Trump Orders Halt to Penny Production, Citing High Costs

President Donald Trump announced Sunday that he has instructed Treasury Secretary Scott Bessent to stop producing pennies due to their high manufacturing costs.

"For too long, the U.S. has been minting pennies that cost more than they’re worth. This is wasteful! I’ve directed the Treasury to halt production and cut unnecessary spending—one penny at a time," Trump posted on social media while returning from the Super Bowl.

The debate over eliminating the penny has been ongoing for years, gaining traction last month when Elon Musk’s Department of Government Efficiency highlighted the issue on X. According to the U.S. Mint’s 2024 report, it costs approximately 3.7 cents to produce a single penny—up more than 20% from the previous year, mainly due to rising metal prices.

In 2023 alone, the Mint circulated around 4.1 billion pennies, despite mounting concerns over their practicality and cost. A New York Times Magazine article recently called for abolishing the coin, arguing that the struggle to eliminate it reflects broader inefficiencies in government.

Some experts suggest going even further. A 2013 Brookings Institution commentary proposed not just eliminating pennies but also discontinuing nickels and rounding all transactions to the nearest dime.

With Trump’s directive, the future of the penny—and perhaps other small denominations—may be coming to an end. Whether this move will lead to broader changes in U.S. currency remains to be seen.