President Trump yesterday announced he has ordered a stop to the production of new pennies, although it was not immediately clear whether he has the legal authority to do so.
In a post on Truth Social, Trump said that the production of each new penny costs more than two cents. (The U.S. Mint said the cost in fiscal year 2024 was 3.7 cents per penny.) The president said he has ordered Treasury Secretary Scott Bessent to cease penny production.
“Let’s rip the waste out of our great nations [sic] budget, even if it’s a penny at a time,” Trump said.
Article I of the U.S. Constitution gives Congress the power to coin and regulate money, so it is unclear whether Trump’s order would survive a legal challenge, should one be filed.