President Donald Trump announced he had instructed Treasury Secretary Scott Bessent to have the Treasury Department stop making new pennies, explaining that it costs more than two cents to make them.
“For far too long the United States has minted pennies which literally cost us more than 2 cents,” Trump wrote in a post on Truth Social. “This is so wasteful! I have instructed my Secretary of the US Treasury to stop producing new pennies. Let’s rip the waste out of our great nations budget, even if it’s a penny at a time.”
Trump’s post comes after Elon Musk’s Department of Government Efficiency (DOGE) wrote in a post on X in January that the penny costs more than three cents to make and cost American taxpayers “over $179 million in FY2023.”
“The penny costs over 3 cents to make and cost US taxpayers over $179 million in FY2023,” DOGE wrote. “The Mint…
