Sightful Invest
  • Business
  • Investing
  • Politics
  • Stock
Top Posts
US Ambassador to Israel Mike Huckabee indicates US...
Mystery flights from China to Iran raise questions...
US troops in the Middle East could face...
Kurilla warfare: Meet the general leading US military...
Iran talks with Europeans set for Friday; White...
Trump’s unpredictable Middle East moves actually follow a...
‘No basis in reality’: Expert turns tables on...
The new map that could be guiding Trump’s...
UN nuclear chief says Iran has material to...
Bernie Sanders says Israeli PM ‘wrong’ both in...
  • 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

Liz Cheney bashes Trump in new key battleground...

October 29, 2024

Poll position: Where Trump stands in the eyes...

June 19, 2025

House Dems issue response to GOP report on...

September 9, 2024

Javier Milei first world leader to meet with...

November 15, 2024

Iran talks with Europeans set for Friday; White...

June 20, 2025

Brace yourself, America. With Kamala Harris, Democrats are...

July 23, 2024

Biden’s Venezuela policy feeds Maduro strongman image, emboldens...

August 2, 2024

The 6 Republican senators who could sink a...

November 16, 2024

Influential leader of Canada’s Ontario province seeks Trump,...

January 12, 2025

Trump has Christmas message to ‘Radical Left Lunatics,’...

December 26, 2024

Recent Posts

  • US Ambassador to Israel Mike Huckabee indicates US is working to offer evacuation options
  • Mystery flights from China to Iran raise questions amid Israel conflict
  • US troops in the Middle East could face increased threats amid Iran conflict: ‘Irreparable damage’
  • Kurilla warfare: Meet the general leading US military forces in the Middle East amid Iran conflict
  • Iran talks with Europeans set for Friday; White House sees ‘substantial chance’ for renewed negotiations

    Become a VIP member by signing up for our newsletter. Enjoy exclusive content, early access to sales, and special offers just for you! As a VIP, you'll receive personalized updates, loyalty rewards, and invitations to private events. Elevate your experience and join our exclusive community today!


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

    Categories

    • Business (792)
    • Investing (2,359)
    • Politics (2,920)
    • Stock (4)
    • About 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 © 2024 Sightful Invest. All Rights Reserved.