Trump orders halt on new pennies, calls it ‘wasteful’ spending
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United States President Donald Trump announced on Sunday that he has instructed the Treasury to stop producing new pennies, citing concerns over government spending.
“For far too long the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful!” Trump stated on Truth Social while returning to Washington from the Super Bowl. “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.”
The one-cent coin, first issued in 1793, has been at the center of debates over its cost-effectiveness for years. Trump’s move aligns with his election campaign promises to eliminate wasteful spending.
His ally, billionaire Elon Musk, had previously pushed the issue through his Department of Government Efficiency (DOGE), highlighting the production costs in a post on X last month.
Reports indicate that in the 2024 fiscal year, which ended in September, the United States Mint incurred an $85.3 million loss from producing nearly 3.2 billion pennies.
The decision to eliminate the penny marks a symbolic yet significant shift in U.S. monetary policy, with further discussions expected on the broader implications of the move.
