President Donald Trump announced plans to put a stop to producing pennies, which cost more than their value to make.
“For far too long, the United States has minted pennies which literally cost us more than 2 cents,” Trump wrote on Truth Social. “This is so wasteful! I have instructed my Secretary of the US Treasury to stop producing new pennies.”
He added, “Let’s rip the waste out of our great nation’s budget, even if it’s a penny at a time.”
This is the president’s latest move to reduce spending in the U.S. after taking office on Jan. 20.
CALIFORNIA FAMILY FINDS 2 MILLION COPPER PENNIES IN OLD HOME
President Trump plans to eliminate the minting of new pennies. (Olivia Oxley via AP)
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.
Trump said pennies are worth less than they cost to produce. (Getty)
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.
Trump said the penny “cost us more than 2 cents” to mint. (Donald Trump 2024 campaign)
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.
3 REASONS WHY ELON MUSK WANTS TO GET RID OF THE PENNY
Elon Musk is leading the Department of Government Efficiency. (Anna Moneymaker/Getty Images)
CLICK HERE FOR THE FOX NEWS APP
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.
Fox News Digital’s Daniella Genovese contributed to this report.
- Palantir's Shyam Sankar: Americans are 'being lied to' about AI job displacement fears- Elon…
A woman named Abigail believed she was in a romantic relationship with a famous actor.…
For years, we've been told that encryption is the gold standard for digital privacy. If…
A popular mobile app called Chat & Ask AI has more than 50 million users…
Federal safety regulators are once again taking a hard look at self-driving cars after a…
Nancy Guthrie, the 84-year-old mother of "Today" show co-anchor Savannah Guthrie, was reported missing from…