President Donald Trump has instructed the Treasury Department to stop producing new pennies, claiming the cost of manufacturing them exceeds their face value. This move, the latest in a series of rapid changes implemented by his administration, aims to cut costs. While it remains unclear if Trump possesses the authority to unilaterally eliminate the penny, it has prompted discussions about the coin's future and the potential for cost savings.
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.
Triest, an economics professor at Northeastern University, has argued that there might be wiggle room."The process of discontinuing the penny in the U.S. is a little unclear. It would likely require an act of Congress, but the Secretary of the Treasury might be able to simply stop the minting of new pennies," he said last month.Members of Congress have repeatedly introduced legislation taking aim at the zinc coin with copper plating.
ECONOMY US GOVERNMENT CURRENCY COST REDUCTION ELIMINATION OF PENCE
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