Unique Crypto Strategies
  • Business
  • Politics
  • Investing
  • World
  • Business
  • Politics
  • Investing
  • World

Unique Crypto Strategies

Politics

Trump says he has instructed US Treasury to stop minting new pennies: ‘This is so wasteful!’

by February 10, 2025
February 10, 2025
Trump says he has instructed US Treasury to stop minting new pennies: ‘This is so wasteful!’

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
FacebookTwitterGoogle +Pinterest
previous post
Dozens of suspected Maoist rebels killed by security forces in central India
next post
Holocaust becomes political bludgeon as Netanyahu returns to a country at crossroads

You may also like

Trump open to considering re-entry into World Health...

Trump’s first Cabinet picks decidedly not isolationists: Ukraine,...

GOP lawmakers push Trump to recognize West Bank...

The Hitchhiker’s Guide to failing to elect a...

Trump, Hegseth announce ‘Golden Dome,’ a ‘game changer’...

Biden says he could ‘beat the hell out...

Trump picks former congressman Pete Hoekstra to be...

Trump admin cuts additional $1M in federal funding...

JOE CONCHA: My top five ‘Cringe’ Jean-Pierre moments

Iran’s covert nuclear agency found operating out of...

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • Trump had very unexpected convo with Obama at Carter’s funeral: Book

    • 10 reasons the DOJ and FBI face backlash over Epstein files flop

    • Critics slam Mexico’s gentrification protests as xenophobic. Activists say they’re fighting for their human rights

    • Apollo Silver; Right Assets, Right Management and Right Time

    • Cartier Unveils VRIFY-Generated AI Model Highlighting Key Discovery Targets Ahead of Largest-Ever Drill Program at Cadillac

    Categories

    • Business (540)
    • Investing (2,678)
    • Politics (4,274)
    • Uncategorized (1)
    • World (2,735)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: uniquecryptostrategies.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 © 2024 uniquecryptostrategies.com | All Rights Reserved


    Back To Top