President Donald Trump announced to Treasury Secretary Scott Bescent that the Treasury Department had ordered them to stop making new pennies, explaining that it would take more than two cents to make them.
“For too long, the US has been casting pennies, and that literally costs more than two cents,” Trump said. I wrote it In a post about the True Society. “This is so wasteful! I have instructed the US Treasury secretary to stop production of new pennies, even if it's a pennies at once, from the budget of our great nation. Let's tear the waste.”
Trump's post comes after Elon Musk's Government Efficiency (DOGE) I wrote it In a January X post, Penny costs more than three cents, with American taxpayers spending “over $179 million in 2010.”
“Penny will cost more than three cents to earn more than $179 million taxpayers in 2023,” Doge wrote. “The mint produced over 4.5 billion pennies in 2023, about 40% of the 11.4 billion coins due to the circulation produced.”
CBS News It has been reported The cost of making a penny was “a problem that caused controversy for years”:
In pointing out Penny's costs, Doge aims to be a problem that has sparked debate for many years, but the price of the production of Cent has only grown in the past few years. For example, in 2016, the US spent about 1.5 cents per penny, less than half of its current manufacturing costs.
2024 Report from the US Mint It was revealed According to the outlet, Penny says it costs almost “3.7 cents.”
CBS News reported:
The penny is made primarily of zinc and has a copper overlay to give it a distinctive colour. Zinc prices fluctuate from year to year, but according to data from the Federal Reserve Bank of St. Louis, the cost per metric tonne has doubled in 2016.
After winning the presidential election in November 2024, Trump chose masks to help the Trump administration “reduce excessive restrictions” and lead Doge in an effort to “reduce unnecessary spending.” It was announced. Trump also said Doge would help “eliminate massive waste and fraud” within the government.
