Trump says he's telling Department of Treasury to stop producing penny
By: David Propper (New York Post)
S E E D E D C O N T E N T
By David Propper Published Feb. 9, 2025, 11:17 p.m. ET
President Trump is ready to pinch the penny out of production.
The 47th president announced Sunday night he was instructing the Department of Treasury to stop making new pennies because the cost of minting the one-cent coin is too high.
"For far too long the United States has minted pennies which literally cost us more than 2 cents," he posted on Truth Social after attending the first half of Super Bowl LIX.
The penny costs more than three cents to make. Claudio Divizia - stock.adobe.com
"This is so wasteful! I have instructed my Secretary of the US Treasury to stop producing new pennies.
"Let's rip the waste out of our great nation's budget, even if it's a penny at a time."
Trump's latest maneuver comes as his new administration, with the help of billionaire entrepreneur Elon Musk, is looking to root out high costs throughout the federal government.
Last month, Musk and the Department of Government Efficiency said it cost the US more than three cents to manufacture a single penny.
"The penny costs over 3 cents to make and cost U.S. taxpayers over $179 million in FY2023. The Mint produced over 4.5 billion pennies in FY2023, around 40% of the 11.4 billion coins for circulation produced," DOGE tweeted.
Trump made the announcement Sunday. AP
The penny, which is made up of zinc with a copper overlay, cost 3.07 cents to make in 2024, per the US Mint.
A 2022 poll showed 58% of US voters wanted the government to stop production of the penny and officials have taken previous steps to achieve that over the last few decades.
Former Rep. Jim Kolbe (R-Arizona) introduced a law in 1990 that would have eliminated pennies from all transactions, instead rounding them to the nearest nickel, but that failed.
The late Sen. John McCain (R-Arizona) also attempted to pass a measure that would have stopped the minting of the penny for a decade to study if it was possible to take it out of circulation, but the bill never went forward.
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Been a waste for quite some time. I hope it sticks. I don't mind rounding my purchase up to the nearest nickel as long as the opposite is also true.
While I agree it's wasteful and a good idea, I believe it's up to Congress what coins are minted. He should be working with the House to get this passed and while they are all at it they can finally stop clock changes too.
Do it all in one big, beautiful bill.
Canada already got rid of their penny.
Yes Trump is again trying to overstep his authority.
Great idea though. Hopefully Congress will take the initiative to pass legislation to this end.
Trump needs to keep getting feedback to show him that he is not a King.
I read over the weekend the dumbass tried to fire the board of trustees and make himself chairman of the Kennedy Center via a Truth Social post.
You do realize he has the authority to do so? so who is the dumbass reporter who thinks he can't do this?
Not sure why, it was worth aboot 20 million S.K. Won.
I already have two 5 gallon jugs full of pennies. Pretty sure I don't need any more. For that matter I also have a garbage bag full of 1 dollar bills that I keep meaning to cash in.
lol …. A trash bag full of singles?
Strip joints not taking ones anymore?
So are they talking about eliminating the 1 cent as a denomination or just not minting new coins?
Wouldn't electronic transactions still be rounded to the hundredth of a dollar?
Hopefully they stop making the penny and nickel and round to the nearest 10th
I don't see a need to do away with the hundredth of a dollar. I question the need for having a quarter trillion of those coins, especially when cash transactions continue to become less common.
This is overdue, but contrary to Trump’s practice so far - he seems to think absolutely everything he wants can be achieved through executive order - I believe this needs to come from Congress.
It has long been - dating to the early 19th century - held by SCOTUS that when a power is expressly given to Congress (coining of money being an actual, specific example), that power is exclusive to Congress.
If Trump can tell the Treasury to stop making a coin, then he can tell them create a new one, or change existing ones. He could tell them to print an $8 bill and put his face on it.
Don't give him any ideas.
Always figured his face would be better suited to be on a wanted poster.
Or a toilet bowl in Juarez!
I don't think that necessarily follows.
If the Treasury stops producing new pennies, we still have billions of them in circulation. It doesn't change the nominal value of any currency, it doesn't affect the money supply, it doesn't change banking or even retail transactions.
