President Donald Trump has directed the US Treasury to stop producing pennies, citing their high production cost. The penny's elimination has been a topic of discussion for years, with the rising cost of metals making production increasingly expensive.
President Donald Trump announced on Sunday that he has directed Treasury Secretary Scott Bessent to cease the production of pennies. Trump cited the escalating cost of manufacturing a single cent as the primary reason for this decision. 'For far too long, the United States has minted pennies that literally cost us more than two 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 stated in a social media post as he returned to Washington from the Super Bowl. The penny has been a subject of debate for years, with a growing movement advocating for its elimination gaining momentum last month. Elon Musk's Department of Government Efficiency on X (formerly Twitter) highlighted the high cost of producing the one-cent coin. Last year, a New York Times Magazine article also argued for the abolition of the penny. '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 article noted. CNN reported that the US Mint circulated approximately 4.1 billion pennies in 2023. In its annual report for fiscal year 2024, the US Mint stated that the US penny costs about 3.7 cents to produce and distribute, a surge of over 20% from the previous year. The rising cost of metals, including zinc and copper, is a contributing factor to the increased production expense. In 2013, a commentary piece on the Brookings Institution website proposed an even more radical solution, suggesting that the US should not only stop producing pennies but also halt the production of nickels. '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.
TRUMP PENNIES ECONOMY US TREASURY COIN PRODUCTION
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
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.
Read more »
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.
Read more »
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.
Read more »
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.
Read more »
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.
Read more »
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.
Read more »