President Donald Trump has directed the Treasury Department to stop minting new pennies due to the rising cost of producing the one-cent coin. The move is part of Trump’s efforts to eliminate wasteful spending, as producing a penny currently costs more than 2 cents. The U.S. Mint reported losing $85.3 million in the 2024 fiscal year on the production of nearly 3.2 billion pennies, with each penny costing nearly $0.037 to make. It is still unclear whether Trump has the authority to unilaterally eliminate the penny, as currency specifications are determined by Congress. However, some experts believe the Secretary of the Treasury might be able to stop the minting of new pennies without Congress. Proponents of eliminating the penny argue that it would result in cost savings, faster checkouts, and align the U.S. with other countries that have already eliminated their one-cent coins. This move is part of Trump’s broader efforts to cut costs in the federal budget, with Elon Musk leading the task of identifying $2 trillion in savings. Trump’s message was sent as he was leaving New Orleans after watching the first half of the Super Bowl.
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