US President Donald Trump visits the field before the start of Super Bowl LIX between the Kansas City Chiefs and the Philadelphia Eagles. Photo / AFP
- US President Donald Trump instructed the Treasury to stop producing penny coins to reduce government spending.
- The production cost of pennies exceeds two cents, prompting debates and previous unsuccessful bills in Congress.
- Prices may be rounded to the nearest five cents if pennies are removed, similar to Canadaโs 2012 decision.
US President Donald Trump today said he had told the Treasury to stop producing penny coins, presenting it as an effort to cut down on government spending.
โFor far too long the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful!โ Trump wrote on his Truth Social platform.
โI have instructed my Secretary of the US Treasury to stop producing new pennies. Letโs rip the waste out of our great nationโs budget, even if itโs a penny at a time,โ he added.
The so-called Department of Government Efficiency โ a cost-cutting initiative led by billionaire Elon Musk that has helped slash federal spending โ highlighted the cost of producing pennies in a post on X in January.