I agree it's not his decision to make, but I don't think it implies the expansion of powers quite so far.
It will. Money goes out of circulation every day and is replaced every day. If you stop replacing it, the supply will begin to decline immediately.
"Coining money" is not just about doing the deed. It's also about not doing it. This is exclusively in the power of Congress, not the president.
There are few truisms more basic to our system of government than that of the People (or their representatives) controlling the purse. In multiple ways over the last few weeks, Trump has acted against that ancient tradition and Congress is sitting idly by while he does it.
And again, I don't object to a lot of the goals here, just to the process.
It would be the most Fabulous $8 bill ever, and you could get your commemorative edition complete in leatherette cse and signed certificate of authenticity for the low-low price of $195, but wait, There's more....
Congress has failed at least twice to get this done. Perhaps Trumps action will help it not happen thrice.
Then Trump must work with Congress to get it done.
That was my point, not a third time fail.
They should get rid of the Nickel as well. It’s an even worse waste of $$
Something wrong with just asking?
Asking what?
Asking Congress to get it done.
Nothing except congress has already failed to accomplish it at least twice. Likely because of legislation tacked on to the bill which had nothing to do with dropping the penny.
Congress has failed to do a lot things. That doesn’t give Trump free rein to abandon our system. A leader should at least be attempting to inspire and build coalitions in government. This dictator stuff he is doing is only going inspire resentment and resistance.
Yep, dropping the penny. A real constitutional crisis.
Dropping the penny is NOT a constitutional crisis. The note is that Trump is overstepping his authority. Do you recognize that the PotUS does not have the authority to eliminate the penny? This is a power of Congress, not the Executive branch.
I am in favor of eliminating the penny and the nickel for that matter. But Trump must go through Congress to accomplish this. Do you recognize that fact?
Thx for getting the sarcasm.
Pennigate will take of itself without the requisite wailing and gnashing of teeth from the triggered but yes it must be congressionally mandated.
Huge win for my friends on the left.
Huge
So you refuse to acknowledge that this is a function of Congress and that Trump cannot do this on his own?
Simmer down and read it again.
Damn!
Where do you acknowledge that removing coinage is a function of Congress and not a function of the Executive branch?
Talk about a sharp left turn. I didn't say anything like that. The penny is not the issue. It's the process. Even the most fundamental reading of my comments should make that clear. Why create this straw man?
Good God. From the post in question;
Hopefully this helps. If not, I could care less.
Not a sharp turn at all. See 3.2.7.
I find it hilarious how thoroughly Trump has once again trolled his friends on the left. This time over the simple Penny.
Absolutely hilarious.
Do you see he said not to produce more, not to eliminate what was already in circulation? According to more than one news source that is a grey area. NPR stated
The consensus seems to be that it would take an act of Congress to stop minting pennies, though there may be some gray area.
"The process of discontinuing the penny in the U.S. is a little unclear," said Northeastern University professor Robert Triest in a January news release. "It would likely require an act of Congress, but the secretary of the Treasury might be able to simply stop the minting of new pennies."
Time will tell
AGAIN! It is not about the penny. You continue to blatantly misrepresent what I have written.
The Secretary could stop minting temporarily if there was some problem, but can’t just decide the government won’t issue pennies forever, on his own authority.
Again, I’ve misrepresented nothing. However, many here have misrepresented what Trump has done. When he tries to get rid of the penny without congress give me a call. Until then this is just more triggered wailing and gnashing of teeth
Masterful troll of his opponents
Masterful
The articles I read said nothing about temporarily but who knows. I am confident it will work its way through the courts.
Yes, you have. You keep saying it’s about the penny. It’s not. I support getting rid of the penny.
It’s right there in the article:
Do you see anything in there about Congress?
I keep telling you I don’t oppose getting rid of the penny. But i guess I’m not surprised that you would find trolling to be an admirable quality in a leader.
Okay, I guess I’ll just agree to disagree on your entire analysis of my comments.
