Trump orders an end to penny production: "This is so wasteful"

President Donald Trump announced that he has directed the Treasury Department to halt the production of pennies, citing their cost as an unnecessary burden on the country.

The decision aims to cut costs and eliminate what is seen as an outdated element of the U.S. monetary system.

A single penny coin costs about 2.72 cents to manufacture

For years, economists and lawmakers have debated the viability of continuing penny production, as it costs more to make than it is worth. Currently, it is estimated that producing a single penny costs about 2.72 cents, resulting in a significant loss to the government.

Trump argues that his decision is logical, pointing out that Americans rarely use these coins in their daily lives: "For far too long the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful," Trump wrote in a post Sunday night on Truth Social. "I have instructed my Secretary of the U.S. Treasury to stop producing new pennies."

His stance has sparked widespread reactions: while some economic experts support the measure as a way to modernize the financial system, others warn it could impact the prices of low-cost products and lead to changes in how payments are rounded.

The White House has yet to issue an official statement on the details of implementing this measure, but the decision is expected to spark debate in Congress, as the elimination of any currency denomination requires legislative approval. For now, penny production continues but the future of the iconic Abraham Lincoln coin remains uncertain.