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President Donald Trump has announced plans to stop production of penny.
“For too long, the US has been minting pennies that cost literally more than two cents,” Trump wrote in The Truth Society. “This is a lot of waste! I have instructed my US Treasury secretary to stop production of new penny.”
He added, “Let’s tear waste from the budgets of our great nation, even if it’s just one penny at a time.”
This is the president’s latest move to reduce spending in the US after taking office on January 20th.
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President Trump plans to eliminate the creation of a new penny. (Olivia Oxley via AP)
The Office of Government Efficiency (DOGE), led by billionaire Elon Musk, posted last month on X that penny production cost thousands of dollars in US taxpayers, and items that they might think would eliminate It suggests that it may be one of the following:
Trump said pennies are less than they cost money to produce. (Getty)
The mask’s initiative aimed at cutting $2 trillion federal spending did not directly say Penny would be eliminated, but emphasized that it would actually cost three times more than its worth it .
Trump said Penny “is going to cost us more than two cents.” (Donald Trump 2024 Campaign)
According to the US Mint, each penny is 3.69 cents of produce in 2024, costing taxpayers $119 million. This marked the 19th consecutive year when production exceeded its face value.
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Elon Musk leads the government’s Ministry of Efficiency. (Anna Money Maker/Getty Images)
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In the United States, Penny was one of the first coins created by the US Mint after it was founded in 1792. When first produced, the coin was large and made of pure copper. According to the US Mint, today’s small coins are made primarily of zinc.
Daniella Genovese of Fox News Digital contributed to this report.
Greg Wehner is a news reporter for Fox News Digital.
Story tips and ideas can be sent to greg.wehner @fox.com and Twitter @gregwehner.
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