President Trump is ready to pinch pennies from production.
The 47th president announced on Sunday night that he had instructed the Treasury to stop making new pennies because the cost of creating a cent coin is too high.
“For a long time, the US has been minting pennies that cost literally more than two cents,” he posted on Truth Social after attending the first half of Super Bowl LIX.
“This is a lot of waste! I have instructed the US Treasury secretary to stop production of new penny.
“Tear waste from the budget of a great nation, even if it's a penny at once.”
Trump's latest operation has come as his new administration with the help of billionaire entrepreneur Elon Musk, and is trying to root out high costs across the federal government.
Last month, the Mask and the government's Department of Efficiency said it would cost more than three cents to produce a penny.
“Penneys will cost more than three cents to manufacture and spend more than $179 million in 2023. Mint produced more than 4.5 billion pennies in 2023. Tweet.
The penny, made up of zinc with copper overlays, cost 3.07 cents in 2024, according to the US Mint.
A 2022 poll shows that 58% of US voters hope that the government will stop producing penny, and authorities have taken previous steps to achieve that over the past decades. It is shown.
Former Congressman Jim Kolbe (R-Arizona) introduced a law that failed in 1990, removing pennies from all deals and instead rounding them up to the nearest nickel.
The late Senator John McCain (R-Arizona) tried to pass measures that would have stopped the penny casting for a decade to study whether it could be removed from the circulation, but the bill was never made any progress.