Why have cash at all, just use credit, debits cards or any of the multiple payment apps. Seriously I can count on less than one hand the amount of times I've used cash in the past year. Although cash ($1.00) is necessary to get a shopping cart at Walmart but you get that back when you return the cart
We should at least be actively trying to phase it out. Older people still cling to cash. Oddly, I was just at Whole Foods with my wife and watched an older couple pay for their groceries with cash. It is amazing how long that transaction takes.
Trades like cash because it is not traceable (thus can avoid taxes).
But in general, we will eventually eliminate cash and simply manipulate numbers in computers.
Morning...I use cash everywhere even though they are trying to phase it out here..use it in the supermarkets, shops, cafes just to miff them off.. especially the millennials..
People with cards can be a pain...they fiddle around then it gets rejected..oh I don't know why? Try another bloody card then they make a mistake with the pin number..for f sake...
Or the one I love best not enough money in the account, so then they have to ring hubby to transfer funds into it... really!!...mean while everyone is waiting on them...
Everytime you use a card fees are attached to it..the banks state it will be "just 1%" etc..liars..
Once they get everyone on cards they will charge what they like you can't do anything about it..not to mention the paper trail you leave and much to a hackers delight...the systems are secure bull dust!! they are into everything...
There will be no more pocket money for kids, piggy banks, cash in birthday cards etc..when disasters hit it's amazing how so many "cash only" signs appear in shops and businesses..
We got rid of 1 and 2 cent coins in 1992... Can't believe you mob still have them let alone still minting them...
Nope cash is King and I will use it as long as possible...I love it...
I agree and I bet, unlike many younger folks today, you can still make change in your head.
Absolutely...and half the time I have to tell them in some small shops and cafes..
I always work it out in Woolies as well not the first time I have been short changed by them...
And another issue I have seen..a shop owner has input the wrong $ in the machine and the customer has approved it with their pin and then realised...
I love the frantic phone calls to the banking mobs trying to stop the transaction and they are put on hold etc...
I pay cash and go on my way while I watch people implode and run around like a bunch of headless chooks...
Yeah ? The problem with no cash (money) is the manipulation, hacking and invasion of privacy that WILL be involved. DOGE has their nose in the Treasury now, imagine the headaches that will cause. Digital currency is like having a full time wire tap on your phone and security cameras. Big Brother in the extreme, that is why a lot of elderly people still prefer cash or a check. Not to mention most cashiers under 50 yrs old can't make simple change.
Until I read that I considered myself old. Lol I guess I'm not that old
Us old farts “cling” to cash.
A bad thing I guess.
I'm sorry Sparty but I don't understand your reply. I said nothing about old farts, clinging or it being a bad thing. Can you please clarify
A response to the post you were responding to. A simple observation
I still don't get it but ok
Haven't been to a Walmart in years. I guess I must sound like Trump, but are they really doing that now?
I'd rather eat bowl of horseshit than go to Walmart !
Yep for years that I can remember, used to be a quarter but went up to a dollar several years ago. I think too many street people were stealing them
There is a 3% charge on all credit card transactions with most cards. A lot of small businesses around where I live either advertise a 3% upcharge for using a card, or a 3% discount for using cash.
But you can't use Apple Pay at Walmart because they refuse to pay Apple.
I rarely carry cash on me. There are a few rare days I've forgotten my wallet and had to rely on Apple Pay to get gas and food.
Good point about credit, personally I use debit 99 percent of the time and credit only when booking flights/hotels online
You know they deliver, right?
Lol yep, but I like to get out and mingle every now and then. Besides except for the ice and snow in the parking lot the walking is good for me
@ Just Jim NH TttH
I apologize for somehow having missed the fact that you had posted this article 10 hours before I posted mine on the same topic. I should have been more careful. At least mine was from a different source, and since mine had already drawn many comments it would be wrong to delete it, but I have locked it so that any more comments on the topic will be directed to this article that you had posted.
I like cash because it gives you some privacy
sometimes you can get a much better price paying cash
Ssshhhhhh ……
That wouldn't have anything to do with not reporting income required for tax purposes, would it?
Sshhhh!
LOL
Until someone suggests putting Trump's face on the coin.