Trump Wants to Kill the Penny, Blames Costly Production

US President Donald Trump says that he has ordered the Treasury Department to halt the production of new pennies, citing their high manufacturing costs.

“For far too long the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful!” Trump wrote Sunday night on Truth Social.

The move is part of Trump’s broader push for sweeping executive changes, including on immigration, gender and diversity, and even the Gulf of Mexico’s name.

Trump never mentioned eliminating the penny during his campaign. However, last month, Elon Musk’s so-called Department of Government Efficiency raised the issue on X, pointing out the coin’s rising costs.

In fiscal year 2024, the U.S. Mint lost $85.3 million producing 3.2 billion pennies, each costing $0.037. Nickels also resulted in a loss, costing nearly $0.14 each to mint.

It remains uncertain whether Trump can unilaterally eliminate the penny. Coin specifications, including size and metal composition, are determined by Congress.