President Donald Trump has instructed the Treasury Secretary to stop making the cent as a cost-savings measure.
According to the Associated Press, “It is unclear whether Trump has the power to unilaterally eliminate the lowly one-cent coin.” Currency specifications are dictated by Congress, so discontinuing the cent would likely require congressional approval. However, Northeastern University economics professor Robert K. Triest says that “the Secretary of the Treasury might be able to simply stop the minting of new pennies.”
This action aligns with Trump’s agenda to substantially cut government spending. In fiscal year 2024, the U.S. Mint lost $85.3 million on the 3.2 billion one-cent coins it produced.
After announcing his order to eliminate the cent, Trump continued, “Let’s rip the waste out of our great nation’s budget, even if it’s a penny at a time.”