Trump Halts US Penny Production
Analysis based on 27 articles · First reported Feb 10, 2025 · Last updated Feb 11, 2025
The potential halt in penny production by the United States — United States Department of the Treasury, as directed by Donald Trump, could lead to minor cost savings for the United States government and potentially streamline retail transactions. While not a major market mover, it reflects a broader focus on fiscal efficiency.
President Donald Trump has directed the United States — United States Department of the Treasury to stop minting new pennies, citing the rising cost of production, which exceeds the coin's face value. The United States reported a loss of $85.3 million in fiscal year 2024 from producing nearly 3.2 billion pennies, with each costing approximately $0.037. This move aligns with Donald Trump's administration's focus on cutting costs, a sentiment amplified by Elon Musk's 'Department of Government Efficiency' (DOGE) which highlighted the penny's expense. While the authority for a unilateral halt is debated, with some suggesting it may require an act of Congress, past legislative efforts by figures like Mike Enzi and John McCain indicate a long-standing bipartisan interest in discontinuing the coin. Other countries, such as Canada, have already phased out their lowest-denomination coins.
Set up alerts, explore entity relationships, search across thousands of events, and build custom intelligence feeds.
Open Dashboard