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Donald Trump has called for the US Treasury to stop minting US pennies.
Trump said, “This is so wasteful! I have instructed my Secretary of the US Treasury to stop producing new pennies. Let’s rip the waste out of our great nations budget, even if it’s a penny at a time.”
For far too long the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful! I have instructed my Secretary of the US Treasury to stop producing new pennies. Let’s rip the waste out of our great nations budget, even if it’s a penny at a time.
The cost of producing each penny is 3.69 cents. This costs taxpayers $119 million.
The Department of Government Efficiency (DOGE), which is led by billionaire Elon Musk, posted on X last month that producing the penny is costing American taxpayers tens of millions of dollars, suggesting that it may be one of the items it may consider eliminating.
Musk’s initiative, aimed at cutting $2 trillion in federal spending, didn’t directly state that the penny would be eliminated, but highlighted that it costs three times more to make than it’s actually worth.
According to the U.S. Mint, each penny costs 3.69 cents to produce in fiscal year 2024, costing taxpayers $119 million. This marked the 19th consecutive year in which production exceeded its face value.
In the U.S., the penny was one of the first coins made by the U.S. Mint after its establishment in 1792. When it was first produced, the coin was larger and made of pure copper. Today’s smaller coin is made mostly of zinc, according to the U.S. Mint.