The president said in a Truth Social post that stopping the mint from coining new pennies is another way to reduce ‘wasteful’ government spending.
ordered a halt to the production of new pennies, which he said will help reduce"wasteful" government spending.
"For far too long the United States has minted pennies which literally cost us more than 2 cents," Trump said in a Truth Social post."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 nations budget, even if it's a penny at a time," Trump wrote.It's not clear whether the president has the authority to stop the manufacture of the 1-cent coin.
But at least one analyst on Wall Street expects that the penny's days are numbered. TD Cowen's Jaret Seiberg said the halt will likely pass judicial review, leading to a shortage of the coin."We believe this order would survive judicial review, which is why this is likely to occur," Seiberg wrote Monday."We worry about this leading to a shortage of pennies, which could force merchants to pay banks more for coins. It also adds legal risk for merchants and banks.
What is clear is that pennies cost more to make than they are worth. In 2024, the U.S. Mint spent 3.69 cents to manufacture each penny, according to anEight years after selling AppDynamics to Cisco, Jyoti Bansal is pursuing an unusual merger The latest U.S. Mint report suggests the nickel better watch its back, too. Each 5-cent piece costs the Mint 13.78 cents to make.Here are the stocks that will be hurt the most from Trump's new tariffsIBM is the best Dow stock over the past 3 months, but one CIO says its AI message is disappointingStocks rise to start the week as traders shake off latest U.S. tariff threat
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