President Trump has announced plans to stop minting pennies, calling them “wasteful” as they cost more to produce than their value.
This move is part of his broader effort to cut government spending. Trump shared the decision on Truth Social, stating that pennies cost over 2 cents to make and instructed the Treasury to halt production.
The Department of Government Efficiency (DOGE), led by Elon Musk, supports the move, citing millions in taxpayer savings. DOGE, a temporary agency, aims to reduce bureaucracy and wasteful spending.
The Treasury’s payment system oversight by DOGE has faced legal challenges.