Donald Trump Tells US Treasury Secretary To Stop Minting New Pennies Citing Costs

(Bloomberg) -- President Donald Trump said he has ordered a stop to minting new pennies because they cost more to make than they’re worth.

He announced that he has directed the Treasury Secretary to halt production of the one-cent coin featuring Abraham Lincoln as part of a broader effort to cut waste in the national budget.

“For far too long the United States has minted pennies which literally cost us more than 2 cents,” he said in a Truth Social post. “This is so wasteful!”

The Elon Musk-led Department of Government Efficiency said in January that each penny costs more than 3 cents to make, costing US taxpayers about $179 million in 2023.

There have been attempts to eliminate the penny for decades. The US Mint said in its 2024 annual report that it costs about 3.7 cents to produce and distribute a penny, up more than 20% from the previous year. The higher costs are partly due to rising prices of metals like zinc and copper.