The US Treasury Secretary Scott Bessent has been instructed to cease minting one-cent cash, or pennies as they’re broadly known as, by US President Donald Trump in an announcement on his Reality Social media account.
“Let’s rip the waste out of our nice nations funds, even when it is a penny at a time,” Trump’s publish mentioned, describing the transfer as a cost-cutting measure.
It comes after Elon Musk’s unofficial Division of Authorities Effectivity (Doge) drew consideration to the price of minting pennies in a publish on X final month.
The talk over the fee and usefulness of pennies has been a long-running one within the US.
“That is so wasteful,” Trump’s Reality Social publish mentioned.
“I’ve instructed my Secretary of the US Treasury to cease producing new pennies.”
In accordance the US Mint’s 2024 annual report, making and distributing a one cent coin prices 3.69 cents.
US authorities officers and members of Congress have up to now proposed discontinuing the penny with out success.
Whereas its detractors have argued that the zinc and copper coin is a waste of cash and sources, those that help it say that the coin retains costs decrease and boosts fund-raising for charities.
Different international locations have discontinued related cash. Canada ditched its one-cent coin in 2012 citing the price of minting it and its falling buying energy because of larger costs.
