• 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

Trump DOJ to begin handing over Epstein files...

August 22, 2025

TikTok isn’t enough to stop Gen Z from...

August 22, 2025

Trump administration wins Supreme Court fight to slash...

August 22, 2025

Zelenskyy seeks ‘strong reaction’ from US if Putin...

August 22, 2025

Pentagon unveils new medal for troops deployed in...

August 21, 2025

Federal judge rules Trump appointee Alina Habba is...

August 21, 2025

‘Maine’s Mamdani’: Maine GOP chief issues warning about...

August 21, 2025

‘There are 50 swamps’: State Freedom Caucus Network...

August 21, 2025

Trump-aligned legal group probes Biden-era organ transplant program...

August 21, 2025

NATO defense chiefs stress commitment to Ukraine, discuss...

August 21, 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

  • Biden’s EPA pushed to ‘de-gender’ agency bathrooms, hire more LGBTQ staff, unearthed memo reveals

    March 12, 2025
  • Hunter Biden’s pardon sets troubling precedent, risks politicizing Justice Department, critics say

    December 3, 2024
  • First on Fox: Senate GOP campaign committee looks to streamline operations to hold majority in 2026

    February 10, 2025
  • Zelenskyy agrees to tentative Trump minerals deal, plans to visit DC later this week: report

    February 25, 2025
  • Incoming UK ambassador walks back comments on ‘danger’ of Trump: ‘Ill-judged and wrong’

    January 29, 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

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

    July 19, 2024
  • 3

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

    December 4, 2024
  • 4

    Forex Profit Calculator: Maximize Your Trading Potential

    July 10, 2024
  • 5

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

    July 17, 2024

Categories

  • Economy (829)
  • Editor's Pick (5,785)
  • Investing (634)
  • Stock (893)

Latest Posts

  • Elon Musk outlines ‘super obvious’ changes DOGE and Treasury have agreed to make

    February 9, 2025
  • Trump appeared on Joe Rogan’s podcast for nearly three hours: Here are the top moments

    October 26, 2024
  • ‘Fully justified’: Graham plows ahead with Trump border funding despite Paul’s objections

    June 12, 2025

Recent Posts

  • Hillary Clinton blasts Trump’s legal woes amid ‘lock him up’ chants in DNC speech: ‘Only cares about himself’

    August 20, 2024
  • ‘Abandon Harris’ group endorses Jill Stein over ‘pro-genocide candidate’ Kamala Harris

    October 9, 2024
  • Americans witnessing crippling federal regulations can go directly to DOGE to report red tape rule

    April 13, 2025

Editor’s Pick

  • Civil rights group declares ‘state of emergency,’ pointing at Trump admin

    July 17, 2025
  • Oil and Natural Gas Analysis: Price Decline Continues

    November 15, 2024
  • Trump’s ‘big, beautiful bill’ passes key House hurdle after GOP rebel mutiny

    May 19, 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