Trump wants to get rid of the Penny: one-cent coin in front of the out!
Trump wants to get rid of the Penny: one-cent coin in front of the out!
Washington, USA - President Donald Trump has decided to stop the production of one-cent coins in the United States. This change is said to be a measure to save resources, since the production of a penny costs more than its actual value. Trump expressed Truth Social on his online platform that it is equivalent to "decreasing" waste when the costs for the production of a coin are over two cent. He instructed the US Finance Minister Scott Bessent to stop the MINTING processes immediately, such as oe24.at reported.
The US MINT, which is responsible for the characteristics of coins, accounted for a loss of $ 85.3 million in the 2024 financial year, especially through the production of almost 3.2 billion pennies. The high production effort of around 3.7 cents per penny, which is well above the nominal value, has rekindled the discussion about the future of the penny. According to AP News , legislators repeatedly require an attitude of the embossing or the complete abolition of this coin. In the past, many countries, such as Canada in 2012, have drawn their one-cent coins out of the traffic, which is concerned with the discussion in the USA.
The legal situation regarding the abolition of the penny is not clear. While Trump's instructions to stop the embossing could possibly encounter resistance, experts argue that the finance minister could legally end production without requiring a law by the congress. The current focus of the Trump administration on cost reductions and efficiency is reinforced by the influential entrepreneur Elon Musk, who plays a central role in this context. Trump emphasizes the importance of these savings in his public statements and sees the decision about the cent coin as part of a larger plan to reduce waste in the nation's budget.
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