president Donald Trump The announced plan to stop producing pennies at a price higher than its value.
“For a long time, the United States has minted a few cents, which actually cost us 2 cents.” “It’s a waste! I directed my U.S. finances The minister stopped producing new pennies.”
He added: “Even if it’s a cent at a time, let’s tear the waste from the budget of our great nation.”
This is the latest move by the president to reduce U.S. spending since taking office on January 20.
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President Trump plans to eliminate the casting of new pennies. (Olivia Oxley via AP)
The Department of Government Efficiency (DOGE), led by billionaire Elon Musk, released on X last month that producing a penny is costing US taxpayers tens of millions of dollars, suggesting that this may be it One of the items that may be considered to eliminate.
Trump said pennies are worth less than the cost of production. (Getty)
Musk’s initiative aims to cut $200 trillion in federal spending, without pointing out A penny will be eliminatedbut stressed that the cost of manufacturing is three times the actual value.
Trump said a cent “spents over 2 cents of mint.” (Donald Trump’s 2024 election)
According to the U.S. Mint, the production cost per cent was 3.69 cents in fiscal year 2024, costing taxpayers $119 million. This marks the 19th consecutive year of production exceeding its face value.
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Elon Musk leads the Ministry of Efficiency. (Anna Moneymaker/Getty Images)
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In the United States, a penny was one of the first coins made after the establishment of the American Mint in 1792. When it was first produced, the coin was larger and made of pure copper. According to the U.S. Mint, today’s smaller coins are made mainly from zinc.
Daniella Genovese of Fox News Digital contributed to the report.