President Donald Trump has directed the Treasury Department to halt the minting of new pennies, citing their production cost exceeding their face value. While the move is intended to curb government spending, its legality remains unclear as Congress ultimately dictates currency specifications.
President Donald Trump says he has directed the Treasury Department to stop minting new pennies, citing the rising cost of producing the one-cent coin."For far too long the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful!" Trump wrote in a post Sunday night on his Truth Social site. "I have instructed my Secretary of the US Treasury to stop producing new pennies.
Members of Congress have repeatedly introduced legislation taking aim at the zinc coin with copper plating. Proposals over the years have attempted to temporarily suspend the penny’s production, eliminate it from circulation, or require that prices be rounded to the nearest five cents, according to the Congressional Research Service.
ECONOMY TRUMP ADMINISTRATION CURRENCY LEGISLATION COST SAVINGS
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