President Trump has directed the Treasury Department to cease the minting of new pennies, citing the escalating expense of producing the one-cent coin. He argues that the penny costs more than its face value, making it wasteful. This move, part of a broader effort by Trump's administration to implement sweeping changes, comes as the U.S. Mint reports significant financial losses associated with penny production.
President 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.
“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 CURRENCY GOVERNMENT TRUMP ADMINISTRATION COST-CUTTING
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Trump Orders End to Penny Production, Citing CostPresident Donald Trump has directed the Treasury Department to halt the minting of new pennies, citing the expense of producing the one-cent coin. He argues that the cost of making a penny exceeds its value, calling it wasteful. This move comes as Trump's administration prioritizes cost-cutting measures across various agencies and departments.
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Trump Orders End to Penny Production, Citing Cost OverrunsPresident Trump announced on Sunday night that he has instructed the Department of the Treasury to cease the production of new pennies. He cited the high cost of minting the coins, which exceeds their face value, as the reason for the decision. The penny has long been a subject of debate due to its economic inefficiency.
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