Trump directs Treasury to stop minting new pennies, citing cost
President Trump said he has instructed the Treasury Department to stop minting new pennies, citing rising costs for producing single-cent coins.
“For a long time, the United States has minted a few cents, which actually cost us 2 cents. It’s a waste!” Mr. Trump wrote on his truth social networking site Sunday night. “I instructed my U.S. Treasury Secretary to stop producing new pennies.”
Mr. Trump’s move is the latest move in his new administration’s rapid efforts Make comprehensive changes Through executive orders and announcements on issues ranging from immigration to gender and diversity to the name of the Gulf of Mexico.
Mr. Trump did not discuss his desire to eliminate a penny during the campaign. But Elon Musk’s so-called Ministry of Government Efficiency Improved prospects The cost of a cent was highlighted in a post published on X last month.
The U.S. Mint reported losing $85.3 million in the fiscal year 2024 ended in September, with nearly 3.2 billion pennies it produced. Each penny The price is nearly $0.037, up from $0.031 the previous year.
The Mint also lost nickel money, and each of the $0.05 coins cost nearly $0.14.
It is not clear whether Mr. Trump has the right to unilaterally eliminate the low single cent coins. Currency specifications (including the size and metal content of the coin) are decided by Congress.
But Northeastern economics professor Robert K. Triest argues there may be a swinging room.
“The process of stopping the penny in the United States is not clear. This may require Congressional action, but the Treasury Secretary may be able to simply stop the casting of new pennies,” he said last month.
Members of Congress have repeatedly introduced legislation to plating copper with gold. According to the Congressional Research Services, proposals over the years have tried to temporarily suspend a cent of production, eliminate it from circulation, or ask for a rounding price to the closest five cents.
Advocates of Elimination Coins cite the fact that cost savings, faster checkouts on cash registers, and the fact that many countries have eliminated their single cent coins. For example, Canada stopped minting in 2012.
This won’t be the first time the United States has eliminated its lowest precious coin. The half-cent coin was suspended by Congress in 1857.
Mr. Trump’s new administration has been focusing on cutting costs, With muskhe was brought to the leadership mission to target the federal workforce as he tried to set a goal of saving $2 trillion.
“Even if it’s a penny at a time, let’s tear the waste from the big power budget,” Trump wrote in his post.
Mr. Trump conveyed this message as he left New Orleans after watching the first half Super Bowl.
