In a bold move to cut unnecessary spending, former President Donald Trump has announced his decision to put an end to the production of the penny, calling it an outdated and costly waste of taxpayer money. The announcement, made via Trump’s Truth Social account, highlights yet another example of inefficiency in government spending.
“For far too long the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful!” Trump wrote. “I have instructed my Secretary of the US Treasury to stop producing new pennies. Let’s rip the waste out of our great nation’s budget, even if it’s a penny at a time.”
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The High Cost of the Penny
While the penny has long been a staple of American currency, its production has increasingly become a burden on taxpayers. According to the U.S. Mint, the cost of manufacturing a single penny reached 3.69 cents in 2024—far exceeding its actual face value. The agency’s annual report revealed that, for the 19th consecutive year, the penny remained a net loss for the federal government.
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