Trump Directs US Treasury To Stop Minting New Pennies, Citing Rising Cost

2025-02-10 05:06:43

(MENAFN- Kuwait News Agency (KUNA)) WASHINGTON, Feb 10 (KUNA) -- The US President Donald trump said he has directed the Treasury Department to stop minting new pennies, citing the rising 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 post Sunday night on his Truth Social site.
In January, Elon Musk's so-called Department of government Efficiency raised the prospect in a post on X last month highlighting the penny's cost.
On the other hand, the US Mint reported losing USD 85.3 million in the 2024 fiscal year that ended in September on the nearly 3.2 billion pennies it produced. Every penny cost nearly USD 0.037 up from USD 0.031 the year before. (end)
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