U.S. President Donald Trump has directed Treasury Secretary Scott Bessent to stop producing one-cent coins, calling it a cost-cutting move in a Truth Social post. Citing the expense of minting pennies. Trump framed the decision as eliminating government waste. The announcement follows Elon Musk’s unofficial Department of Government Efficiency drawing attention to the issue. While past efforts to eliminate the penny failed, supporters argue it helps stabilize prices and benefits charities. Other nations, including Canada, have already phased out low-denomination coins due to declining cash use and production costs.
Be the first to comment