President Donald Trump instructs Treasury to halt manufacturing of expensive penny

President Donald Trump has advised the Treasury Division to cease minting new pennies because of the rising value of manufacturing the one-cent coin.

The President introduced the transfer by way of his Fact Social web site, saying, “For a lot too lengthy america has minted pennies which accurately value us greater than 2 cents.

“That is so wasteful! I’ve instructed my Secretary of the US Treasury to cease producing new pennies.”

Elon Musk additionally shared the submit on X, quoting the announcement with two fireplace emojis.

That is Trump’s newest transfer as he seeks to implement large sweeping adjustments via govt orders and proclamations on a number of points.

Whereas Elon Musk’s Division of Authorities Effectivity talked about the penny’s value in a submit on X final month, Trump had not beforehand talked about the problem throughout his marketing campaign to develop into President of america.

The talk round the price of pennies has nonetheless been a long-running one within the US.

The U.S. Mint mentioned it misplaced $85.3 million within the 2024 fiscal 12 months that led to September on the almost 3.2 billion pennies it produced. Making and distributing a one-cent coin prices 3.69 cents, in keeping with the U.S. Mint’s annual report.

Earlier US authorities officers and members of Congress have proposed discontinuing the penny however haven’t had any success. Those that assist the penny say the coin retains costs decrease whereas boosting charity fundraising.

Whether or not Trump has the facility to fully cease the minting of the pennies is unclear, and consultants have mentioned he would possible require an act of Congress.

This isn’t the primary time the US has stopped minting its least useful coin. In 1857, Congress discontinued the half-cent coin.

In accordance with Britannica.com, the U.S. penny was one of many first cash produced by the Mint after it was based in 1792. The coin additionally has roots in historic historical past because it was initially based mostly on the Roman denarius, launched way back to 211 BC.