In an announcement on his Truth Social media account, President Donald Trump told US Treasury Secretary Scott Bessent has been told to stop minting one-cent coins, or pennies as they are widely called.
“Let’s rip the waste out of our great nations budget, even if it’s a penny at a time,” the president’s post said, describing the move as a cost-cutting measure.
It comes after Elon Musk’s unofficial Department of Government Efficiency (DOGE) drew attention to the cost of minting pennies in a post on X last month.
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The debate over the cost and usefulness of pennies has been a long-running one in the US.
“This is so wasteful,” President Trump said.
“I have instructed my Secretary of the US Treasury to stop producing new pennies.”
According the US Mint’s 2024 annual report, making and distributing a one cent coin costs 3.69 cents.
US government officials and members of Congress have in the past proposed discontinuing the penny without success.
While its detractors have argued that the zinc and copper coin is a waste of money and resources, those who support it say that the coin keeps prices lower and boosts fund-raising for charities.
Other countries have discontinued similar coins. Canada ditched its one-cent coin in 2012 citing the cost of minting it and its falling purchasing power due to higher prices.
