Donald Trump wants to eliminate the penny after the U.S. lost $85 million last year

President Donald Trump’s penny proposal aims to kill off the coin that costs more money to produce than it’s worth.

Transcript

00:00President Donald Trump has declared the end of the penny.

00:02Last year alone, the U.S. lost over $85 million, issuing more than 3 billion pennies,

00:08following similar losses in 2022 and 2023.

00:12If Trump's proposal goes through, the U.S. would follow other countries like Canada, Australia, and New Zealand

00:17who have also stopped producing pennies.

00:19The country has lost money making the one-cent coin for nearly two decades,

00:23with every penny now costing 3.7 cents to produce.

00:27Despite the penny's coppery surface, the coin has been made primarily of zinc since the early 80s.

00:31At the time, the U.S. made the switch to avoid skyrocketing copper prices.

00:36Trump's proposal may require congressional approval,

00:38and even if the Mint stop producing pennies tomorrow, they will still be in circulation for now.

00:43Albeit, maybe just in our piggy banks.