Trump tells US Treasury to stop minting new pennies

WASHINGTON: US President Donald Trump said on Monday he had told the Treasury to stop producing penny coins, presenting it as an effort to cut down on 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 on his Truth Social platform.“I have instructed my Secretary of the US Treasury to stop producing new pennies. Let´s rip the waste out of our great nations budget, even if it´s a penny at a time,” he added.

The so-called Department of Government Efficiency -- a cost-cutting initiative led by billionaire Elon Musk that has helped slash federal spending -- highlighted the cost of producing pennies in a post on X in January.

Debates about the production cost of pennies are not new in the United States, with several bills having been introduced in Congress that have failed to pass.