Wall Street Wizardry
  • Business
  • World News
  • Politics
  • Investing
  • Business
  • World News
  • Politics
  • Investing

Wall Street Wizardry

Politics

Trump says he has instructed US Treasury to stop minting new pennies: ‘This is so wasteful!’

by admin February 10, 2025
February 10, 2025
Trump says he has instructed US Treasury to stop minting new pennies: ‘This is so wasteful!’

President Donald Trump announced plans to put a stop to producing pennies, which cost more than their value to make.

‘For far too long, the United States has minted pennies which literally cost us more than 2 cents,’ Trump wrote on Truth Social. ‘This is so wasteful! I have instructed my Secretary of the US Treasury to stop producing new pennies.’

He added, ‘Let’s rip the waste out of our great nation’s budget, even if it’s a penny at a time.’

This is the president’s latest move to reduce spending in the U.S. after taking office on Jan. 20.

The Department of Government Efficiency (DOGE), which is led by billionaire Elon Musk, posted on X last month that producing the penny is costing American taxpayers tens of millions of dollars, suggesting that it may be one of the items it may consider eliminating. 

Musk’s initiative, aimed at cutting $2 trillion in federal spending, didn’t directly state that the penny would be eliminated, but highlighted that it costs three times more to make than it’s actually worth.

According to the U.S. Mint, each penny costs 3.69 cents to produce in fiscal year 2024, costing taxpayers $119 million. This marked the 19th consecutive year in which production exceeded its face value. 

In the U.S., the penny was one of the first coins made by the U.S. Mint after its establishment in 1792. When it was first produced, the coin was larger and made of pure copper. Today’s smaller coin is made mostly of zinc, according to the U.S. Mint.

Fox News Digital’s Daniella Genovese contributed to this report.

This post appeared first on FOX NEWS

previous post
Trump remains committed to US owning Gaza, says Middle East states could help rebuild war-torn area
next post
Trump signs proclamation declaring February 9 ‘Gulf of America Day’ ahead of Super Bowl: ‘Another big win’

Related Posts

Trump unfurls plans for double 100-foot flagpoles during...

April 24, 2025

Skyrocketing antisemitism in Canada sparks concern for country’s...

April 20, 2025

Judge temporarily blocks Trump order ending collective bargaining...

April 26, 2025

Trump will determine if Putin is ‘serious about...

February 17, 2025

Scoop: Key conservative caucus draws red line on...

January 30, 2025

Pentagon deputy chief of staff is second Hegseth...

April 16, 2025

No 2 Republican Steve Scalise lays out government...

January 30, 2025

Trump-backed bills on activist judges, non-citizen voting heading...

April 8, 2025

Tesla trouble in Ontario: Dozens of vehicles damaged...

March 23, 2025

Biden-era guidance encouraged use of Signal app by...

March 26, 2025

    Join our mailing list to get access to special deals, promotions, and insider information. Your exclusive benefits await! Enjoy personalized recommendations, first dibs on sales, and members-only content that makes you feel like a true VIP. Sign up now and start saving!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Editors’ Picks

    • 1

      Financial Agreement signed releasing $2M grant

      January 23, 2025
    • 2

      US security contractor will take charge of key checkpoint in Gaza as Israeli forces withdraw

      January 25, 2025
    • 3

      Trump re-designates Iranian-backed Houthis as terrorists: ‘Threaten[s] security of American civilians’

      January 23, 2025
    • 4

      Cyclopharm Signs US Agreement with HCA Healthcare for Technegas®

      January 23, 2025
    • 5

      Netflix shares soar as company reports surging revenue, tops 300 million subscribers

      January 23, 2025
    • 6

      FDA officially authorizes Zyn nicotine pouches for sale following health review

      January 23, 2025
    • 7

      Universal’s ‘Wicked: For Good’ creates a unique marketing challenge

      January 26, 2025
    • About us
    • Contacts
    • Privacy Policy
    • Terms and Conditions
    • Email Whitelisting

    Disclaimer: wallstreetwizardry.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2025 wallstreetwizardry.com | All Rights Reserved