The United States (U.S.) President Donald Trump has ordered his Treasury Secretary, Scott Bessent, to halt the production of the one-cent coin, citing high costs as the main reason.
In a post on his social media, Truth Social, Trump announced the elimination of the one-cent coin and issued instructions to Bessent.
“For too long, the U.S. has been minting one-cent coins that literally cost us more than 2 cents. This is so wasteful. Let’s cut waste from the budget of our great nation, even if it means doing it one coin at a time,” Trump posted.
Namely, the one-cent coin, also known as the “penny” in the U.S., has been in production since 1793.
However, due to inflation, this coin has long held no real value and even costs more to produce, in terms of materials, than its actual worth.
It is also worth noting that some groups in the U.S. are calling for the discontinuation of the 25-cent coin as well, arguing that it no longer makes sense. Trump, however, did not mention it in this context.
