President Donald Trump has announced that he told the US Treasury to stop making new pennies. He believes this decision will help reduce government spending.
The penny, which is worth one cent, has been in circulation since 1793. However, removing it from production was one of Trump’s campaign promises.
Elon Musk’s Department of Government Efficiency (DOGE) also supported this idea. Last month, DOGE posted on X, pointing out how much it costs to make pennies.
Reports show that in the 2024 fiscal year, which ended in September, the US Mint lost $85.3 million producing nearly 3.2 billion pennies.
With this decision, the government aims to cut down unnecessary costs and improve efficiency.
“For far too long the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful!” Trump wrote on his Truth Social platform as he returned to Washington from the Super Bowl.
“I have instructed my Secretary of the US Treasury to stop producing new pennies.
“Let’s rip the waste out of our great nation’s budget, even if it’s a penny at a time,” he added.
