President Donald Trump is a cent away from US Penny and “Shark Tank” star Kevin O'Leary agreeing to him.
“For too long, the US has been minting pennies that cost literally more than two cents,” Trump writes of the True Society. “This is a lot of waste! I have instructed the US Treasury secretary to stop production of new penny.”
When he appeared on Monday's “Varney & Co.” O'Leary said he was “right” in his demand that the president stop making.
“That's stupid. O'Leary asked.
In 2024, the US had to pay $3.69 to earn a penny, $5.76 to earn a dime, $13.78 to make a nickel, $14.68 to make a quarter, $14.68 to make a quarter.
“Who uses pennies anyway? Unless you put them in your loafers, unless no one else does it anymore. Remove it. That's no use,” O'Leary said.
The Department of Government Efficiency (DOGE), led by billionaire Elon Musk, was posted on Penny-producing X, suggesting that it is spending millions of US taxpayers. .
But there are critics pushing back this move by the president.
“Eliminating Penny costs the government, but not more,” Mark Weller, the American executive director of Common St., told Fox Business.
He continues, “Without penny, nickel production could double and mint's economic losses could worsen. The structural change to US currency would include a nickel renewal and mint overhead. You should include an evaluation of the
In the United States, it was one of the first coins created by the US Mint after it was founded in 1792.
When first produced, the coin was large and made of pure copper.
According to the US Mint, today's small coins are made primarily of zinc.
Fox News' “Greg Wenner and the Fox Business” Daniela Genovese contributed to this report
