'This Is So Wasteful': Trump Orders Treasury to End Penny Production

Trump Orders End to Penny Production

President Trump has ordered the Treasury Department to discontinue penny production, citing cost inefficiency concerns. In a Truth Social announcement, Trump instructed Treasury Secretary Scott Bessent to halt the minting of the one-cent coins bearing Abraham Lincoln's image. The Trump White House / United States Mint / Wikimedia

Trump Cites Waste in Penny Minting

"For far too long the United States has minted pennies which literally cost us more than 2 cents. 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 stated. @realDonaldTrump / Truth Social

Penny Production Costs Exceed Value

According to the U.S. Mint's annual report, producing a penny cost approximately 3.7 cents in Fiscal Year 2024, marking the 19th consecutive year where production costs exceeded the coin's face value. U.S. Government / Wikimedia

Historical Significance of the Penny

The penny, which switched from pure copper to zinc with copper plating after 1962, holds historical significance as the first coin produced by the U.S. Mint. Lincoln's image has adorned the penny since 1909. United States Mint / Wikimedia

Elon Musk’s Role in Penny Elimination

Billionaire tech mogul Elon Musk, appointed by former President Donald Trump to identify and reduce government waste, took aim at the penny in a post on X last month.

“The penny costs over 3 cents to make and cost US taxpayers over $179 million in FY2023. The Mint produced over 4.5 billion pennies in FY2023, around 40% of the 11.4 billion coins for circulation produced. Penny (or 3 cents!) for your thoughts,” stated Musk’s Department of Government Efficiency (DOGE). Office of Speaker Mike Johnson / Wikimedia