Trump Admin Axes Penny Production After Musk’s DOGE Exposes Massive Cost [WATCH]

President Donald Trump announced that he has directed Treasury Secretary Scott Bessent to halt the production of new pennies, citing the high cost of manufacturing the one-cent coin.

In a post on Truth Social, Trump highlighted the inefficiency of continuing to mint pennies at a loss.

“For far too long the United States has minted pennies which literally cost us more than 2 cents,” Trump wrote.

Dennis Quaid’s #1 Warning for Americans

“This is so wasteful! I have instructed my Secretary of the US 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.”

For far too long the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful! I have instructed my Secretary of the US Treasury to stop producing new pennies. Let’s rip the waste out of our great nations budget, even if it’s a penny at a…

— Donald J. Trump Posts From His Truth Social (@TrumpDailyPosts) February 10, 2025

The move comes after Elon Musk’s Department of Government Efficiency (DOGE) raised concerns in January about the increasing cost of producing pennies and the burden it places on taxpayers.

In a January post on X, DOGE pointed out that the cost of minting a single penny has now risen to over three cents, with total production costs exceeding $179 million in fiscal year 2023.

“The penny costs over 3 cents to make and cost US taxpayers over $179 million in FY2023,” DOGE wrote.

“The Mint produced over 4.5 billion pennies in FY2023, around 40% of the 11.4 billion coins for circulation produced.”

The penny costs over 3 cents to make and cost US taxpayers over $179 million in FY2023.

The Mint produced over 4.5 billion pennies in FY2023, around 40% of the 11.4 billion coins for circulation produced.

Penny (or 3 cents!) for your thoughts.

Sources:https://t.co/Y5LlrpyA62…

— Department of Government Efficiency (@DOGE) January 22, 2025

The cost of minting pennies has been debated for years, but the price has steadily increased due to rising material costs.

CBS News reported that in 2016, the government was spending about 1.5 cents per penny—less than half of what it costs today.

A 2024 report from the U.S. Mint revealed that it now costs approximately 3.7 cents to manufacture and distribute a single penny.

The coin is primarily made of zinc with a thin copper coating, and the price of zinc has doubled since 2016, according to data from the Federal Reserve Bank of St. Louis.

CNN: President Trump’s directive to stop the production of pennies is the latest move in a “rapid-fire effort” by his administration to cut government waste pic.twitter.com/nqavtRcdTl

— Rapid Response 47 (@RapidResponse47) February 10, 2025

Trump’s decision to end penny production aligns with his broader plan to cut government waste, a key focus of his administration’s second term.

In November 2024, after securing re-election, Trump announced that he had selected Elon Musk to lead the newly created Department of Government Efficiency.

The agency was established to “slash excess regulations” and “cut wasteful expenditures” throughout the federal government.

Trump also stated that DOGE would play a critical role in eliminating fraud and streamlining operations.

By halting penny production, the administration is taking another step in its cost-cutting strategy, aiming to redirect taxpayer dollars away from inefficient spending.

Further budgetary reforms and cost-cutting measures from DOGE are expected in the coming months.

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