U.S. Treasury Secretary Scott Bessent has been directed to cease producing one-cent coins, commonly known as pennies, by President Donald Trump in a statement on his Truth Social platform.
“Let’s eliminate inefficiency from our nation’s budget, even incrementally,” Trump’s message declared, describing the decision as a fiscal responsibility measure.
This follows Elon Musk’s informal Department of Government Efficiency (Doge) highlighting penny production costs in an X post last month.
The debate over the expense and practicality of pennies has been ongoing in the United States.
“This is incredibly wasteful,” Trump’s post emphasized.
“I have ordered my Treasury Secretary to halt penny production.”
As per the U.S. Mint’s 2024 financial report, manufacturing and circulating a single cent coin costs 3.69 cents.
Government officials and legislators have previously attempted to eliminate the penny without prevailing.
Critics argue the zinc and copper coin is an unnecessary expenditure, while proponents claim it stabilizes pricing and aids charitable fundraising.
Several nations have phased out comparable coins. Canada discontinued its one-cent coin in 2012, citing minting expenses and diminishing purchasing power due to inflation.
