President Trump has directed the Treasury Secretary to stop producing pennies, citing their high production cost exceeding their face value. The move has sparked renewed debate about the necessity of the penny, with critics pointing to its long-standing inefficiency.
President Donald Trump announced on Sunday that he had instructed Treasury Secretary Scott Bessent to halt the production of pennies, citing the high cost of producing a single cent. \'For far too long the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful! I have instructed my Secretary of the US Treasury to stop producing new pennies.
Let's rip the waste out of our great nation's budget, even if it's a penny at a time,' Trump said in a post to social media as he returned to Washington from the Super Bowl. \The penny has been under scrutiny for years, with the movement to eliminate it gaining momentum last month after Elon Musk's Department of Government Efficiency posted on X, calling attention to the high cost of producing the single-cent coin. Last year, a New York Times Magazine story argued for abolishing the coin. 'The necessity of abolishing the penny has been obvious to those in power for so long that the inability to accomplish it has transformed the coin into a symbol of deeper rot,' the piece noted. CNN has reported that the US Mint circulated around 4.1 billion pennies in 2023. In fiscal year 2024, the US Mint said in its annual report that the US penny costs about 3.7 cents to produce and distribute, up more than 20% from the previous year. The rising cost of metals, including zinc and copper, is partly responsible for the increased expense of making the coin. In 2013, a commentary piece on the Brookings Institution website took things a step further, arguing for the US not only to stop making the penny but also to halt production of the nickel. 'Perhaps, the problem is not that advocates have been too bold, but rather that they have been too timid - let's drop not just pennies, but nickels too and stop using the rightmost decimal place at all,' the piece argued.
DONALD TRUMP US TREASURY PENNY PRODUCTION COST
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Trump Orders Halt to Penny Production, Citing WastePresident Donald Trump has instructed Treasury Secretary Scott Bessent to stop producing pennies, citing the high cost of manufacturing each coin, which exceeds its face value. The decision comes in response to years of debate surrounding the penny's economic viability and follows calls from individuals and organizations, including Elon Musk's Department of Government Efficiency, to eliminate the single-cent coin.
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Trump Orders Halt to Penny Production, Citing CostPresident Donald Trump has directed the Treasury Department to stop minting new pennies, calling the practice wasteful due to the rising cost of production. While it's unclear if Trump has the authority to unilaterally eliminate the penny, this move aligns with his administration's focus on cost-cutting. The U.S. Mint reported significant losses on penny production in 2024. Previous attempts by Congress to address the penny's viability have been unsuccessful.
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Trump Orders Halt to Penny ProductionPresident Trump has instructed the Treasury Department to cease producing pennies, citing their rising production cost. He argues that the cost of minting a penny exceeds its face value, deeming it wasteful. While this move aligns with his administration's focus on cost-cutting, it remains unclear if he possesses the authority to unilaterally eliminate the penny, as currency specifications are typically determined by Congress.
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Trump Orders Halt to Penny Production Citing CostPresident Donald Trump has directed the Treasury Department to cease minting new pennies, citing the rising production cost which exceeds the coin's face value. This move, part of a broader effort by Trump's administration to implement swift changes, has sparked debate regarding the legality and efficacy of eliminating the penny.
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Trump Orders Halt to Penny Production, Citing Cost OverrunsPresident Trump has directed the Treasury Department to cease minting new pennies, citing the increasing expense of producing the one-cent coin. He argues that the cost of producing each penny exceeds its value, deeming it wasteful. While the legality of this unilateral action is unclear, Trump believes the Secretary of the Treasury has the authority to halt production. This move aligns with his administration's broader focus on cost reduction and efficiency.
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Trump Orders Halt to Penny Minting, Citing Cost OverrunsPresident Trump has directed the Treasury Department to cease the production of new pennies, citing the rising expense of manufacturing each coin. He argues that the penny's production cost exceeds its face value, making it wasteful. The move, while potentially controversial, aligns with Trump's broader push for cost-cutting measures across the federal government.
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