Trump Announces Plan to End Penny Production, Citing Wasteful Costs

Feb 122 min read

WASHINGTON, D.C. – President Donald Trump has announced plans to stop the production of new pennies, calling the coin a wasteful expense for American taxpayers.

In a statement on February 9, 2025, Trump said he has directed Treasury Secretary Scott Bessent to halt the minting of pennies, citing the rising cost of production. Currently, it costs over three cents to produce a single one-cent coin, leading to an annual taxpayer burden of nearly $179 million.

Trump Announces Plan to End Penny Production

“The penny is a total waste—costs way too much to make, and nobody uses it,” Trump stated. “We’re going to stop this ridiculous spending.”

Billions Minted, Millions Lost

In fiscal year 2023, the U.S. Mint produced more than 4.5 billion pennies, accounting for 40% of all coins in circulation. Despite their prevalence, many argue that pennies have outlived their usefulness, often being discarded or left unused.

Supporters & Critics Weigh In

The decision has drawn support from high-profile figures like Kevin O’Leary, investor and star of Shark Tank, who has long called the penny “stupid” and obsolete.

However, not everyone is on board. Mark Weller, director of the pro-penny group Americans for Common Cents, warned that eliminating the penny could lead to rounding adjustments at the cash register, potentially raising prices for consumers.

“Removing the penny could disproportionately affect those who rely on cash transactions, including lower-income Americans,” Weller argued.

Following Canada’s Lead?

The U.S. wouldn’t be the first country to retire its lowest denomination coin. In 2012, Canada eliminated the penny, saving millions and simplifying cash transactions. Many experts believe the U.S. could see similar benefits.

While the economic impact of this decision is still debated, one thing is certain—after more than 160 years in circulation, the penny’s days may finally be numbered.