Trump moves to halt the U.S. penny

U.S. President Donald Trump has directed the U.S. Treasury to stop minting new pennies, citing their rising cost.

“For far too long, the United States has minted pennies that cost more than two cents each. This is wasteful!” Trump wrote on Truth Social.

The U.S. Mint reported losing $85.3 million in the 2024 fiscal year on penny production, with each coin costing nearly $0.037 to make. The nickel is also unprofitable, costing nearly $0.14 per coin. It remains unclear whether Trump can unilaterally stop minting pennies, as Congress controls currency specifications. However, Northeastern University economist Robert K. Triest suggested the Treasury Secretary might have some discretion.

Efforts to eliminate the penny have surfaced in Congress for years, with proponents citing cost savings and efficiency. Canada discontinued its one-cent coin in 2012. The U.S. previously eliminated its half-cent coin in 1857. According to the Mint, the penny has a long history in U.S. coinage. One of the first coins struck by the U.S. Mint in 1792, it originally featured a woman with flowing hair symbolizing liberty. The large, pure copper coin remained until 1857, when it was reduced in size and made of a copper-nickel alloy.

Designs evolved over time, with the “Indian Head” penny circulating from 1859 to 1909. That year, the Lincoln cent debuted to mark Abraham Lincoln’s 100th birthday, designed by Victor David Brenner. The reverse featured wheat sheaves until 1958, followed by the Lincoln Memorial from 1959 to 2008. In 2009, four special designs celebrated Lincoln’s 200th birthday.