President Trump says he has instructed the Treasury to stop building new pennies, citing rising costs of producing a cent coin.
“For too long, the US has been building pennies, literally costing more than two cents. This is a waste!” Trump wrote in a post on his true social site Sunday night. . “I have instructed the US Treasury secretary to stop production of new penny.”
The move by Trump is the latest in a swift effort by his new administration. Enact radical change Through executive orders and declarations on issues ranging from immigration to gender and diversity to the names of the Gulf of Mexico.
Trump had not discussed his desire to eliminate Penny during his campaign. But Elon Musk’s so-called government efficiency bureau Raised potential customers Last month’s X post highlighted the cost of penny.
US Mint reported losing $85.3 million in 2024. every penny Costs are nearly $0.037 – up from $0.031 the previous year.
Mint also loses money to nickel, each of which costs around $0.05 each, costs around $0.14.
It is unclear whether Trump has the power to unilaterally eliminate a coin as low as one-cent. The currency specifications including the size of the coin and the metal content will be determined by the Congress.
But Robert K. Triest, a professor of economics at Northeastern University, argues that there may be some room for wiggling.
“The process of canceling penny in the US is a bit unknown. It’s likely that Congressional actions were needed, but the Treasury Secretary could simply stop minting new penny,” he said last month.
Members of the Congress repeatedly introduced the laws to aim for zinc coins with copper plating. According to the Congressional Research Service, the long-standing proposals are temporarily suspending production of pennys, and seeking to remove them from distribution or round the price to the nearest five cents.
Coin-excluded supporters cite cost cuts, quick checkouts with cash registrations, and the fact that many countries have already eliminated a cent coin. For example, Canada stopped building penny in 2012.
It’s not the first time the US has eliminated its most precious coin. The half-cent coin was halted by the Congress in 1857.
Trump’s new administration focuses on cutting costs. Musk andtook to lead the task and targeted a large range of federal workers, as a whole, as well as an agency seeking to identify targets for $2 trillion savings.
“Let’s tear waste from the budget of our great nation, even if it’s a penny at once,” Trump wrote in his post.
Trump sent a message when he left New Orleans after watching the first half. Super Bowl.
