Sightful Invest
  • Business
  • Investing
  • Politics
  • Stock
Top Posts
Albanian judge killed in courtroom shooting amid growing...
Hamas co-founder snaps after being questioned on Oct....
Trump directs Hegseth to pay troops during ongoing...
I was kidnapped by Boko Haram, and survived....
Trump announces shakeup at top of WH personnel...
Trump refuses to rule out striking Venezuela. What’s...
Venezuelan Nobel Peace Prize winner María Corina Machado...
Putin praises Trump’s peace efforts as ‘really doing...
War Department launches new counter-narcotics task force under...
Kim Jong Un shows off ‘most powerful’ ballistic...
  • Business
  • Investing
  • Politics
  • Stock

Sightful Invest

Politics

Trump says he has instructed US Treasury to stop minting new pennies: ‘This is so wasteful!’

by admin February 10, 2025
February 10, 2025
Trump says he has instructed US Treasury to stop minting new pennies: ‘This is so wasteful!’

President Donald Trump announced plans to put a stop to producing pennies, which cost more than their value to make.

‘For far too long, the United States has minted pennies which literally cost us more than 2 cents,’ Trump wrote on Truth Social. ‘This is so wasteful! I have instructed my Secretary of the US Treasury to stop producing new pennies.’

He added, ‘Let’s rip the waste out of our great nation’s budget, even if it’s a penny at a time.’

This is the president’s latest move to reduce spending in the U.S. after taking office on Jan. 20.

The Department of Government Efficiency (DOGE), which is led by billionaire Elon Musk, posted on X last month that producing the penny is costing American taxpayers tens of millions of dollars, suggesting that it may be one of the items it may consider eliminating. 

Musk’s initiative, aimed at cutting $2 trillion in federal spending, didn’t directly state that the penny would be eliminated, but highlighted that it costs three times more to make than it’s actually worth.

According to the U.S. Mint, each penny costs 3.69 cents to produce in fiscal year 2024, costing taxpayers $119 million. This marked the 19th consecutive year in which production exceeded its face value. 

In the U.S., the penny was one of the first coins made by the U.S. Mint after its establishment in 1792. When it was first produced, the coin was larger and made of pure copper. Today’s smaller coin is made mostly of zinc, according to the U.S. Mint.

Fox News Digital’s Daniella Genovese contributed to this report.

This post appeared first on FOX NEWS

previous post
Trump remains committed to US owning Gaza, says Middle East states could help rebuild war-torn area
next post
Trump’s fourth week in office could include meeting with Zelenskyy, ironing out steel deal

You may also like

District judges’ orders blocking Trump agenda face hearing...

April 2, 2025

Venezuelan opposition leader who claimed victory over Maduro...

January 7, 2025

Trump quips he’d ‘love’ to run against Obama...

April 1, 2025

Venezuelan Nobel Peace Prize winner María Corina Machado...

October 11, 2025

Harris doubles down on ‘fascist’ comments at start...

October 24, 2024

Kamala Harris should prosecute Big Pharma, not bail...

October 7, 2024

Trump envoy meets Putin in Russia as Trump...

April 12, 2025

House Republicans claim ‘vindication’ after Hunter Biden guilty...

September 6, 2024

Trump’s tax overhaul hits GOP turbulence over Biden-era...

May 2, 2025

Is the woke era over?

November 22, 2024

Recent Posts

  • Albanian judge killed in courtroom shooting amid growing anger over justice system reforms
  • Hamas co-founder snaps after being questioned on Oct. 7 aftermath: ‘Go to hell’
  • Trump directs Hegseth to pay troops during ongoing government shutdown standoff as he rails against Schumer
  • I was kidnapped by Boko Haram, and survived. No thanks to the West’s silence
  • Trump announces shakeup at top of WH personnel office

    Sign up for our newsletter to receive the latest insights, updates, and exclusive content straight to your inbox! Whether it's industry news, expert advice, or inspiring stories, we bring you valuable information that you won't find anywhere else. Stay connected with us!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Categories

    • Business (937)
    • Investing (3,171)
    • Politics (3,881)
    • Stock (4)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: sightfulinvest.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 Sightful Invest. All Rights Reserved.