U.S. Treasury Secretary Scott Bessent has been directed to stop producing the one-cent coin, President Donald Trump announced on Truth Social Sunday.
“For far too long, the United States has minted pennies that cost more than 2 cents each. This is wasteful!” Trump wrote. “I’ve instructed my Treasury Secretary 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.”
The penny, first issued in 1793, has featured President Abraham Lincoln’s profile since 1909. Made of zinc and copper, its production cost has long been a point of debate.
Calls to eliminate the penny have been around for years. In 2013, economist Henry Aaron wrote for the Brookings Institution, arguing that getting rid of pennies—and even nickels—would simplify transactions.
Supporters of the penny claim it helps keep prices lower and benefits charities. However, many Americans see it as an inconvenience, often left in drawers, ashtrays, or piggy banks.
If scrapped, one proposal suggests rounding all prices to the nearest zero.
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