In an effort to cut down government expenses.Trump instructs Treasury to halt penny production.
President Donald Trump announced Sunday that he has instructed Treasury Secretary Scott Bessent to halt the production of pennies, citing the high cost of producing one cent.
The penny has been under fire for years, with the movement to eliminate the penny picking up steam last month after Elon Musk’s Department of Government Efficiency posted on X calling attention to the high cost of producing the single-cent coin.
In fiscal year 2024, the US Mint said in its annual report that the US penny costs about 3.7 cents to produce and distribute, up more than 20% from the previous year. The rising cost of metals, including zinc and copper, is part of the reason it’s getting more expensive to make the coin.
