President Donald Trump said he has ordered the Treasury Secretary to stop minting new pennies, in a post on his Truth Social platform on Sunday night, citing the cost of production for the coin, which has been higher than its face value for nearly two decades.
US President Donald Trump boards Air Force One at Naval Air Station Joint Reserve Base New Orleans ... [+]
In his Truth post, Trump wrote that the U.S. has minted pennies which “literally cost us more than 2 cents,” for “far too long” and added, “This is so wasteful!”
The president said he has instructed “my Secretary of the US Treasury” to stop their production and suggested that it was a measure to cut down waste in the country’s budget “even if it's a penny at a time.”
Trump's announcement comes just weeks after the Elon Musk-led Department of Government Efficiency raised the high cost of manufacturing pennies in an X post.
Get Forbes Breaking News Text Alerts: We’re launching text message alerts so you'll always know the biggest stories shaping the day’s headlines. Text “Alerts” to (201) 335-0739 or sign up here.
In its 2024 annual report, the U.S. Mint said each penny costs 3.69 cents to manufacture—more than three and a half times the coin’s face value. The mint said the cost of producing the one-cent coin “remained above face value for the 19th consecutive fiscal year.”
This is a developing story.