Why pennies are worthless In 2006, copper prices rose catapulting the penny to cost more than 1 cent to make. To be exact, that was 1.23 cents per penny. Citizens began melting pennies down since they were worth more as copper than as currency. This is where the story, in a perfect world, should end as the government would stop making pennies and let their citizens destroy this deadweight to the economy. But instead, the government made melting down U.S. coins illegal, and continues to make the worthless currency that costs the government around $50 million a year today, according to the Washington Post. Up to this point, any penny elimination bill in congress has been shot down. You would think a government with an $18 trillion debt would