Trump bans minting new coins — what will happen to cents

The President of the United States, Donald Trump, has instructed the Treasury Department to stop minting 1-cent coins. The cost of producing pennies exceeds their real value.

It was reported by the Telegram channel Donald Trump UA on Monday, February 10.

Trump’s new decree

Trump announced the suspension of penny production, calling it a waste of budget funds.

"For too long, the United States has minted pennies that literally cost us more than 2 cents. This is a great waste. I have instructed my Treasury Secretary to stop producing new pennies. Let’s eradicate waste from the budget of our great nation, even if it is one penny at a time," the President of the United States noted.

In late January, the Department of Government Efficiency (DOGE), headed by billionaire Elon Musk, reported that the cost of producing each 1-cent coin is about 3 cents.

The Agency noted that in fiscal year 2023, the US Mint produced more than 4.5 billion pennies, which was about 40% of the total volume of all minted coins. The total cost of this exceeded USD 179 million from taxpayers.

Earlier, the President of the United States Donald Trump announced a 25% duty on imports of steel and aluminium, promising to disclose the details later. Trump also announced progress in talks with Russia over the war in Ukraine.