11.02.2025 15:21
In the United States, the production of coins worth 1 cent has been discontinued. President Donald Trump, who announced the decision, stated that the production cost of the 1-cent coins has risen to 2 cents, describing this situation as "a great waste."
U.S. President Donald Trump stated that the production cost of a penny has increased and said he instructed the Treasury Department to stop the minting of new pennies.
In a statement on his social media account, Trump wrote, "For a very long time, the United States has literally been minting coins that cost us more than 2 cents. This is such a waste!" Trump had said in a post he shared on Truth Social on Sunday night. "I instructed my U.S. Treasury Secretary to stop producing new pennies."
THE MINTING OF HALF CENTS HAD ALSO BEEN STOPPED
Trump had not discussed his desire to eliminate pennies during his campaign. However, Elon Musk's Government Efficiency Ministry had raised this possibility in a post on X last month, highlighting the cost of pennies.
The U.S. Mint reported that it lost $85.3 million due to the production of approximately 3.2 billion pennies in the fiscal year 2024, which ended in September. Each penny cost nearly $0.037 to produce. This is not the first time the U.S. has eliminated its least valuable coin. The half cent coin was discontinued by Congress in 1857.