Trump Orders Treasury to Halt Penny Production, Citing Cost Concerns
Former President Donald Trump announced Sunday that he has directed the U.S. Treasury Department to stop minting new pennies, citing the rising cost of producing the one-cent coin • Full Story
In a post on his Truth Social platform, Trump criticized the continued production of pennies as an unnecessary expense for taxpayers.
“For far too long the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful!” Trump wrote. “I have instructed my Secretary of the US Treasury to stop producing new pennies.”
The decision comes amid longstanding debates over the financial viability of the penny. According to the U.S. Mint, the cost of producing a single penny has exceeded its face value for years due to rising metal prices and manufacturing costs. In 2022, it reportedly cost approximately 2.7 cents to produce each penny.
It remains unclear what immediate impact Trump’s directive will have, as any significant change to U.S. currency typically requires congressional approval. The Treasury Department has not yet issued an official response to Trump’s statement, and it is uncertain whether existing pennies will remain in circulation or if additional steps will be taken to phase them out entirely.
The proposal to eliminate the penny has been debated for decades, with some economists and policymakers arguing that the coin is impractical in modern transactions and contributes to inefficiencies in commerce. However, opponents of such measures argue that removing the penny could lead to rounding adjustments in cash transactions that may disproportionately affect consumers.
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