President Trump has directed the Treasury Department to cease the production of new pennies, citing the increasing cost of manufacturing them. He argues that the penny's production cost exceeds its face value, making it wasteful. While Trump claims to have instructed his Treasury Secretary to stop minting pennies, it's unclear if he possesses the authority to unilaterally eliminate the coin, as currency specifications are typically determined by Congress.
Amid other actions, Elon Musk and DOGE appear to be taking aim at people perceived to be disloyal within the federal government. WASHINGTON — 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.
Trump had not discussed his desire to eliminate the penny during his campaign. But Elon Musk’s so-called Department of Government Efficiency raised the prospect$85.3 million in the 2024 fiscal year that ended in September on the nearly 3.2 billion pennies it produced. Every penny cost nearly $0.037 — up from $0.031 the year before.It is unclear whether Trump has the power to unilaterally eliminate the lowly one-cent coin.
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.
Trump’s new administration has been sharply focused on cutting costs, with Musk, who has been brought on to lead the task, targeting entire agencies and large swaths of the federal workforce as he tries to identify a goal of $2 trillion in savings.
TRUMP ECONOMY PENNY TREASURY CONGRESS
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