President Donald Trump introduced plans to place a cease to producing pennies, which price greater than their worth to make.
“For much too lengthy, the US has minted pennies which accurately price us greater than 2 cents,” Trump wrote on Reality Social. “That is so wasteful! I’ve instructed my Secretary of the US Treasury to cease producing new pennies.”
He added, “Let’s rip the waste out of our nice nation’s finances, even when it’s a penny at a time.”
That is the president’s newest transfer to cut back spending within the U.S. after taking workplace on Jan. 20.
CALIFORNIA FAMILY FINDS 2 MILLION COPPER PENNIES IN OLD HOME
President Trump plans to get rid of the minting of recent pennies. (Olivia Oxley through AP)
The Division of Authorities Effectivity (DOGE), which is led by billionaire Elon Musk, posted on X final month that producing the penny is costing American taxpayers tens of tens of millions of {dollars}, suggesting that it could be one of many objects it could think about eliminating.Â
Trump mentioned pennies are value lower than they price to provide. (Getty)
Musk’s initiative, aimed toward chopping $2 trillion in federal spending, didn’t immediately state that the penny can be eradicated, however highlighted that it prices 3 times extra to make than it’s really value.
Trump mentioned the penny “price us greater than 2 cents” to mint. (Donald Trump 2024 marketing campaign)
In accordance with the U.S. Mint, every penny prices 3.69 cents to provide in fiscal yr 2024, costing taxpayers $119 million. This marked the nineteenth consecutive yr wherein manufacturing exceeded its face worth.Â
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Elon Musk is main the Division of Authorities Effectivity. (Anna Moneymaker/Getty Photos)
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Within the U.S., the penny was one of many first cash made by the U.S. Mint after its institution in 1792. When it was first produced, the coin was bigger and product of pure copper. Right this moment’s smaller coin is made principally of zinc, in accordance with the U.S. Mint.
Fox Information Digital’s Daniella Genovese contributed to this report.
