US Treasury Urged to Cease Minting New Pennies
U.S. President Donald Trump has reportedly called on the U.S. Treasury to halt the minting of new pennies. This suggestion likely stems from the ongoing debate about the cost-effectiveness of producing the one-cent coin.
It costs more than a penny to mint each coin (approximately 2.1 cents as of recent estimates), leading to significant losses for the U.S. government.
Trump’s proposal aligns with arguments from some economists and policymakers who believe that discontinuing the penny could save taxpayers money and streamline cash transactions.
However, others argue that eliminating the penny might lead to rounding issues, which could disproportionately impact low-income communities.
This is not the first time the penny has come under scrutiny. Previous administrations have considered similar proposals but faced pushback from those who view the coin as culturally or historically significant.