President Donald Trump proposed to stop minting one-cent coins, citing the incurred loss of over $85 million by the U.S. Mint in the previous fiscal year. He emphasized the need to eliminate waste from the budget, stating that producing pennies costs more than their actual value. While this move could gain public support, it remains uncertain whether he can legally implement this change alone without Congress. The article discusses the growing consensus that handling pennies is impractical in modern transactions.
In fiscal year 2024, the U.S. Mint reported a loss of $85.3 million from minting 3.2 billion pennies, each costing 3.7 cents to produce.
Trump highlighted the expense associated with minting pennies, saying, 'For far too long the United States has minted pennies which literally cost us more than 2 cents.'
The broader public sentiment appears to lean towards abolishing the penny, as it is often considered more of a nuisance than a necessity in daily transactions.
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