President Trump has announced that the Treasury Department will stop minting pennies, citing the exorbitant cost of producing the 1-cent coin. The decision comes after it was revealed that it now costs more than two cents to make a penny. The move follows previous discussions about the wastefulness of continuing to produce the coin, which has been a topic of debate since Trump took office. The cost of producing pennies in Fiscal Year 2023 was estimated to be over $179 million for 4.5 billion coins, equating to over 3 cents per penny. Trump’s decision to stop producing pennies aligns with his goal of reducing wasteful spending in the nation’s budget. The rising costs of metals like zinc and copper have contributed to the increasing cost of producing pennies, prompting other countries such as Canada and Australia to eliminate their small denomination coins. In the U.S., ending the production of pennies completely would require congressional approval. Trump’s directive to cease minting pennies marks the end of a 233-year run for the coin, one of the first coins made by the U.S. Mint.
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