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….