Published 30 days ago • loading... • Updated 28 days ago

President Trump wants U.S. to stop making pennies

President Donald Trump posted on social media during Super Bowl LIX that he intends to stop making pennies, citing their cost of production as 3.7 cents each.
In 2024, the U.S. Mint reported a loss of $85 million from producing pennies, despite an overall profit of $100 million from making other coins.
Previous attempts by lawmakers, including Arizona Representative Jim Hayes in 1989 and Senator John McCain in 2017, to eliminate the penny have been unsuccessful.
The U.S. Constitution grants Congress the authority to coin money, and only Congress can officially abolish the penny.

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Bloomberg

Trump’s Push to End Pennies Offers Money Lessons from Collectors

It’s a tough time to make financial sense of what’s coming out of Washington. Time will tell how President Donald Trump’s flurry of executive orders, policy pronouncements and social-media posts will affect money and markets.

28 days ago·United States

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Study Finds

Can President Trump really kill off the penny – and should he?

In the middle of Super Bowl LIX, President Donald Trump posted on social media that he was getting rid of the penny. The post Can President Trump really kill off the penny – and should he? appeared first on Study Finds.

28 days ago

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The Conversation

Can the president really kill off the penny – and should he?

In the middle of Super Bowl LIX, President Donald Trump posted on social media that he was getting rid of the penny. Since the lowly penny in 2024 cost about 3.7 cents to make – meaning the government loses money on every coin – the announcement might seem practical at first glance. But does the president have the power to kill off the penny? I’m a business school professor and a longtime advocate for physical money who has written op-eds suppor…

28 days ago

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npr

President Trump's order is latest in the decades-long effort to eliminate the penny

President Trump became the latest U.S. president to say he wants to kill the penny. Both Republicans and Democrats have tried and failed for decades to get rid of America's one-cent coin.

29 days ago·Washington, United States

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Glenn Beck

POLL: Should Trump stop producing pennies?

On Sunday, February 9th, President Trump ordered the U.S. Mint to halt the production of pennies. It costs the mint three cents to produce every penny, which Trump deemed wasteful. However, critics argue that axing the pennies will be compensated by ramping up nickel production, which costs 13 cents per coin.In other news, President Trump promised on Truth Social that he would be reversing a Biden-era policy that mandated the use of paper straws…

29 days ago

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Fox Business

Trump wants to end penny production; will it affect consumers?

President Donald Trump is seeking to end production of new pennies and recently told Treasury Secretary Scott Bessent to make that happen. Trump revealed late Sunday night he had "instructed my Secretary of the US Treasury to stop producing new pennies," arguing that "for far too long the United States has minted pennies which literally cost us more than 2 cents" and that "this is so wasteful!"The move has raised the question of how American con…

30 days ago·United States

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