President Trump announced on Sunday that he had asked the Treasury to stop production of penny, calling a cent coin in vain.
He said The true society He told Treasury Secretary Scott Bescent to end the minting of the image and small value coins of President Abraham Lincoln.
“For a long time, the US has been minting pennies, and it costs literally more than two cents. This is a waste! I have told the US Treasury secretary to stop producing new pennies. I did. Let's tear waste from the budget of a great nation, even if it's a penny at once,” Trump said.
According to US Mint, the cost of making penny was nearly 3.7 cents in 2024, and the coin exceeded the par in fiscal year 2019 to exceed the par. Annual Report.
Penny was made from copper before 1962 and is now made from most of zinc, but is copper-plated. Lincoln has been in Penny since 1909, but Penny was the first coin made by the US mint. Ministry of Finance.
Billionaire tech entrepreneur Elon Musk has been tasked with reducing waste in the US from Trump, targeting Penny In a post of x last month.
“Pennies will cost more than three cents to produce and spend more than $179 million taxpayers in 2023. Mint produced more than 4.5 billion pennies in 2023, and for circulation It produced about 40% of the 11.4 billion coins. Musk's Government Efficiency (DOGE) said:
