President Donald Trump directed the Treasury Department to stop minting new pennies Sunday, citing the high cost of manufacturing the one-cent coin.
The move follows long-standing bipartisan calls to cease production of the coin, with former President Barack Obama calling it a “good metaphor for some of the larger problems” in the U.S. government in 2013. The years-old movement picked up steam in January after Elon Musk’s Department of Government Efficiency (DOGE) called attention to the rising costs associated with penny production, with the U.S. Mint reporting the coin cost 3.7 cents to produce and distribute in fiscal year 2024. (RELATED: ‘He’s Doing … What He Said He Would Do’: CBS Poll Reveals Trump’s Highest Approval Rating Yet)
“For far too long the United States has minted pennies which literally cost us more than 2 cents,” Trump wrote on Truth Social….
