Trump ends penny production, calling it a waste of taxpayer money as the coin costs more to mint than its value
President Donald Trump has declared the death of the penny, ordering the U.S. Treasury to immediately stop minting the one-cent coin, which he blasted as an unnecessary waste of taxpayer money.
“For far too long, the United States has minted pennies which literally cost us more than 2 cents,” Trump wrote on Truth Social. “This is so wasteful! I have instructed my Secretary of the Treasury to stop producing new pennies.”
His announcement follows reports from the U.S. Mint that each penny cost 3.69 cents to manufacture in 2024, costing taxpayers a staggering $119 million that year alone. The move aligns with his administration’s broader cost-cutting agenda, spearheaded by the newly formed Department of Government Efficiency (DOGE), led by billionaire Elon Musk. The department has been tasked with slashing $2 trillion from federal spending and previously hinted at eliminating the penny as part of its measures.
Musk’s office did not directly confirm its involvement in Trump’s decision but had previously highlighted the penny’s absurd cost, noting that the coin now costs nearly four times its actual value to produce. The penny, once a cornerstone of American currency, has now become a relic of wasteful government spending in Trump’s eyes.
The decision marks the end of a 232-year-old era, as the penny was one of the first coins produced by the U.S. Mint after its establishment in 1792. Once made of pure copper and significantly larger, today’s penny is primarily zinc. Despite nostalgia surrounding the coin, its purchasing power has plummeted, with critics long arguing that it serves no practical purpose.
While some Americans celebrate the move as common sense, others fear the implications. Consumer advocates warn of potential price rounding at cash registers, while coin collectors mourn the loss of an iconic piece of U.S. history. Meanwhile, opponents argue that the decision could lead to a slippery slope, questioning whether other low-value coins like the nickel could be next.
For now, Trump is standing firm. “Let’s rip the waste out of our great nation’s budget, even if it’s a penny at a time,” he declared. With the stroke of a pen, the penny is gone—marking the first major casualty of his latest economic shake-up.
