President Trump's Department of Government Efficiency, DOGE, led by Elon Musk, highlights the rising cost of producing pennies, which now exceed three cents each. DOGE points out the significant financial burden on US taxpayers, urging reflection on the future of this iconic coin.
In a post on X, President Trump’s Department of Government Efficiency, DOGE, led by billionaire Elon Musk, took aim at the cost of minting the 1-cent coin, a price tag that’s increased 20% in the last year.
In a post on X, President Trump’s Department of Government Efficiency, DOGE, led by billionaire Elon Musk, took aim at the cost of minting the 1-cent coin,“The penny costs over 3 cents to make and cost US taxpayers over $179 million in FY2023. The Mint produced over 4.5 billion pennies in FY2023, around 40% of the 11.4 billion coins for circulation produced. Penny for your thoughts,” the message said.The Mint produced over 4.5 billion pennies in FY2023, around 40% of the 11.
READ MORE: Check your change jar: There’s a Lincoln Wheat Penny valued at $2.3 million still in circulation In 1909, Abraham Lincoln became the first president featured on coins in honor of his 100th birthday. The image of the 16th president remains of the penny’s obverse, or heads, while the reverse, or tails side, has had a union shield with 13 vertical stripes and the national motto to represent Lincoln’s preservation of the U.S. as single nation since a 2010 redesign.
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