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Trump Tells US Treasury Secretary to End Minting Pennies
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Key Points
- President Donald Trump said he had instructed the U.S. Treasury Secretary to stop minting new pennies, citing the cost of the coins.
- The U.S. president said in a Truth Society post that the cost of producing a cent (more than 2 cents above) is “so wasteful.”
- Many economists have called on the United States to stop manufacturing a penny, and the cost of production exceeded its value for years.
U.S. President Donald Trump said on Sunday night that he has directed the U.S. Treasury Secretary to stop casting new pennies at its production costs.
“For a long time, the United States has minted a few cents, which actually cost us 2 cents. It’s a waste!” Trump wrote in his post on his Truth Social Platform. “I have instructed my U.S. Treasury Secretary to stop producing new pennies.”
The Ministry of Finance did not immediately return the request for comment.
Many economists Already called In order to get the United States to stop manufacturing a penny, the cost of production exceeded its value over the years. Trump’s Cost Cut Working Group, Ministry of Government Efficiency (DOGE)It is estimated that the mint loses at least $100 million in pennies per year. According to the Mint’s annual report, this means that the production cost per share is 3.7 cents.
The long-standing problem was by TeslaTSLA) CEO (CEO) Elon Musk received temporary visit to the Treasury payment system last week The Wall Street Journal.
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