (Photo by SAUL LOEB/AFP via Getty Images)