Is the Penny Going Away? Trump Orders Halt on Production

Decrying ‘wasteful spending’ in a social post, Trump said he instructed the Treasury Department to stop producing new pennies.

Key Takeaways​

• Trump said he directed the Treasury Department to stop producing new pennies.
• The production of a penny costs more than the coin is worth.
• But Trump’s order is on shaky legal ground, as it might take an act of Congress to retire the penny.

President Donald Trump has set his eyes on a new target in his pursuit of cutting government spending: the penny.

“For far too long the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful!” Trump posted on social media on Sunday. “I have instructed my Secretary of the US Treasury to stop producing new pennies. Let's rip the waste out of our great nations budget, even if it's a penny at a time.”

While Trump hasn’t been outspoken on the topic before, his new Department of Government Efficiency did target the penny in a social media post last month.

“The penny costs over 3 cents to make and cost US taxpayers over $179 million in FY2023,” it posted. “The Mint produced over 4.5 billion pennies in FY2023, around 40% of the 11.4 billion coins for circulation produced.”

Here’s what to know about Trump’s order to stop producing new pennies:

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