Trump Orders Treasury To Stop Producing "Wasteful" Pennies
US President Donald Trump has ordered the Treasury Department to cease production of the penny due to its high manufacturing costs. He made the announcement in a post on Truth Social, writing, “For far too long the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful!" The decision comes after Elon Musk’s Department of Government Efficiency (DOGE) recently criticized the high production cost of the penny in a post on X. According to the US Mint's 2024 annual report, each penny costs 3.7 cents to manufacture and distribute, and roughly 4.1 billion pennies were circulated last year. In the social media post, Trump clarified that his order to Treasury Secretary Scott Bessent aims to “rip the waste out of our great nations budget, even if it’s a penny at a time.â€Â It’s unclear if President Trump has the power to discontinue the penny, as currency specifications are typically determined by Congress. The move has reignited a long-standing debate over the coin's cost-effectiveness. While some argue that eliminating the penny could streamline business operations, others claim it helps keep prices lower and supports charitable fundraising. This new cost-cutting initiative aligns with the Trump administration's wider push to curb federal spending, led by Musk's DOGE.
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It is unclear whether Trump has the power to unilaterally eliminate the lowly one-cent coin. Currency specifications — including the size and metal content of coins — are dictated by Congress.
