President Donald Trump on Sunday said that the penny is a waste of government time and … er … money.
“For far too long the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful! I have instructed my Secretary of the US Treasury to stop producing new pennies. Let’s rip the waste out of our great nations budget, even if it’s a penny at a time,” he wrote on his social media account.
It’s estimated that it costs the U.S. Mint 3.07 cents to produce one penny — more than three times its face value. According to JM Bullion, the U.S. Mint lost $179 million in 2023 due to penny production.
The debate over whether to continue minting the penny has gone on for years. In production since 1793, it’s kept in circulation due to its sentimental value, not its actual value.
