• Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock
Editor's Pick

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

by February 10, 2025
written by February 10, 2025

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
0 comment
0
FacebookTwitterPinterestEmail

previous post
Trump 100% disagrees with federal judge’s ‘crazy’ ruling blocking DOGE from Treasury system
next post
Trump remains committed to US owning Gaza, says Middle East states could help rebuild war-torn area

related articles

Iran talks with Europeans set for Friday; White...

June 20, 2025

Kurilla warfare: Meet the general leading US military...

June 19, 2025

US Ambassador to Israel Mike Huckabee indicates US...

June 19, 2025

US troops in the Middle East could face...

June 19, 2025

Mystery flights from China to Iran raise questions...

June 19, 2025

Israel’s ‘resounding’ military campaign against Iran could be...

June 19, 2025

Trump to make Iran decision ‘within the next...

June 19, 2025

Two men convicted in Pennsylvania mayoral race election...

June 19, 2025

Flaring Iran nuclear crisis provides first major test...

June 19, 2025

Top Trump ally predicts Senate will blow past...

June 19, 2025
Enter Your Information Below To Receive Free Trading Ideas, Latest News, And Articles.


Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest News

  • Putin viewed as ‘great competitor’ but still a US ‘adversary’ as Ukraine negotiations loom, Leavitt says

    February 12, 2025
  • DAVID MARCUS: Fort Knox is the new Al Capone vault, but in reverse

    February 20, 2025
  • Meta approves plan for bigger executive bonuses following 5% layoffs

    February 22, 2025
  • Musk says the European Commission offered X a secret illegal deal

    July 12, 2024
  • Judge blocks Trump admin from firing federal probationary workers

    April 2, 2025

Popular Posts

  • 1

    Secret Service admits leaning on ‘state and local partners’ after claim it ignored Trump team’s past requests

    July 21, 2024
  • 2

    Elon and Vivek should tackle US funding for this boondoogle organization and score a multimillion dollar win

    December 4, 2024
  • 3

    Forex Profit Calculator: Maximize Your Trading Potential

    July 10, 2024
  • 4

    Five more House Democrats call on Biden to drop out, third US senator

    July 19, 2024
  • 5

    Biden calls to ‘lower the temperature’ then bashes Trump in NAACP speech

    July 17, 2024

Categories

  • Economy (829)
  • Editor's Pick (5,005)
  • Investing (634)
  • Stock (809)

Latest Posts

  • EURUSD AND GBPUSD: EURUSD is holding steady above

    August 12, 2024
  • Johnson’s plan to avoid government shutdown goes down in flames as Republicans rebel

    September 19, 2024
  • Millions spent by Biden on COVID ‘vaccine hesitancy’ campaign slashed by Trump NIH: report

    March 14, 2025

Recent Posts

  • House Dems organize rapid response task force and litigation group to combat Trump agenda

    February 11, 2025
  • Ukraine and North Korean troops clash for first time, Zelenskyy warns of escalation

    November 6, 2024
  • US hits ISIS camps in Syria, killing nearly 3 dozen terrorists

    October 30, 2024

Editor’s Pick

  • Kamala Harris’ ‘friends’ trash her big week with ‘garbage’ insults and attacks on pro-Trump women

    November 1, 2024
  • US troops in the Middle East could face increased threats amid Iran conflict: ‘Irreparable damage’

    June 19, 2025
  • Tulsi Gabbard scores key committee Republican’s support ahead of pivotal vote

    February 4, 2025
  • About us
  • Contacts
  • Privacy Policy
  • Terms & Conditions

Disclaimer: moneyrisetoday.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 moneyrisetoday.com | All Rights Reserved

Money Rise Today – Investing and Stock News
  • Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock