69
President Donald Trump has instructed the U.S. Treasury Department to cease the minting of new pennies, highlighting concerns over the escalating costs associated with producing the one-cent coin. This decision is part of a broader initiative to eliminate wasteful government spending.
The production cost of a single penny has been a longstanding issue, with recent reports indicating that each coin costs approximately 3.7 cents to manufacture. This discrepancy results in a significant financial loss for the government, with estimates suggesting that the U.S. Mint loses at least $100 million annually on penny production.
