‘For far too long the United States has minted pennies which literally cost us more than 2 cents,’ the president stated.
President Donald Trump said on Sunday that he has directed the Treasury Department to stop minting pennies, citing the high cost of producing the one-cent coin.
“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 Truth Social post.
“I have instructed my Secretary of the U.S. Treasury to stop producing new pennies. Let’s rip the waste out of our great [nation’s] budget, even if it’s a penny at a time.”
The Trump administration has focused on reducing federal spending by targeting various federal agencies and laying off workers, except for those handling essential duties.
Pennies were made of copper when first established in 1792. Today, they are made of copper and zinc, featuring the image of President Abraham Lincoln since 1909, according to the Treasury Department.
Original News Source Link – Epoch Times
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