Executive Decision
has ordered the Treasury Department to cease minting new pennies, citing the rising production costs that exceed the coin's value. Each penny now costs nearly 3.7 cents to produce, leading to significant financial losses for the .
This decision aligns with Trump's broader agenda to cut federal spending, highlighted by his collaboration with 's , which aims to identify $2 trillion in savings.
Legislative and Public Response
While Trump's directive addresses operational costs, the legal pathway to permanently discontinue the penny remains ambiguous, potentially requiring Congressional action. Past legislative efforts to eliminate the penny have not succeeded.
Public sentiment appears to lean towards the elimination of the penny, with a 2022 poll indicating 58% of voters support stopping its production. Previous attempts by Congress to phase out the coin or modify its circulation have been introduced but failed to pass.